Software platform for Bright

Justy a note. Since there is no spread to scalp and the REDI ECN is proactive & we have Supersoes , hot keys for different ECN's are not much of a help anymore. The speed of execution is more network & hardware than "platform" related most of the time. REDI+ works good for most NASDAQ & NYSE traders at our firm . Believe it or not, some of the best NASDAQ traders in the country still use Instinet terminals. My point, it's the trader not the system. However, I will agree that you have to feel comfortable with your execution platform. We use REDI+ at our firm we very few problems, however some traders constantly complain about REDI+ executions at other firms. All I can say is use what works for you and make sure your firm buys new hardware every three years(if you are a in house trader) and maintains their network and infrastructure. A well run trading firm that maintains equipment makes any software work better.


Gene Weissman
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net
 
my firm's experience with redi has been terrible. There are bugs that redi refuses to fix. Also I was a guinea pig for one of there newere tibco versions and I can testify that it was a night mare. One of the problems was that if you wanted to place a stop, you had to go through clicks to get it. When we gave feedback to Redi on what to change, the redi rep stated that the software programmers change things to what THEY think is needed, and will not consider a real trader's input. Also, people on their side have remarked that since the Goldman takeover, things have gone down hill, not that they were spectacular in the first place. I find the Redi plus platform to be horrible in their support and I am not the only one. Funny how one of the most used platforms in prop shops is one of the worst systems out. And lets not even talk about the Redi order desk.....I have not even gotten a call back much less a correction in days.....
 
nylord1,

I think you make some valid points about REDI support, but I think the problem may be your introducing broker. You really need in house techs & support for REDI. REDI is not really set up for the individual trader to call them . REDI comes out with a new version every couple of months, so I think they have the capital and manpower to fix "bugs". Please e-mail or private message me your problems and I will contact REDI for you or at least point you in the right direction. We have a good relationship with REDI and we have automated the REDI platform through FIX(REDIFIX).

If you see a serious "bug" in the program , let me know. I will contact REDI and have them work on it. Be aware that REDI cannot please everyone and it is more of an institutional order execution platform, than a watcher type "scalping" platform with hot keys. I read the elite boards daily and I take your concern about REDI tech support seriously.



Gene Weissman
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net
 
Once again, I must point out that Redi has many,many features not utilized by many traders....

Go to Redi.com and log in for the Monday tutorials...they are interactive, they will actually control your screen and answer your questions.

Our remotes have proprietary software which they're very happy with as well.

There is a lot of money spent on updating and changing Redi....and just because we have so many more traders on it than some of the other packages, does not mean that it is a problem. All platforms have problems sometimes, but were pretty happy with Redi...simple, easy to use. Recently several guys came back because another firm lost their ability to use REdi....

Anyway, my stance is still the same...most platforms work fine, it's just the operator ....:-)

Don
 
- REDI+ will not work for NASDAQ regardless of trading style

- it only works for NYSE stocks and if you have a style dependent on speed or multiple stocks, you need to be a fast typist or have a "program" trading interface.

- it is outdated
 
Sorry Shadow, but a few thousand people beg to differ. Once again, just to keep things straight and civil....I will put up my best traders against anyone in the business on any software....software does not make the trader....

The improvements on the Nasdaq capabilties have made our nasdaq guys happy...but, you're right, it was not the greatest in the past (which didn't bother our traders much, since most trade listed). Since the improvements for Nasdaq, we have modified our policy and welcome nasdaq traders.

Redi is supported by the bigger and better firms on the street....traders tend to "like what they're used to" and to not want to learn new things....

I never "type" on Redi...mouse clicks are easy enough, but if you use "hot keys" I wouldn't exactly think that would cause a need for typing skills, just a single finger.

I don't want to get into a big discussion about every little bell and whistle....but would like to hear what exactly is better on what you have (what "feature" you like), or what specifically you didn't like when you used to use Redi. Maybe we can help make things better.

Don
 
theShadow,

REDI+ will definitely work with NASDAQ. How can you make a statement like that? If I lock the REDI ECN on REDI plus, I will get an execution in less than 250 ms< on a REDI ECN match and the
proactive feature will hit other ECNs or MM's in a 1/2 second. If you have hot keys set up on REDI+ you can hot key in SUPERSOES, REDI, ARCA,INCA or ISLD. We can set up a hot-key pad(X-Keys pro) or connect to NASDAQ via the FIX protocol(REDIFIX). We can also connect a Instinet terminal to the REDI+ system . I can't please everyone, but your statement is not true.
Many traders trade at firms that are not NASDAQ friendly or do not have enough RAM on their tradestations , old PC's etc. and that can of course make alot of difference in execution speed, especially trading NASDAQ.



Gene Weissman
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net
 
Originally posted by Gene Weissman
theShadow,
...
Many traders trade at firms that are not NASDAQ friendly or do not have enough RAM on their tradestations , old PC's etc. and that can of course make alot of difference in execution speed, especially trading NASDAQ.



Gene Weissman
Lieber & Weissman Sec., LLC
gweissman@stocktrade.net
More...

Ouch! Direct Hit! You sunk Bright's battleship! :D
 
Forgive me for stating the obvious, but the lack of SMART routing for Redi is, at best, moronic. I realize REDI (ECN) is proactive, which is nice and all, but when you want out, you want it ASAP, and what you'd pay to hit all pools of liquidity is insignificant compared to potential losses from not be able to ditch fast enough. Also, if the software is so good, why are all these traders buying these stupid keypads to make their lives easier?

Further, isn't Redi controlled by GS now? Why would you want to use a platform designed and controlled by someone you're trading against?? Granted, one could make the identical argument against IB's TWS, but IB does implement customer suggestions on a weekly, if not daily, basis. Further, a good example of this was IB's attitude towards trailing stops - they hate TS, but they still implemented them due to popular demand.

These are just observations on what I've been hearing, as I've never used REDI and have no intention of ever doing so.
 
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