OK, sorry again for being "forced" to clarify and correct some comments. The "12 month hold on money" is a regulation based on "net capital requirements" of a member firm. Since Bright Trading does not comingle funding, we can give our traders back their money whenever we want. Some firms must use the traders money to meet their "net capital requirements" and therefore cannot give the traders back their money for 12 months. There was some confusion about the rules in the past, but since we had them clarified, any new trader who needs to withdraw from the firm may take their money with them. Side note: Please feel free to send me an email about Bright Trading to don@stocktrading.com prior to posting something that you are not sure of. I am pretty sure that the other firms would like the same courtesy. Good Trading!!
Don, the "holding money" I think most people are concerned with is this one about the Bright policy of withholding 25% of traders' profits for a year, from a previous thread: This was never responded to before, could you enlighten us as to why this is? Thanks, Jim
This is another misunderstanding. 22 traders out of 500 did get a 75% split to them last year....because we carried them when they went below the minimum account balance, so we were essentially backing them....and they were thankful to us for keeping them in business. We carried many traders with zero or negative balances for long periods of time (try that anywhere else...we actually try to work with our people who may be having a rough time). Everyone who maintains their account balance above $15,000 (or averages $25,000) gets all their money, period! If they don't make money, it makes no difference anyway. Other firms that "back" traders keep upwards of 50% of all traders profits! We are even going to modify our policies regarding the withholding and interest allocations. Everyone will be pleasantly surprised....Stay Tuned!
Don, So if my balance for 3 months avg. 25k and the first 15 days of the 4th month I make 10k, I can withdraw the whole 10k. In other words, a trader can withdraw 100% of their monthly earnings as long as they stay above your 15k min 25k avg. Correct?
Don, Did the rule change? No more than 6 months ago one of your managers said bright keeps 25% until the end of the year. You're saying this is not true now? Thanks
Hey guys, at least you can get a reply from Don Bright, Principal. I've been trying to get stratight answers from what's left of Onsite, now AB Watley, and everybody including their Chief Compliance Officer play dumb. Imagine that. They couldn't even explain the difference between holding funds for net capital requirements vs. self funding, as the Bright Brothers do. As far as I'm concerned, you Bright Boys are away ahead of the game. Incidently, I kinda wish, well, looking from outside the box, that the notion of selective withholding of 25% funds towards an end of year payout/bonus was more widely offered, if not accepted. Frequently, a good month can be undone with a bad string of months, and hence the cushion and profits. Knowing that there's something held back and available at some time provides the most important asset any trader could get, namely piece of mind. Safeguard your karma and profit!