ECHOTRADE

I second dilman57's request. I am writing my Series 7 on September 16th, and am planning to open a remote trading account with Echotrade thereafter (assuming I pass). I really would like to hear some reliable feedback about Echotrade, particularly about: 1) charting capabilities, and 2) remote trading experiences.

Rushman
 
I trade remotely at Echo and am very happy. The software is very good, it definitely is unbelievably fast, but the charts leave something to be desired. I would recommend you use a second chart service for more technical studies. I run Echotrader on 2 monitors and First Alert on three others. For what I do, I could not imagine not having FA as well as Echotrader. I used to be on Redi and it was the same deal, the charts on that are bad, I kept my FA from those days and will always have it. I would recommend a setup like that. If you do that, I would highly recommend Echo.

In this business it is difficult to find people who go out of their way for you anymore, I have found the firm to be very responsive when I call and to me that goes a long way.

In terms of technology, I definitely notice a major improvement in the speed of my fills over anywhere else I have traded. They also have a lot of features such as the Nasdaq stops, automatic trailing stops, AUTOM (seeks out the best ECN price), and some other tools built into the software that I didn't realize I would use when I started, but now would not want to do without. Also, for me electronic bullets are a necessity, it used to be Echo was the only place I could find that had them. Now a few other firms do as well, but I like the fact that Echo seems to lead the pack when new technologies come out. That is another plus.

I want to try and give a fair assessment of the place without sounding too pro-Echo, but in a way I am very biased because I had such a horrible experience at a different firm before I came to Echo, so I think I was much easier to please than I normally would be. I always keep my ear to the ground to see what other firms are doing and so far have yet to find anyone who can compete with them (in technology or rates), but if that changes I will let you know.

-Jim

 
exce26,

if you are a remote trader then bright is not for you. the only thing bright hates more than remote traders is nasdaq traders. i don't know why they are so closed minded but take my word for it, there is no trader support for bright traders unless you are in an office. if you trade nasdaq, then you better be profitable from the start or they will bully you into trading NYSE. i hate to sound so negative but these guys are a little on the rough side if you don't do things their way.
 
Trader Jim R

I'm seriously considering Echotrade remote. Could you tell us more about how your are connected....data feed ...frame relay etc.
 
Echo sounds great, but what about the real chance of these guys going under? I am series 7 licensed and would like to trade with them, but can’t get over the fact that the accounts are not insured and there is very little talk of risk management for the firm. Any reassurance from current Echo traders?
 
TraderJim, check out this statement from Echotrade's website:

"Because of the server intensive nature of First Alert, this platform is only available to traders within an ECHOtrade office."

First Alert definitely appears to have more advanced charting capabilities than Echotrader (at least based on the few screenshots of each platform posted on the site). But how do you manage to recieve the First Alert feed remotely considering Echo's policy in this regard? Did they make a concession for you? Thanks!

Rushman

 
White?

Echo has very little talk of risk management for the firm?

Are you kidding?

I know the risk management department. First it's a seperate room from the trading desk. Every single trader is watched. The have the # of open positions, size, # of longs, how much capital being used. This is one thing I'm proud of about my firm. They understand risk control and take it serious.

The risk control is also built right into the software for each trader.

Every manager has access to stop traders under him from trading if they are out of line.

I can pick up the phone and get out of all my position on the first ring.

Echo got the name Echo because it's a high end system, backed up by another system, backed up by another system, backed up by another system. Hence an echo. This is why they don't go down. It is heavily backed up.

rtharp
 
I know people that have trader remote with Bright for years. Ya, the don't encourage it but they do allow it... ofc, you do have to trade profitably in an office for at least 2 weeks first.

Both firms have decent risk management, neither firm wants to be a repeat of Harbor Securities. Both firms claim to be backed with sufficient capital but I don't think either firm will put the amount in writing so, IMHO, it's a wash... I think the risk of either firm is fairly low but there is still risk.

Bright Trading does have a decent training program and they probably get a lot of new people through that. But, I now see that Echo Trading is offering training in Las Vegas, too. The Echo training happens over a weekend where the Bright training is during the week... they both seem to offer the same type of stuff and about the same number of total hours. Both companies allow you to come back and repeat the class for free.

The bottom line is Echo offers a better deal... overall lower capital requirements and no freaking reserve account (withholding 25% of your profits). If the risks are basically the same I'd go with the firm that allowed me to trade with the least amount of my money at risk with the firm.

Fletch
 
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