Tales Of Professional Daytraders Bob And Don Bright
Of Bright Trading
Bored in retirement from exploiting the Standard & Poor’s OEX options spreads, Bob Bright got back into trading in 1992 by forming Bright Trading with partner Edward Franco as an off-floor venue for professional traders — that is, licensed traders. Starting from a single office in Chicago, they offered traders top-drawer market access for as little as 5%of their former overhead plus trading costs of less than a penny a share.
The concept was a hit: the combination of lower costs and local offices proved irresistible to the professional traders, and so, Bright went on to open similar offices around the country, currently up to 32. To get a take on what a professional daytrader does, Interim Editor John Sweeney of STOCKS & COMMODITIES called Bob Bright to find out, getting his brother Don, whose title is trader and director of education for the firm, in the bargain, in a telephone interview conducted on March 14, 2000. Bob Bright’s part of the conversation is noted as “BB” and Don Bright as “DB.”