The Perfect Trader and the Prop Firm

Quote from Don Bright:

Bob and his wife tired of this place quickly too. "Downsized" quite a bit, moved back to Vegas to nice little single story house... still have it after 20+ years... very "non-pretentious"..... me too, btw.... nice little house in Green Valley....

I honestly think that people really just like where they either grew up or had their "best" years..... I love SoCal, but with the CA taxes, it just doesn't make sense... and we've always had a home of some sort here in Vegas (Junior High School here in 1962, LOL).....

All the best everyone,

Don
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I agree with that about people liking where they grew up. But seriously, do you really LIKE Las Vegas? I can't imagine what it's like living there. Probably a lot of dead beat degenerate gamblers everywhere. LOL. I know they have the world's best pawn shops. All those poor tourists selling everything they've got for one for one more shot at the craps table. Seriously, it would seem so depressing after awhile. The schools must be bad too. You really like Vegas though? Really?
 
Quote from Don Bright:

Bob and his wife tired of this place quickly too. "Downsized" quite a bit, moved back to Vegas to nice little single story house... still have it after 20+ years... very "non-pretentious"..... me too, btw.... nice little house in Green Valley....

I honestly think that people really just like where they either grew up or had their "best" years..... I love SoCal, but with the CA taxes, it just doesn't make sense... and we've always had a home of some sort here in Vegas (Junior High School here in 1962, LOL).....

All the best everyone,

Don
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No matter how successful you guys are, you know most of us dig you Brights for that "non-pretentious" quality. Regardless of anyone's take on the prop biz, we all know there's a humanism in how you represent the trader's good life, and a straightforward integrity in the way you do business.

It's good to see the man behind the "not an alias". It's a rarity I think a lot of us appreciate. Just throwing that out there.
 
Quote from Maverick74:

I think as lot of people on this forum simply don't understand the trading industry. It seems 98% of ET thinks the trading world revolves around the stock market or trading e-mini futures. The fact of the matter is, that probably makes up less then 2% of all trading. The prop firms bring a lot to the table. They do a lot of basis trading (cash vs futures). They do lots of stat correlation, arbitrage, HF spread trading, OTC, etc. It's not about the buying power or getting a bloomberg. LOL.
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And there are bonds, cds, derivatives, numerous strategies and on and on. You said nothing that someone without going to a prop firm could do. Obviously, you're pumping up your area without really getting to the value added by a prop firm. You definitely answered my question.
 
Quote from WS_MJH:

And there are bonds, cds, derivatives, numerous strategies and on and on. You said nothing that someone without going to a prop firm could do. Obviously, you're pumping up your area without really getting to the value added by a prop firm. You definitely answered my question.
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Oh, I think he completely nailed the 'value-added' to a top-tier Chicago or NYC futures prop firm that is highly capitalized and has access to technology and OTC products.

Again, this is a completely different animal than your typical equity prop business model. Completely different model and approach with nothing in common.
 
Quote from Samsara:

No matter how successful you guys are, you know most of us dig you Brights for that "non-pretentious" quality. Regardless of anyone's take on the prop biz, we all know there's a humanism in how you represent the trader's good life, and a straightforward integrity in the way you do business.

It's good to see the man behind the "not an alias". It's a rarity I think a lot of us appreciate. Just throwing that out there.
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+1 Totally Agree
 
Quote from Maverick74:

I agree with that about people liking where they grew up. But seriously, do you really LIKE Las Vegas? I can't imagine what it's like living there. Probably a lot of dead beat degenerate gamblers everywhere. LOL. I know they have the world's best pawn shops. All those poor tourists selling everything they've got for one for one more shot at the craps table. Seriously, it would seem so depressing after awhile. The schools must be bad too. You really like Vegas though? Really?
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(I think you're kidding me a bit about the "degenerate gamblers" but...)

Yep, we really do like Vegas.... we can do whatever we want, whenever we want. Everyone comes to visit us, vs us going elsewhere, LOL. Away from the Strip and casino's, just like most cities.... nice neighborhoods, good schools (my wife teaches grade school).... had to deal with gigantic growth for decades, and are suffering a bit from the downturn... weather is near perfect 8 months of the year, hot in Summer, no freezing or snow to deal with...
No State Income Taxes.

And.... 3.5 hours from Huntington Beach for surfing (surfed for 15 years, not so much any longer, LOL). 30 minutes from water skiing. 45 minutes from Snow skiing for those who like to do that.

All the best entertainment comes here, and is cheap.

I drive 3.5 miles to the office when I go.

Cost of living is very cheap.

Bob and I like to play poker (he plays a lot).... with the likes of Jeffrey Katzenberg and other "hollywood" types who fly in here just for the "big games."

Did I mention, no State income taxes, LOL... I know there are other places, but comared to our home State of Ca, 14% or so difference.

But, like everything, not for everyone.... we sort of started off here, and I'm sure I posted this link before, but for the new guys.

http://www.blackjackforumonline.com/content/Brightint.htm

All the best everyone...

Don
 
Quote from Samsara:

No matter how successful you guys are, you know most of us dig you Brights for that "non-pretentious" quality. Regardless of anyone's take on the prop biz, we all know there's a humanism in how you represent the trader's good life, and a straightforward integrity in the way you do business.

It's good to see the man behind the "not an alias". It's a rarity I think a lot of us appreciate. Just throwing that out there.
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Thanks a lot, you have no idea how good that makes feel, especially these days...thanks again...

Don :)
 
Quote from EvOTrAdEr:

I think that a lot of you fail to realize the point of independent trading: not having to work for someone else. It comes down to personality. If you are too unwilling to risk a few thousand dollars for something you want to do, then you should be looking for a job and stop bitching about the small deposits. Nobody likes having capital at risk, but guess what? with the cheap ass commission rates nowadays, no firm will be able to survive

Prop Trading your own capital is not a job. it's an alternative to trading retail accounts. you don't need 25k in your account and the rates are cheaper. these are the reasons you should join a prop firm - for professional trading services.

If you are looking for a steady income without risking capital, don't trade. get a job. it's about time you kids realized that trading is not for everyone and if you don't have the means to trade independently, there is no alternative for you.

Take it from someone with a banking background - a job at Morgan Stanley or Goldman Sachs does not involve discretionary trading. It involves front-running customer orders and market-making to beat the small-time investor.

There is a fundamental you people don't understand: Market participation involves risk. If you want the rewards of being a trader (be your own boss, not answer to anyone, unlimited potential profits) you will need to demonstrate the ability to think on your feet and be responsible for your own performance. If you need security, trading is not for you period. find another job. this is getting ridiculous already with the "i need a salary to trade" posts.

I'm telling you the honest to god truth, corporations aren't out there to help you meet financial security. they are there to make profits for themselves and their share-holders. It doesn't matter if it's a prop firm or a big bank, in the end - you will have to make extreme sacrifices to succeed in such a competitive field.
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Great Post
 
I just can imagine the feeling of thinking "How awesome is that i persevered"! Probably 90+% percent of successful traders feel that way. The process is just needed to build the character needed in order to thrive as a trader. There are no easy ways. That for me is not discouraging, it was but not now. It even drives me further because the harder the battle the greater the victory.
 
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