Point Direx questions...

A

airspeed

I hope that someone who is more familiar with PointDirex than I can help answer a couple of questions. I'm moving my business from IB to PointDirex so you can appreciate situation I'm in.

I found out this morning, while reading the manual for "Direx Platinum" (Point Direx's top of the line software for very active traders) that I'm not allowed to short the QQQ's on a downtick. Also, the same manual indicated that ALL orders for listed securities will be routed ONLY to the NYSE...no ECN routing is allowed.

Okay, I could have misinterpreted the section from which I got this info...wouldn't be the first time... and if that's the case, please set me straight.

Thanks!!

Jim B
 
Originally posted by airspeed
I hope that someone who is more familiar with PointDirex than I can help answer a couple of questions. I'm moving my business from IB to PointDirex so you can appreciate situation I'm in.

I found out this morning, while reading the manual for "Direx Platinum" (Point Direx's top of the line software for very active traders) that I'm not allowed to short the QQQ's on a downtick. Also, the same manual indicated that ALL orders for listed securities will be routed ONLY to the NYSE...no ECN routing is allowed.

Okay, I could have misinterpreted the section from which I got this info...wouldn't be the first time... and if that's the case, please set me straight.

Thanks!!

Jim B
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Jim,

Originally, all listed trades were routed via ABNAMBRO and you could not direct orders for say the Q's via an ECN. However this has changed recently and I now route all my Q and SPY orders via ISLD
 
Many thanks! I appreciate your help.

How about the shorting of ETF's on a downtick? Is this a problem/function of the software not allowing shorting of *anything* on a downtick?

Thanks, Jim
 
Jim,
I am not sure on that one....I mostly trade Naz stocks. I am almost sure I shorted the QQQ's before using the exchange route but I can't remember trying with ISLD. I will test it out tomorrow and let you know.
 
:) There is no problem shorting the QQQ , no need for UP tick rule.
I have tested the Point Dirext software and no problem... Just try it. make a small bet.
:eek:
 
EDCASTRO-

How did you test it if the market was closed? I questioned PD on this though and they did state that you could certainly short Q's on a downtick...will still test in live market today.

The question raises an issue I have pondered bought not looked into. The uptick rule, though a product of the SEC, is set by each exchange. Obviously the uptick rule for the NYSE and the Naz are different. However the QQQ's are a product of the AMEX, and the AMEX has not required an uptick for short sales like the other exchanges.

So the question is, now that the Q's are trading on the NYSE as well, if you go to short Q's via the NYSE then why is there not an uptick requirement since I thought it was a requirement of the exchange rather than a function of what stock is being shorted?

I suppose I should move this to another thread but have to go for now.
 
i participated in the PointDirex live demo on tuesdays and saw the Platinum and Pro version in action. it's looks to be a really great product. the session was live and i suggest that anyone thinking about joining PointDirex to sign up for the sessions. it's really worth the few hours.

disclosure: i work for myself and have nothing to do with any of these firms.
 
Originally posted by just21
airspeed, why are you unhappy with ib?
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I'm just opening up another account (at PD)...I'm still going to trade w/ IB just not as much.
 
Originally posted by e_shadoe
i participated in the PointDirex live demo on tuesdays and saw the Platinum and Pro version in action. it's looks to be a really great product. the session was live and i suggest that anyone thinking about joining PointDirex to sign up for the sessions. it's really worth the few hours.

disclosure: i work for myself and have nothing to do with any of these firms.
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I have to agree 100%! The PD software is just awesome...it has capabilities that I didn't know existed. Give it a try yourself...also, as Shadoe wrote, I don't work for PD, blah, blah, yada, yada. :)

Jim
 
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