yeha but maybe a million or 2 isn't too huge for Brandon. Especially since it sounds like almost allof it was recent profit.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Rumor: Bright Trader blows up and loses millions
- Thread starter Daal
- Start date
- Status
- Not open for further replies.
Quote from gwac:
Now that I think about the Prop format, you are really not responsible to protect the trader from themselves. I worked for a financial Inst, I was playing with their money so they did not want me to blow up the shop.
Keep up the good work....always enjoy reading your posts.
Thanks...!!
Don
The point is, by playing your full position all the time (no diversification), the % will get you eventually and take you down with an expected event.
Now most of the time it does not matter if you are not all in, but it does when you are.
Now most of the time it does not matter if you are not all in, but it does when you are.
Quote from baggerlord:
yeha but maybe a million or 2 isn't too huge for Brandon. Especially since it sounds like almost allof it was recent profit.
Quote from baggerlord:
yeha but maybe a million or 2 isn't too huge for Brandon. Especially since it sounds like almost allof it was recent profit.
BINGO!
I do appreciate all the attention, but can we now get back to threads like: "Anybody know about JoeBob trading? I have an "interview" LOL.
All is good here.
Hope to see you guys in SoCal... starting tonight.
www.stocktrading.com for details.
Don
Again this should never have happened. When I was trading with Assent and took heavier than normal size, I had a plan and there were controls in place. Most of the time, I had some type of protection, although for this kind of play, I am sure it would have been difficult for me to get what I was looking for.
The only reason Don let someone take this type of risk, is because he is a poker player. Don't deny that Don. Don I am not ragging on you but this should have been caught before the fact. You are far to intelligent to let someone gamble with your money like that.
I have been asked a million times in my life, how much of a loss can I tolerate. My response is ALWAYS zero. So taking a 1 to 2% a loss a decade sounds good, it is still too much. IMO. I know its not a perfect world but that kind of thought process kind of tells the mind that its okay. When in reality, that type of risk is unacceptable.
That type of trading just pisses me off. Sorry for rambling.
I would prefer to see someone lose that type of money on a bad set up rather than a gamble. Atleast he can learn techincally learn what went wrong v. I took a complete gamble and blew my account.
The only reason Don let someone take this type of risk, is because he is a poker player. Don't deny that Don. Don I am not ragging on you but this should have been caught before the fact. You are far to intelligent to let someone gamble with your money like that.
I have been asked a million times in my life, how much of a loss can I tolerate. My response is ALWAYS zero. So taking a 1 to 2% a loss a decade sounds good, it is still too much. IMO. I know its not a perfect world but that kind of thought process kind of tells the mind that its okay. When in reality, that type of risk is unacceptable.
That type of trading just pisses me off. Sorry for rambling.
I would prefer to see someone lose that type of money on a bad set up rather than a gamble. Atleast he can learn techincally learn what went wrong v. I took a complete gamble and blew my account.
Quote from baggerlord:
yeha but maybe a million or 2 isn't too huge for Brandon. Especially since it sounds like almost allof it was recent profit.
My understanding was that he lost ~8M+, versus his capital account equity of ~2.2M. Those are the only numbers I've seen (from the poker site), but I haven't seen them disputed or contradicted.
Any way you look at it, it's a lot of money. It would seem to be very poor money/risk management by both the trader and the firm, and they both apparently lost lots of cash and have learned from the experience.
That which does not kill us, makes us stronger.
Quote from EricP:
My understanding was that he lost ~8M+, versus his capital account equity of ~2.2M. Those are the only numbers I've seen (from the poker site), but I haven't seen them disputed or contradicted.
Any way you look at it, it's a lot of money. It would seem to be very poor money/risk management by both the trader and the firm, and they both apparently lost lots of cash and have learned from the experience.
That which does not kill us, makes us stronger.
As usual on ET, the numbers are way off..... For obvious reasons I won't publish details, but way too high in the loss department.
Don
Enough guys. This comes down to "shit happens." The guy lost a few million. Who cares. If I ran Bright's shop I'd tell the guy to take some downtime and get his arse back when he's ready and make the money back -- that's probably what Don told the guy. All the guy did was lose money. Everybody screws up.
Quote from ksonsinc:
Don can you tell us how much did he lost ( you dont need to give the exact amount and how did he loose was he pair trading or day trading.
Did it effect you company by any chance and will be reliable for the losses which occured beyond his deposit
How does these things work out
Not correlated pairs, directional trading of ELAN primarily. He had made a few million, he lost that plus a couple. I'm sure he'll make the losses up....he's a stand up guy....and a friend of my brother.
Once again....... a bit irritating of course, but zero effect to Bright Trading.
All the best to everyone,
Don
- Status
- Not open for further replies.