How do I leverage job offers for title/salary promotion at my current job?

I'm very confused by how to actually go about doing this. Lets say in January I get my bonus back, or I'm not excited about how slowly the corporate ladder climbing is going - everyone says just go get another offer and come back. If I don't like how things are going after a performance meeting (they obviously have no incentive to care unless I have another offer in hand) should I be pursuing offers elsewhere? In trading/banking typically those other offers would be at firms that I wouldn't have too much of an issue leaving for or I wouldn't be applying there, however, the part I'm confused about is after getting an offer for a competing firm with either a salary increase/title promotion, if I don't accept it won't it burn bridges with that company? 

Essentially prop trading is pretty small and all of the competing firms I'd be willing to work for if I get an offer but my current company is able to match or beat it, then I get to stay with my current firm but close the door at the prop firm I assume - which leads me to ask the question of should I only be attempting to get a "good enough" offer from a "good enough firm"? If I want to lateral to Optiver eventually but enjoy my current position at my company I don't want to close the door forever there when a competing offer from a lower-tier firm would get me the same result in salary increase/title promotion.