WTS Proprietary Trading Group LLC, Miami FL

Quote from JackDogII:

Sure, I buy all that. Everyone/anyone at Bright averages 100k a day and they don't have a reputation for high fees and a huge bust out rate. I would love to know what percentage of his traders make over 1m per month as such a win rate implies.

Plus I would say in a business like a prop shop that an empty parking lot is a pretty good indication of wanning prosperity.

More interesting statistics would be about the percentages of success and bust out. One thing we will never see out of an operation like Bright Trading, oh, they changed the name to something else is exact stats on the number of people signing up vs the number of people that busted out. My bet is that the percentage isn't much different at such bust out shops as it is in the maket in general and we all know what that stat is.

Other than the increased buying power, can anyone point out any edge that this shop offers. I have interviewed there twice and neither time could Don convince me of any edge at all.

Last time I checked they required a 25k deposit, a series 7 exam, charged about 2k for training, plus monthly fees and a commission rate that was about the same as what some retail outlets charged for the same volume, plus additional fees for a very feature lite platform if you wanted to trade remotely.

Would anyone care to post what all of that is today.

I hear you that Don offers a poker game and there was a nice car in the lot and that you don't trade prop. Maybe you could define the edge offered and tell us why you don't take advantage of it.

The last technology I saw advertised by Don was some, in my opinion, ptitful 3rd party calculation of fair value to indicate buy and sell programs in an even more, in my opinion, pitiful webinar they put on a few weeks ago in an effort pump up their shop.

A couple of direct questions to Bright Trading or whatever they are calling it today - Could you please list all of the charges and commissions charged, the percentage of all sign-ups over the last 5 years that are still trading with you and the number of complaints, claims and or lawsuits filed against either the company or indivduals at the company by which ever name over the last 5 years.
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http://www.nytimes.com/2010/03/28/business/28trader.html?pagewanted=all

Rate of success in trading business is 1% as per NY Times ( see article above), I have heard as high as 2.4% by another expert and there are traders making millions per year however trading is not a business for everyone and not everyone who succeeds will make millions having said this I don't understand the logic behind "Don Bright" bashing. I personally can attest Bright Trading is a legitimate, solid firm and when trading there you don't have to worry about being swindled, firm going under or anyother shady deal separating you from your money. All that said this doesn't mean Bright Trading is the firm for you, there are many firms out there and you have to do your own due diligence. There are no free lunches!
As for sitting behind a trader making $200k and paying $1k for the privilege, are you kidding?


ps I am not with Bright Trading
 
Quote from dealmaker:
As for sitting behind a trader making $200k and paying $1k for the privilege, are you kidding?
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No, I would consider that. Example, I used to do this thing with a certain pair every day right before the close. I made money about 95% of the time. Over 18 months it grossed me at least 50k, we're talking in about 10 min a day of trading. I did other things during the day, but this was like - easy $200-$300 profit right at the close - every day. I don't think it could be automated it was more of just a feel for the tape kind of thing.

Sitting behind someone who knows what they're doing, maybe you pick up something like that. Now you could drop that on a training course, but I doubt you can learn anything really useful from a class. I don't need an introductory lesson and don't want to waste time.

Just a shot - maybe someone would share some insight on the $200k 'big time player', but too bad I guess won't get any free info here. :)
 
Quote from esc_trader:

No, I would consider that. Example, I used to do this thing with a certain pair every day right before the close. I made money about 95% of the time. Over 18 months it grossed me at least 50k, we're talking in about 10 min a day of trading. I did other things during the day, but this was like - easy $200-$300 profit right at the close - every day. I don't think it could be automated it was more of just a feel for the tape kind of thing.

Sitting behind someone who knows what they're doing, maybe you pick up something like that. Now you could drop that on a training course, but I doubt you can learn anything really useful from a class. I don't need an introductory lesson and don't want to waste time.

Just a shot - maybe someone would share some insight on the $200k 'big time player', but too bad I guess won't get any free info here. :)
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Agreed, sitting behind a successful trader is a good thing but why would a successful trader share his/her methodology?
 
Quote from dealmaker:
Agreed, sitting behind a successful trader is a good thing but why would a successful trader share his methodology?
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Yea, that's exactly the problem. Maybe find a woman successful trader, get her to fall in love with you. Get the strategy that way! :) Perfect plan.
 
Quote from HurricaneUS:That's what I thought about Peregrine Financial too...I'm certainly not putting Bright Trading in the same league but unless you can see actual Audited Statements (and not by Bucky's CPA Company), you can't "personally" vouch for anyone...especially when using an anonymous internet alias...just sayin
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Indeed.

For whatever reason, every time I have talked w/Don Bright he has come off, at least to me, as all snake oil and not very refined snake oil at that.

While I know that Bright or whatever it is called today is a substantial entity, my guess is that it does no where near the business it did 10 years ago. This begs the question of whether the decline at Bright and the industry in general is a result of a change in the market or more the result of the industry not keeping up with the changes.

In my meetings with Don, he came off, to me, as the ultimate Luddite as far as technology goes. He once told me in no uncertain terms that no software could either help people trade or help people learn to trade.

Admittedly that was 10 years ago but I don't believe Luddites are more likely to change their stripes than other species and their most recent webinar confirms that.

Jack
 
Quote from HurricaneUS:

That's what I thought about Peregrine Financial too...

I'm certainly not putting Bright Trading in the same league but unless you can see actual Audited Statements (and not by Bucky's CPA Company), you can't "personally" vouch for anyone...especially when using an anonymous internet alias...just sayin
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Agreed! I should have chosen my words more carefully. I should have said, I traded at Bright Trading and did not see or hear of any funny business during my time there.
 
Quote from JackDogII:


While I know that Bright or whatever it is called today is a substantial entity, my guess is that it does no where near the business it did 10 years ago.
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Strange, the idea daytrading is falling off. Where's all the greedy young guys 20-25 who don't want to work for the man these days? Are they just living at home? Please don't say 'the algos killed it', that's bullshit. 'Efficient Market' garbage. Low volatility slows things down, but there's more plays out there across stocks, options, futures, forex than ever in history.
 
Bright Trading is the best house on a bad block in a lousy neighborhood. LOL. Nothing wrong with the firm, just the industry sucks now. If I were 22 years old right now and just getting started, I would not be getting into stocks. Bright is great stop along the road for a lot of old timers like me or guys who have been in the business awhile and see that a majority of the equity firms have gone under. It's not Don's fault that the industry sucks, it just is what it is.
 
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