Andover Trading

I am a proprietary trader at Andover in NY. I trade listed, pay 2.5 cents per share for bullet (500 minimum) and less than 1 cent per share for listed stocks. I will not tell exact number as it is a subject of negotiation. My knowledge about Andover is limited to one branch here in down town New York. There is a requirement to put down some capital.

Hope it helped.
 
What is the amount of capital required to put down w/Andover? What is their prop trader hiring process like? Do they hire newbies or strictly experienced traders?

Is Andover's prop system similar to Worldco's in that you put down a few grand, start off w/100 shares and then work your way on to larger size? Or is it like a Bright system where you need to come in with at least 25K?

Interesting that you trade only listed while other Andover offices are only Nasdaq...

I hope that six cents a share is incorrect. I will get more information and post my results on this thread...

Good trading to you.
 
If you are interested, address all these questions to Andover manager. I can give you his telephone number if you request it by email.

Best Regards.
 
Commissions are 6/10 of a cent to start + ECN fees....this is the Arizona branch, by the way. Strictly NASD stocks, strictly scalping.
 
Originally posted by hapaboy
Commissions are 6/10 of a cent to start + ECN fees....this is the Arizona branch, by the way. Strictly NASD stocks, strictly scalping.
More...

Add ECN fees, total = more than 1 cent. Check to see if they are "Andover" corporate (NYC), or if they are just another "franchise" or "seperate partnership" of andover....and are you sure they are NASDAQ only??
 
Don, depending on ECN total may or may not exceed 1 cent. Redi or ISLD would be under 1 cent, Arca/Brut/Inca would exceed 1 cent....keep in mind that is for the beginning trader. With higher volume and the lower commission that comes with it, all trades would be under 1 cent per share.

I was told at the Scottsdale branch they trade strictly Nasdaq, and when I visited all the traders appeared to be doing so. I believe their NY branches trade listed due to other ET members' posts (i.e. Felichka)...

Don't know if they are a franchise or not...should I be worried?

So now I must choose between Echo or Andover.....

BTW I would consider Bright Trading but I simply cannot afford the 25K deposit....
 
Originally posted by hapaboy


I was told at the Scottsdale branch they trade strictly Nasdaq, and when I visited all the traders appeared to be doing so. I believe their NY branches trade listed due to other ET members' posts (i.e. Felichka)...

Don't know if they are a franchise or not...should I be worried?

So now I must choose between Echo or Andover.....

BTW I would consider Bright Trading but I simply cannot afford the 25K deposit....
More...

Good Luck at either place. That decision should be an easy one. When you get some money behind you, take it out and come to Bright...don't worry, We'll still be here.....(trade more listed, do opening only orders & pairs...make money!!)....

Oh yeah....(franchises) ...YES, you should be worried! This is a major, major concern!!

Don
 
Please elaborate on the franchise comment....

FWIW, I was very impressed w/Echo - Jeff, Rob, and Rtharp seem to not only be good traders but decent people to boot. Good atmosphere there.

To be honest, I doubt very much I'll join Bright once I have "enough" dinero. I'll stick with the firm that gave me a chance to fulfill my dream, not hightail it for a couple tenths of a cent per share...there are things more important than money.:D
 
Originally posted by hapaboy
To be honest, I doubt very much I'll join Bright once I have "enough" dinero. I'll stick with the firm that gave me a chance to fulfill my dream.
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Excellent point, something that is often overlooked in these heated "features" comparisons between firms.
 
Originally posted by hapaboy
Please elaborate on the franchise comment....

FWIW, I was very impressed w/Echo - Jeff, Rob, and Rtharp seem to not only be good traders but decent people to boot. Good atmosphere there.

To be honest, I doubt very much I'll join Bright once I have "enough" dinero. I'll stick with the firm that gave me a chance to fulfill my dream, not hightail it for a couple tenths of a cent per share...there are things more important than money.:D
More...

I applaud your loyalty...if only all traders felt that way. I am sure that the firm will do their best to keep your costs fair so that you don't end up paying too much for that loyalty. Good luck with Jeff and the boys!!! I am pleased to see them "growing the industry" in this way! Again, good luck!!

Oops, forgot about the "franchise" thing. Franchising turns this into a "multi-level marketing" game, which is extremely dangerous. You can simply ask how many of the Firm's assorted francises have gone out of business. This is not aimed only at Andover, but others as well. If you have a good business model, why in the World would one franchise it (the obvious answer is to "spread the risk" since they are not comfortable with their ability to survive in new markets). Again, this is not a slam on Andover (good firm in NY), but all franchise operations in general.
 
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