Quote from D2.0:
Haha. I was about to post something similiar when I read that part of his/her post. I mean seriously now. Lots changed since then. There wasn't even broadband back then. Or I should say, ISDN was "broadband" of choice for off exchange players not trading in a prop shop for its low latency.
First to really help you out. I'm a he.
2001 wasn't that long ago, and yes I did have a DSL connection. I also had a great hardware and system software, including a backup power supply. I had multiple 19" monitors, an programmable X-Keys for putting off multiple keystrokes with 1 key. I'll go so far as to say I had and still do have some of the best computer hardware and software money can buy.
I tried a large number of brokers who promoted their so-called direct access to ECNs. I usually found out the hard way they didn't provide the service I thought I was getting. Seems something always got lost in their translation of English to English.
The term direct access to ECN means alot of different things to brokers, and when you start laying your money down it is a good idea to understand just what "direct access to ECN" means as it applies to your trading account with your broker.
NOTE: After reading some of my postings and the rebuttals/personal attacks you should realize that most of those condescending posters are working for some broker that would like nothing better than to skew your thinking that Online trading from your home is a better situation than trading from a trading room.
The fact is Online brokers make a great deal more money, if you trade Online from home. Those brokers don't have to support an office, computers, servers, support personnel to facilitate trades in a trading room environment. You don't know how your trades are handled, and the broker gets paid the same. If you lose big on a trade you'll not get any recourse from the broker, even if the execution failure was their fault.
It's not about what is better for traders, it's about what is good for the brokers.
The brokers don't care if you lose, they just don't want you to lose big. They want you to trade out your account, and they'll probably end up with at least 1/3 to 40% of those funds paid to them in commissions, which you put into your account.
Remember --->
It isn't a level playing field... no matter what you're told by brokers. Look out for yourself, make sure you understand. If you don't understand, make the broker explain it. Even if he explains it in a condescending manner, make sure you are satisfied that you understand just how your trades are handled and expedited. This one little paragraph can make and save you thousands of dollars if you conscientiously apply it.
