Why Did Bright Close It's Dallas Office?

Quote from DHOHHI:

My point is that a "serious" trader will likely come to an office, at least for a while. But .. over time he/she may not see the incremental benefit of coming to the office. Thus, the decision (for some) to go remote. Just as in 1998, 1999, there are still today plenty of people with Ameritrade, Scottrade, E*Trade accounts that trade now and then .. bored housewives, guys taking a week of vacation, retirees .. but they're not serious in that this (trading) is a BIG part of their income (if not their sole means of support). So I think the two pools of traders are not alike as far as goals & objectives. Agree with that?
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Sure but again we can't really define who those people are. As I know a lot of people who you would call not serious who trade from home who actually do very well!!!!

Also, one of the reasons why these so-call non serious people at home are only taking the occasional trade because they are working other jobs is because they CAN'T make money. Make sense? Trust me I know a lot of guys were trading is 100% of their income and they do not take it seriously. In fact, I would go as far to say that very few guys in office take trading seriously. When I worked in NY I was the first guy in and last guy to leave everyday because I DID take it seriously. They showed up at the open and left at the bell and they never took home checks. But you would call these people "serious" under your definition because they are in an office and I would say they are not serious. Do you see the problem we have here defining who is "serious"?
 
Quote from Maverick74:

Through my contacts, I have the info from a lot of prop firms here in Chicago that probably include about 1000 traders from 5 different firms including my own. I understand why you as a remote manager are talking up the remote traders. I too, have a lot of remote traders. I just have no problem calling a spade a spade.
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Here you say your numbers are based on prop firms, but now the numbers are based on retail and prop ?
 
Quote from volente_00:

Here you say your numbers are based on prop firms, but now the numbers are based on retail and prop ?
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Yes, because I was responding to a specific point about prop firms. Then you jumped in to talk about retail firms and how you didn't need leverage and yadda yadda yadda. That post from above was in reference to the fact that most traders in general do not make money and a higher % of in house guys are profitable vs remote traders. You are the one that started talking about retail, not me. Then I responded to your posts. Remember your babysitter comment? LOL.
 
Quote from volente_00:

Mav, would you say that more than 5% of prop traders at your firm make it ? Or is it on par with the industry rate ?
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Depends what you mean by make it? I would say no more then 10% of the traders at my firm are net profitable.
 
Commuting to an office can certainly help "legitimize" one's image as a trader. Most wives/girlfriends would rather tell the other gals that their man trades in a smokin', downtown office rather than in the second bedroom off the kitchen. The caricature of the remote trader has become an American staple of scorn/pity.

That being said, of the three traders I presently know best, all three trade remotely and two of them are "stars" by any criteria. One of them is part owner of an FCM, lives two blocks from his opulent, well equipped office, yet still trades exclusively from his home. The other is a friend of mine from the CBOT who moved here to SoFla a few months ago. This guy epitomizes the "remote" trader. Sits around in torn shorts in a messy condo, no news service, no in house "economist" but he makes money EVERY FRICKEN DAY! So here's a guy who was a floor trader for 20 years and he not only successfully made the transition to the screen but does it from a new home in a strange town. In fact he takes his laptop on the road (with 3 screens) and trades out of apartments from Armenia to Argentina. So by my small sample I'd say there's zero correlation between location and profitability.
 
Quote from Pabst:

Commuting to an office can certainly help "legitimize" one's image as a trader. Most wives/girlfriends would rather tell the other gals that their man trades in a smokin', downtown office rather than in the second bedroom off the kitchen. The caricature of the remote trader has become an American staple of scorn/pity.

That being said, of the three traders I presently know best, all three trade remotely and two of them are "stars" by any criteria. One of them is part owner of an FCM, lives two blocks from his opulent, well equipped office, yet still trades exclusively from his home. The other is a friend of mine from the CBOT who moved here to SoFla a few months ago. This guy epitomizes the "remote" trader. Sits around in torn shorts in a messy condo, no news service, no in house "economist" but he makes money EVERY FRICKEN DAY! So here's a guy who was a floor trader for 20 years and he not only successfully made the transition to the screen but does it from a new home in a strange town. In fact he takes his laptop on the road (with 3 screens) and trades out of apartments from Armenia to Argentina. So by my small sample I'd say there's zero correlation between location and profitability.
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Yeah and I know three communists who are really great guys. Do you really want me to name the % of nice guys I know who are Republican. Hence single data points don't give accurate reflections to the entire group.
 
Quote from Maverick74:

Depends what you mean by make it? I would say no more then 10% of the traders at my firm are net profitable.
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so if 90% of your traders lose money WHY would I want to be a partner in a losing business?
 
Quote from RichardRimes:

so if 90% of your traders lose money WHY would I want to be a partner in a losing business?
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Because our numbers are on par with every other firm. If you don't like our numbers or the industry average then go into teaching, don't trade.
 
Quote from Maverick74:

Because our numbers are on par with every other firm. If you don't like our numbers or the industry average then go into teaching, don't trade.
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geez Mav you do need a life...I don't like your numbers...I won't go into teaching... (actually I have been a substitute teacher) and I'll continue to trade at home...on my own and I have no place on this thread...sorry:(

edit...it was the vodka tonic talking....
 
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