EchoTrade - what's up with them?

E

EvOTraderV2

Apprently, they are no longer running. They had one of the best shops around. I'm disappointed to see another firm stop accepting customers. Anyone have any clue what happened here?

Were rumors of any merger true?
 
Quote from EvOTraderV2:

Apprently, they are no longer running. They had one of the best shops around. I'm disappointed to see another firm stop accepting customers. Anyone have any clue what happened here?

Were rumors of any merger true?
More...

Honestly this is shocking to me and I have no idea why Don is so tight lipped about it. Put a fork in this business. They were the last decent firm. Had to be a blowup.
 
This is from another post -

Quote from Don Bright:

My friends at Echo have closed, no rumor.

And, we too have an excellent training program(s). Check with Rob Friesen for more info: robfriesen@brighttrading.net

Don
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I heard rumors of mergers but at this point, I don't know why unless it was some type of acquisition. Echo was a well-spoken-of group. I never heard one complaint about them in ten years.
 
Are there any prop shops left open? Jk.

Any guys that are familiar with the industry want to comment on why they are all going belly up. Lack of volume? Lack of Volatility? Etc.?

Mav, you seem to know more than most.
 
Quote from actionzip54:

Are there any prop shops left open? Jk.

Any guys that are familiar with the industry want to comment on why they are all going belly up. Lack of volume? Lack of Volatility? Etc.?

Mav, you seem to know more than most.
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It's a lousy business model now. Absolutely lousy. To use option parlance, prop firms today are the equivalent of the trader who sells nickel puts. Absolutely not sustainable. The edge just isn't there. When I started, commissions were 500% higher. Yes, 500% higher and the profit margins on bullets was higher then the margins on crack cocaine. And the share volume was ridiculous. My firm alone did 2% to 5% of the daily NYSE volume which is staggering if you do the math. What we have today is a clear example of the law of diminishing returns.
 
Quote from EvOTraderV2:

This is from another post -



I heard rumors of mergers but at this point, I don't know why unless it was some type of acquisition. Echo was a well-spoken-of group. I never heard one complaint about them in ten years.
More...

There is nothing to merge. LOL. I get annoyed when I hear that phrase. All a merger is is one firm offering a commission payout to buy other traders. There are no tangible assets.
 
EvOTraderV2


Registered: Jan 2012
Posts: 509


New Post 12-05-13 12:02 PM

This is from another post -

Quote from Don Bright:

My friends at Echo have closed, no rumor.

And, we too have an excellent training program(s). Check with Rob Friesen for more info: robfriesen@brighttrading.net

Don



I heard rumors of mergers but at this point, I don't know why unless it was some type of acquisition. Echo was a well-spoken-of group. I never heard one complaint about them in ten years.


please provide a link.
 
i heard they didn't want to deal with all the compliance and one of the partners was going into another venture so they decided to unwind it. they helped transition most of their guys to t3.
 
They were acquired by T3. A buddy of mine from my Worldco days traded remotely with Echo Trade and was given the news a while back. T3 even offered him the same deal he had at Echo Trade since he had been trading for a long time and not a newbie.
 
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