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The financial Industry used to be hugely conservative. Its changed, or maybe its the ages of the Traders that are generations x 'ers. But there are a few conservatives on this board too. Maybe we should start a conservatives only board. But here is my answer to a email I received...

Tradestation is not a scalping platform. Tradestation is really a swing trader system platform, the guys the want to sit around and figure out automatic trading systems. Anybody using Gr8trader, by Instinet, used to be Protrade?

There are a lot of smaller firms that work through large clearing firms that will cut individual retail traders a deal based on the volume you do.

Interesting comment, what would you call a person in Iraq that fights for Saddam? A freedom fighter? Freedom for whom?

I know of several firms that got burned on customers trading on what turned out to be Bounced Checks. The clearing firm did not check the status until after 10 days. The Broker Dealers ate the loss of thousands, since the clearing firms sure are not taking the loss. If I were in the back...

And trade on Company Time, 60K is a nice base salary.

I appreciate that you are working with a large client base. But the handling of client on the phone is very easy if you don't fight with them over a silly issue,like getting a supervisor. It's in the consumer bible and every advice column, don't fight it. That IRA call would have ended...

Def Re your comment "it shouldn't be expected that a supervisor will be available to drop what they're doing and speak to any client who calls in at a moments notice" Its the ONLY way to handle this, get a Supv on the line. If not you are "CUSTOMER NO SERVICE". I don't care if the customer...

Was not aware that Bank One had a Securities Division, what is it Discount or Full Service?

I have worked in Customer Service in the Brokerage Industry and the only way to do, is to happily let the customer talk to a Supervisor. It's silly to sit there and try and prevent someone from talking to a Supervisor, it just prolongs the call, and pisses off the customer. Doesn't matter...

Any more comments on the Instinet Platform GR8Trade? Thinking about switching to it.

Do the math, if you are consistant, then you can find many firms that will let you trade. They might ask you to put up a deposit, but it would be worth it. Most prop firms make money on the commissions you generate.

Hey you need to get them to up your percentage. Most Props I know keep 90%.

Yeech.

They're doing a new web site I heard. They got a great one year training program for newbie Prop Traders.

Usually the BD customer agreement disclaims any liability, the trader assumes all risk.

PDT started to be enforced by the clearing firms. Southeast would shut down an account (close it) after the 4th day trade in 4 days. Some BDs are enforcing their own strict rules.

The NASD is not going to bother with someone that is trading another persons account - that is unlicensed-that would be a money losing thing for the NASD to try and enforce. There are zillions of people out there doing it right now. The NASD has its plate full with people that put up a web...

But its almost impossible to learn to day trade with a small account. You need at least 50k, not buying power, but cold hard cash, and be ready to give up some money to learn. And to work as a Prop - maybe 1% of the traders make it.

I know some brokers will look the other way, but the broker could get burned for allowing someone to Daytrade their IRA Account.