EchoTrade offers new software

[GHJ]

Man. People are really shoveling the horsesh!t on this thread. Here are just a few of the more enjoyable quotes…


"This is the first platform available that not only automates all entries, but also automates all exits."
-Box

No offense but you are moronic. Tradestation and Neovest have been doing this for at least two years and this has been possible on institutional platforms like Flextrade forever.

"Why no screen shots on their website? Just a bunch of bla...bla...bla... and some cheep text graphics."
-Sharp

They have taken hype to a brand new level. It’s also the most unprofessional financial software web site I’ve ever seen, which leads one to believe Predator Pro is more of a retail toy (regardless of its true value).

"I don't think there are any strategies in it that everyone doesn't know about by now."
-TraderJimR

You could not be more right. Pairs, enveloping, opening onlys are yesterday’s strategies. The more people that know about them and attempt to exploit them, the less effective they are. Echo is shooting itself in the foot by promoting these methods. These strategies are already becoming efficient. To me, their Predator Pro announcement is nothing but a marketing ploy to compete against firms like Andover, Tradestation, and Bright (?).

"Our "black box" developers are second to none in the industry."
-Don Bright

Wait. Didn’t Bright laugh at automation just a few years ago (in the same way they laughed at Nasdaq traders)?

"PairCo has been leading edge."
-Don Bright

From what I hear those guys can’t make money anymore. Funny how they’re still selling this stuff.

"Why did the creator of said methodology leave ECHO recently for a competing firm?"
-Sdtrader

Probably the same reasons everyone else leaves.

"HAHAHAHAHAHAHA! Wow do you sound like a salesman for another firm."
-TraderJimR

And you don’t sound like a salesman? Is this Rob or Jeff?????

 

[nitro]

Quote from C Robinson:



you have an open invitation to stop by and check it out when you are in the area. hope things are going well for you guys.

Are you or another representative going to be at the Chicago Expo demoing the software?

nitro

 

[nitro]

This has always been the one stickler with me with joining a firm. There seems to be a clear conflict of interests between the firms owners and their traders. The owners want more traders generating comissions and making money, hence they are willing to keep throwing edges at their traders. The CURRENT traders on the other hand know that every time a new trader starts trading the same strategy, it is less effective to him as the strategy is being diluted, even if infinitesimally so - get enough people doing it and a lot of littles add up to alot.

When I visited the Chicago Bright office, I noticed that there was a seperate room for some guy with a couple of assistants that didn't want to be bothered.

It was clear to me then as it is clear to me now that if you are a profitable trader in a room full of traders, you are going to have vultures all over you trying to figure out what you are doing, to say nothing of the managers that can see every trade placed in the risk management sofware. That is why if I ever joined a firm, part of the agreement would have to be that I be allowed to trade a seperate account at a retail firm.

nitro

Quote from JWKirkland:



How would you feel?

I have heard that some current and former echo traders are pissed off about it.

Where do you think the strategies came from???

I heard a rumor regarding a potential lawsuit....seems some echo guys are not happy about their specific strategies being used for marketing and sold off for anyone with 100 bucks.

Story developing....

 

[downtickboy]

Although I am not in the know as much as I used to be, I have not heard anyone at Assent giving out automation software like this. I still have my acct there and probably would not trade at any other firm at the moment but I have never been offered an automated platform. I can develop a separate one and use it with their software but that is a different story. So if the San Diego office has this software I would guess that it was developed for use in their private group.

 

[C Robinson]

Quote from nitro:


Are you or another representative going to be at the Chicago Expo demoing the software?

nitro

no...just recently visited....i would imagine we will have a rep showing the software at the expo....but just a guess at the moment.

 

[C Robinson]

Quote from downtickboy:

Although I am not in the know as much as I used to be, I have not heard anyone at Assent giving out automation software like this. I still have my acct there and probably would not trade at any other firm at the moment but I have never been offered an automated platform. I can develop a separate one and use it with their software but that is a different story. So if the San Diego office has this software I would guess that it was developed for use in their private group.

according to sdtrader they have a proprietary filter, but it has no execution functionality......i'm sure they have some excel spreadsheets that send orders, i.e. open only orders and envelopes.

 

[Nordic]

Quote from nitro:

This has always been the one stickler with me with joining a firm. There seems to be a clear conflict of interests between the firms owners and their traders. The owners want more traders generating comissions and making money, hence they are willing to keep throwing edges at their traders. The CURRENT traders on the other hand know that every time a new trader starts trading the same strategy, it is less effective to him as the strategy is being diluted, even if infinitesimally so - get enough people doing it and a lot of littles add up to alot.


That's competition in the world of trading. Sounds like the same model Market Maker LLC's on the CBOE and local trading firms on the CME & CBOT have used for years.

 

[C Robinson]

Quote from GATrader:


Lastly, can it execute listed against an ETf like QQQ or SPY which has multiple destinations like ISLD, ARCA,AMEX,etc.

thanks

disclaimer: I trade with Echo

so far the programmers have been ultra fast implementing suggestions/changes to the software. i would imagine this is something that could be done upon request. i know there is a swipe feature for arca and isld but i haven't used it yet. i recall you have experience with automated software.....we would definitely appreciate your feedback.

 

[mdl060374]

Quote from Arnie:

If automation truly worked, wouldn't some big hedge fund already exploit this?

Many already do, and have been for awhile..

 

[nitro]

Quote from C Robinson:



no...just recently visited....i would imagine we will have a rep showing the software at the expo....but just a guess at the moment.

Ok,

I will stop by the booth and check it out.

nitro