Day Trading Classes

[emon87]

Kenny,

So how does the compensation for Bright work? Do you get paid a salary and then make more if you do well? Or are you basically just on your own (albeit with access to their resources)?

[Badger]

I have a friend that day trades. He's working at his second firm here in Austin, Texas. I've briefly discussed this with him. I thought he said the first firm he started at put up cash for you to start and if you lost it you were gone. I could be wrong, it may have been his cash. He's been doing well for himself and moved to another place where you're on your own, so I'm guessing he had to start up there with his own cash and they take a cut of what you make.

He said it'd be pretty difficult or almost impossible to do this on his own. It's the resources that they have access to that make this possible. That sounds pretty close to what I've heard other places that says most day traders are losers, or better off just holding for the long run.

[KUJustin]

Where are all these trading jobs where they want really smart ppl without experience? As in literally how do I look into this?

[Tupacia]

Bright doesn't pay you a salary, you're on your own. You pay commissions and at most places you pay a "desk fee" which means you pay X per month for the data feeds, computer terminals, etc.

[KennyBanya]

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Kenny

Since your putting up all your own $$ whats the benifit to going with a place like bright trading instead of just funding with a discount broker online and trading from home?? (Well besides the 3 days class where I'm sure you can pick some good info up)

SteveOMS

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Bright gives you access to $1,000,000 of their money to trade. You are only responsible for the first 25k. With a prop firm like Bright, you could have bids and offers on 1000 shares of 15 different stocks to trade the open of the market. That would hard to do at online discount "retail" broker without a million bucks or so in your online account.

Their access with Goldman Sachs and redi plus is going to get you faster fills on your trades as well as better pricing.

They have a 2-4 week boot camp, and an optional mentoring program. They also have the option to trade in an office with other traders. They have a morning squawk box style conference call for remote (at home) traders.

Peace,

KennyBanya

[KennyBanya]

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Kenny,

So how does the compensation for Bright work? Do you get paid a salary and then make more if you do well? Or are you basically just on your own (albeit with access to their resources)?

[/ QUOTE ]

Tupacia is correct, at Bright you keep 100% of your profits. You pay commissions per share which decreases in rate with increased volume. The desk fees are also waived based on volume. I don't recall the exact numbers for the fees to be waived, but pretty much anyone trading stocks for a living is get to meet the volume requirements.

Peace,

KennyBanya

[pig4bill]

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Plenty of real trading firms hire people with no finance background whatsoever. They are far more interested in how smart you are.

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I was more referring to specifically wanting people without a finance background (i.e. "prefer to hire clueless newbies"). I know lots of people get hired after having no experience. I just figured all else equal, you'd prefer experience.

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Evan, you have no idea what you're talking about. I went into a group interview the other day and the interviewer asked if anybody had a Series 7 and I told him I had a Series 7 and he told me to get the f.uck out.

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Let me guess. The guy looked just like Ben Afleck, right?

[pig4bill]

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I have a friend that day trades. He's working at his second firm here in Austin, Texas. I've briefly discussed this with him. I thought he said the first firm he started at put up cash for you to start and if you lost it you were gone. I could be wrong, it may have been his cash. He's been doing well for himself and moved to another place where you're on your own, so I'm guessing he had to start up there with his own cash and they take a cut of what you make.

He said it'd be pretty difficult or almost impossible to do this on his own. It's the resources that they have access to that make this possible. That sounds pretty close to what I've heard other places that says most day traders are losers, or better off just holding for the long run.

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That might have been true 10 years ago, but not any longer. Instinet has been absorbed into NASDAQ. Anyone with high-speed internet can open a Tradestation account and have just as powerful a platform as the daytrading shops have. The only possible thing they might have is a Bloomberg terminal, but if you have enough money, you can get one of those at home too.

[Badger]

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I have a friend that day trades. He's working at his second firm here in Austin, Texas. I've briefly discussed this with him. I thought he said the first firm he started at put up cash for you to start and if you lost it you were gone. I could be wrong, it may have been his cash. He's been doing well for himself and moved to another place where you're on your own, so I'm guessing he had to start up there with his own cash and they take a cut of what you make.

He said it'd be pretty difficult or almost impossible to do this on his own. It's the resources that they have access to that make this possible. That sounds pretty close to what I've heard other places that says most day traders are losers, or better off just holding for the long run.

[/ QUOTE ]
That might have been true 10 years ago, but not any longer. Instinet has been absorbed into NASDAQ. Anyone with high-speed internet can open a Tradestation account and have just as powerful a platform as the daytrading shops have. The only possible thing they might have is a Bloomberg terminal, but if you have enough money, you can get one of those at home too.

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I think they also have people that will write programs to watch for specific trends you are looking for and other such things. I'm not going to pretend that I really know what I'm talking about here. He's travelling in Europe right now, so maybe I'll get some more info from him when he gets back.