Rumor: Bright Trader blows up and loses millions

Status
Not open for further replies.
interesting, especially b/c Brandon Adams is a pretty conservative player, better at tournaments, not so great cash, but from my experiences not too many are............you think 95% traders lose....................pretty close to that for poker players net, net


probably true



how many smart guys think they have an edge just based upon smarts, not good enough in poker or the markets---poker is gambling, and those bets on the market are gambling bets------------------------------neither trading, or utilizing strategies where a statistical edge over time has proven to bring positive returns.


But he was taking major position BETS OVERNIGHT, WITHOUT INSIDE INFORMATION (NO EDGE)


The markets eat people up like that, I should know I used to be that SUCKER, when I first started out!!!!

Don probably was impressed with Brandon`s IVy league pedigry, and decent cashes in some big tournaments on the poker tour---------but that was just stupid risk controls for an amateur trader:)
 
This is a classic sign of lack of experience. I would have NEVER been able to control my risk in this kind of situation after a year or two. It takes years to be able to trade a move like the one from a couple of weeks ago.
 
Quote from JamesVU2000:

This is a classic sign of lack of experience. I would have NEVER been able to control my risk in this kind of situation after a year or two. It takes years to be able to trade a move like the one from a couple of weeks ago.
More...

I agree.
 
I've got a general prop question that I'm hoping someone can enlighten me with an answer for.

If a trader deposits $50k at a prop firm (let's assume Bright, but could be anyone), and somehow manages to get caught in a bad situation and lose $200k, for example, does the prop firm have any legal recourse to sue the trader to recover the $150k deficit balance?
 
LOL, thanks to Atticus for PM'ing me to get the bottom of this. Yes, Brandon is a trader, one of my brother's poker playing buddies (as noted here on ET)...and he made $millions in his first few months, and gave them back plus a little. Nothing to affect Bright Trading or anything.

So, all is well with the world, Brandon will be fine...and thanks for giving my brother a little laugh.

(I haven't read through this thread yet, just noticed it, and if there is something that needs addressing, I'll get to it....)

All the best,

Don
 
Quote from flytiger:

I hope it isn't true. But there seems to be in inordinate amount of glee at the prospects of such.

Pretty pitiful when you root against someone who has accomplished so much - someone who is not a pretender like so many among us.
More...

Thanks Fly, but as noted above, hardly a wrinkle...Brandon is fine, and Bright is not affected.

I've read the first couple of pages of posts, and still find it quite interesting how so many seem to know so much about our corporate or family structure. In any event, we're fine....no worries.

Don
 
Quote from MarkBrown:

don always and i mean always gave me crap about computer trading saying the human mind is better etc.

well i have yet to see my computer program lose millions. i have often seen people lose millions. perhaps don will embrace computers now and be interested in out real time back office risk controls.

but you can't help a hard head who will not adapt and i think the dinosaur slipped into the tar pit this time.

mb
More...

Actually, I'm demonstrating some of our gray and black box programs on my little "tour" of SoCal this week. Some might say that a number of $billions were lost with those computerized programs in the past, certainly more than a few have gone haywire...but, like with all trading, people and programs adapt to the market place. Heck, I use a black box for one of my openings strategies, as well as MOC's.

I hope your computer programs continue to do well for you.

All the best,

Don (what a way to wake up, LOL).
 
Quote from EricP:

I've got a general prop question that I'm hoping someone can enlighten me with an answer for.

If a trader deposits $50k at a prop firm (let's assume Bright, but could be anyone), and somehow manages to get caught in a bad situation and lose $200k, for example, does the prop firm have any legal recourse to sue the trader to recover the $150k deficit balance?
More...


I was wondering the same...
 
Status
Not open for further replies.
Back
Top