ECHOTRADE

ok for the 2 parts

Bro59:

Run a search on this board about VTS/ RealTick for some info.


The big thing to realize is this


quoted from TraderJim


VTS is a very good execution platform, and as I have been on it for over a year I have noticed that it continually improves and is a lot different than it was a few years ago.

The main advantage and/or disadvantage with the platform is dependent on what firm you are with. VTS actually licenses out the software so firms can actually run it from their own servers and utilize their own connections. This is much different than how Realtick or Redi Plus and most other platforms work. With those platforms all the Realtick users log into and use the Realtick servers, the Redi Plus users all use Spear Leeds and Kellog's (SLK) servers, no matter what firm you are with that uses the platform. So while the firm you are with may not grow, if SLK signs up 2000 more users for Redi, they must make sure that they upgrade their systems if need be or everyone suffers. This is why so many Redi users are complaining.

Many many people love VTS, and some people have had bad experiences. The reason is not with the software, but with the firm who has licensed it. VTS does not do any order routing themselves. So the speed and reliability of the system is completely tied to what firm is using it. Do they have good connections? Do they have a co-located redundant T1 or T3 server farm with direct links to SuperDOT and ECN's, or are they running it on crappy servers with a link to ISI or some other third party execution firm? This is the homework you will have to do before you trade on VTS.

This explains why some people think Redi is better, and for some people you could not pry VTS out of their cold, dead hands

There have been complaints about the VTS software from traders but it is usually due to the servers running in the background. Kinda like trying to fuel a nice sports car on alcohol bought at the liquor store.



The haircuts for overnight usually don't hamper a traders performance.

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On seminar. I won't be attending to my knowledge. I will eventually attend one (as I'm sure they will give me a few ideas I haven't heard about yet).
 
The haircut charges are based on amounts that you carry above your account's capital. With some firms you get x times your capital before the haircut charges kick in. For example, at Bright if you have over 50k in your account you can carry up to 300k (6 x 50k) worth of arbitrage (or approved pairs) overnight without a haircut charge.

Somewhere I heard that Echo doesn't charge a haircut fee... does anyone know about that?

Haircut charges are a "risk" charge , you still have to pay interest on any long positions (that are not offset by short positions) to the clearing firm. It's just part of the cost of doing business... there are people that pay thousands every month in haircut fees and it must be worth it or they wouldn't keep doing it.

Fletch
 
I want to trade at a prop firm using the firms capital. I do not have much capital at all, but I am dedicated to trading and have a good education. Does anyone know of any prop firms/hedge funds etc. in Dallas, TX who would hire a trader with one year of experience. Thanks for any replies.
 
they're not nice, they're professional.... many firms can take note of this and improve their professionalism or simply have their target markets continue to swivel and swirl between the latest offerings from Sussie-come-lately (I'm sure there's a joke in there somewhere) and the latest commercials on CNBC (you know the blue man with $0 and the 2 redmen with $8 and $12.95).

what I've observed about these Turks, is that they're hungry. Hungry is good, very good. Sought of like that often quoted expression: "Greed is good, it purifies, it cleanses". Hey, I'll give 5 Cyber Credits to the first post that knows that quote?

These guys are sharp, solid and determined that in order to sit next to them, you'd need to be the same. We all have to choose, when we mo-see up to the bar, which sause goes on the Doritos, whether its Picante', Mild, or Salsa. These guys are 2x-Picante'.

Its interesting to see what trading styles you become exposed to at the firm you're with. Analyze it. Does their style reflect the latest or near latest trading book you just read last night?, does it represent what you read about on the WSJ pages?. does it represent what you see on the commercials on CNBC? This basically gives you an estimation of the level of sophistication that you're dealing with.

Ask yourself, do you secretly harbor a penchant for participation in a trading-recommendation chat room for trading tips? Then are you nothing more than successful and sophisticated Retail trading or are you independent of these hawkers (charging steep membership fees, and catches for free months if you bring in other paid-members)? If you're independent, then you've gradulated from that realm and can begin to (in a more even perspective manner) evaluate what your prospective Professional firm can offer.

Short of getting that phase out of your system, its nearly impossible to see what's in front of you, and what you're really dealing with. If this long diatribe makes sense, then you're in the pool of potential professional traders. There's someone here that says don't confuse success with the bull market. Well I'm going to add to that, don't confuse your previous success with a repeatable, reliable event...

Simply put, you need to be around guys that are more advanced than where you're at, or where you think you're at, or where you'd like to be. Then, you've arrived... Cheers
 
How does Echo / Bright / Worldco / Hold Brothers compare with AB Watley-Onsite? Heard that Onsite folded into AB. Why?, anticipation of liability claims over delivering the K1 statements after September 15th?, or other questionable practices? Seems like these concerns over a company folding are well founded. Any body have a comparison or word on this?
 
Turok

On the La Jolla office not sure for now. They opened an office in Mission Valley. I moved to Phoenix, AZ and am no Co-manager here. Eventually I'll move back to San Diego and probably open an office in North County (northern area of San Diego).
 
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