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Just a note. If you are going to do baskets on REDI+ you could use EXCEL, however that would be quite slow, compared to your competition in the marketplace. If speed is essential and you can afford priogramming in C++ or VB, REDIFIX is the way to go- see www.redi.com/apifix.html . You will get...

Predictor, Just wondering why leave an institutional career for daytrading? I don't think anyone is suggesting that(at least not me). Before I would start trading on my own, I would get in a MM training program or start at a hedge fund. Once you get the knowledge and your...

cdgtrader, Prop trading at a L.L.C. with no experience is very hard, especially in this environment. If you have a degree, I would suggest you get in a training program at a Market Making firm(upstairs or on the floor). You would probably have to relocate to a Chicago , SF or NYC...

stock777, Like IB & Bright, we include INCA in our fees with no pass thru's added. I just gave the INCA pass thru's as an example.If you check the majority of NASDAQ direct access firms in the Elite Broker section, the majority of firms add INCA as a pass thru. IB will probably get...

esc_trader, I think the problem with INCA is their high rates (to Introducing Brokers-IB's) compared to ISLD for example. INCA may charge IB's .0050 to .015(example only-check with your IB for rates) , compared to .0025 for ISLD. Instinet also charges extra for a INCA terminal to see...

Go to my Trader Tools www.stocktrade.net/Links/fr_tools_all.htm and click on Historical Stock Volatilities - Updated Monthly under Option & Derivative Analytics . This is updated(or should be) by the CBOE monthly and is in EXCEL format. This is a free site and there may be other sites that...

kevin hawkins, Instinet is lowering their rates because they are losing ECN market share to ISLD & REDI.Their fees are 3 times(or higher) what other ECN's charge introducing brokers. It may take a while for the retail firms to get the price break and pass lower costs to the trader. If...

cman15, From what I hear WorldCo will back selected traders. If you have a track record and confirms, I would bring your track record along to the interview. The problem we have in NYC area is that losing traders go from firm to firm and lose money. We do back prop traders occasion...

Jem made some great points. If Pro firms were not well run the past two years, they would not have survived. Actually more NASD firms have merged or left the business. The only pro firm that had problems was Harbor Securities some years back. The example I used was "extreme" and in no way...

Just a note. On the LWS site under margin requirements, I made up some approx. guidelines for L.L.C professional margin , see www.stocktrade.net/services/portf_hedging/hedg_requir.htm . These guidelines are based on the SEC/SRO requirements . If traders use options as a Hedge, see Hedge...

Just a note on L.L.C. risk management . I know some traders think that firm capital equals stability , but capital alone does not tell the whole story. How many postions does the firm carry overnight? Does the firm have all their L.L.C. positions concentrated in a risk/arb position or carry...

No trading L.L.C.'s that are set up as professional firms are SIPC insured . The firms risk management,capital and experience are the insurance. Some NASD firms may be set up as L.L.C.s for tax purposes. Most of the current professional L.L.C.'s are well managed. I'm on vacation for til March...

Cdntrader, I was reffering to the direct access brokerage industry in particular. A.B. Watley took over On-Site, Pro-trader was acquired by Instinet. Many small direct access brokers (under 1000 tickets a day) have merged or left the business. The 25k rule hurt many retail direct...

Just a note. Read the thread on Hedge funds and multiply by a factor of 10. Unless your name is Jeff Vinik,Peter Kellogg or maybe Don or Bob Bright, I do not think this is an area you should pursue. High risk, low reward , millions needed for marketing. If the bear market continues, look for...

DATTrader, The industry is in transition and it will be interesting to see how things develop. I am close(in the same building) with one of the largest specialist units on the NYSE, so I hear alot of the politics on the NYSE. There is a proposal in the works to raise the spread to .05...

Don, I know you,Robert & myself all feel the same way about P & L. Let the traders make P & L and the commissions will take care of themselves! Anyway, I will be on vacation from March1-10 , so I will be off the boards at about 5pm today. Gene Weissman...

cashonly, My point is exactly what you are saying. Many traders think that big size means big P &L and that is not always the case. It is much harder to "trade" size especially in this .01 market. If the Market in IBM is BID 99.89 ASK 99.01, can I buy 10,000 shares at 99.01? Most of...

Robert, One important question. Does the guy make money? We had a couple of big guns im the past that imploded. Many times big size does not make big P & L. Our best traders trade 2000 share positions in NYSE. Just curious. Gene Weissman...

Cdntrader, Why do you care about tradestations stock price? Their retail broker is SIPC insured and if you like their software, it might be good for some as a integrated API. I say give them a chance, I like when there are new products for traders, it keeps our firm on our toes...

Doreen, It's good to see some new faces. IB was engineering a hostile takeover of Elite Trader and it's good to see some new faces . Just kidding of course, Def knows I'm a fan of IB and Tom Peterffry (Timber Hill Group CEO). All of us in the industry try to work together for the...