Anyone use Laser to trade primarily listed stocks? if so, which routing method do you prefer/recommend in general?
Genesis Securities, Pros and Cons
- Thread starter Bluedog
- Start date
Just a question, if you have 5K in an account with 100:1 buying power, one bad trade and that 5k is gone. 100k is plenty enough to make a decent days pay at trading. 1000 share trades seem to be enough for me. I am fairly new but trading with 1 million buying power could get you in trouble fast!
All true, except for this statement. I could pick several NYC firms and get 50:1 or even 100:1 leverage with what I do right now.
But I understand their conservative business model that protects them. It's the perfect firm for those who have 25k-50k and don't need more than 10:1, rather than the undercapitalized who are hesitant to put more than 5k down. And Genesis will likely outlast most firms.
All true, except for this statement. I could pick several NYC firms and get 50:1 or even 100:1 leverage with what I do right now.
But I understand their conservative business model that protects them. It's the perfect firm for those who have 25k-50k and don't need more than 10:1, rather than the undercapitalized who are hesitant to put more than 5k down. And Genesis will likely outlast most firms.
JMowery1987 or someone else:
Let me ask you about the definition of buying power. Do I have to place orders up to the buying power? Or can I place unlimited orders even though the execution is limited by the buying power?
For example, if I have 10K buying power can I place 10K limit order for AAPL and 10K limit order for MSFT? Of course, after one order is executed the other will be cancelled automatically.
If I don't have the Series 7, I get only 4 to 1 BP, right?
Thanks for your help.
ggoom
Let me ask you about the definition of buying power. Do I have to place orders up to the buying power? Or can I place unlimited orders even though the execution is limited by the buying power?
For example, if I have 10K buying power can I place 10K limit order for AAPL and 10K limit order for MSFT? Of course, after one order is executed the other will be cancelled automatically.
If I don't have the Series 7, I get only 4 to 1 BP, right?
Thanks for your help.
ggoom
You can get 10 to 1 directly with Genesis. You could get 100 to 1 at some firms if you go searching.
To tell you the truth, I do not know.
I never got up to the limit in buying power and I never had limit orders, I always directly hit so I either filled or I didn't and only trade one position at a time so I honestly do not know, and I don't have laser anymore. It's actually a good question....
Go to Cy Group Trading and get 20 to 1 leverage or Trade Vision Capital and get 30 to 1 and then you might never have to worry about it
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It seems like the software SHOULD calculate that you do not have enough buying power to honor that order, and putting in an order for $50,000 worth of stock if you only have $10,000 in buying power doesn't sound logical.
If the market starts crashing, and two traders hit your orders at the same time (or relatively close) I don't think the other trader is going to just buy something they can't get. So I think the software should re-calculate your buying power every time you put in an order.
That is a good question though, once I get set-up at my new firm I'm going to try that, although it is Sterling Trader Pro, so will have to see.
If you really want to know, just call up Genesis and ask, they have people willing to help.
Quote from JMowery1987:
You can get 10 to 1 directly with Genesis. You could get 100 to 1 at some firms if you go searching.
To tell you the truth, I do not know.
I never got up to the limit in buying power and I never had limit orders, I always directly hit so I either filled or I didn't and only trade one position at a time so I honestly do not know, and I don't have laser anymore. It's actually a good question....
Go to Cy Group Trading and get 20 to 1 leverage or Trade Vision Capital and get 30 to 1 and then you might never have to worry about it
----
It seems like the software SHOULD calculate that you do not have enough buying power to honor that order, and putting in an order for $50,000 worth of stock if you only have $10,000 in buying power doesn't sound logical.
If the market starts crashing, and two traders hit your orders at the same time (or relatively close) I don't think the other trader is going to just buy something they can't get. So I think the software should re-calculate your buying power every time you put in an order.
That is a good question though, once I get set-up at my new firm I'm going to try that, although it is Sterling Trader Pro, so will have to see.
If you really want to know, just call up Genesis and ask, they have people willing to help.
Thanks for the help. I will check it out with Genesis later. By the way, IB allows this. So, I can put tens of orders at the same time. I begin to cancel them as other orders are filled. Obviously IB will auto liquidate positions if 4 to 1 margin is violated.
call me paranoid , but i have a good feeling, that brokers have signed up different user id's at different times through out the years, and start posts or reply at will , some information posted just seems to artificial, anyways as for genesis looking into but haven't used, but seems to be popular for a positive comment.
In Genesis Laser, you cannot place more orders than the "available buying power" assigned to you. You cannot place unlimited limit orders like you've seen with IB (although from what i heard even IB does have a limit of a few hundred orders).
For Genesis, the available buying power is set to a specific value. In a retail account, you are not allowed to have more than 4:1 in positions. However, you could have more than 4:1 "available buying power" for placing limit orders only. You would have to make sure you dont acquire more than 4:1 worth of postions in a retail account, otherwise you will get a "daytrading call" and must deposit more money into your account or face account restrictions.
As for series 7, there are a number of groups operating through Genesis that dont require a series 7 license to give you more than 4:1 (but these are not "retail accounts" and therefore not SIPC insured.