Thanks cash, tomp & others.... My question here is how practical is this SLK product in reality from both a cost perspective, being a remote access trader, and being a non-professional??? Does SLK offer any of these other BT like sponsorship programs for the 7, etc.???
Since the conversation is now spreading to multiple platforms, I think it's necessary to make some distinctions here for those who are reading this but aren't familiar with the programs being discussed. First of all, TS6 and Watcher clones are at total opposite ends of the spectrum. TS6 is a full-featured platform, with quotations, charting, news, level 2, executions, automation capabilites, etc. TS6 is more comparable to a full-featured platform like RealTick. Watcher clones, on ther other hand, are copies of a seven-year old MS-DOS program that was only designed for executing orders and little else. If you want robust charting or other analytical features (and who doesn't?), you'll need an additional program for that, so you'll need to factor that cost in as well. Watcher-like software, although less sophisticated, is more comparable to IB's TWS software in that they are both geared primarily for executions. Frankly, I don't understand why anyone would want to copy the Watcher. Sure, it was one of the first execution platforms available, but that hardly means its interface worthy of being cloned. I've used the Watcher on several occasions before and it never appealed to me at all. I find those scrolling tickers that say stuff like "INCA DROPS BID" to be totally worthless, especially on active stocks. That reminds me. Is Watcher Technologies even in business anymore? They used to have a web site at http://www.watchertech.com but it's been down for several months now.
If you've ever watched a real pro use the watcher, you could see the benefit. These guys make use of every bit of information on that screen and make big $$$ doing it. At least that was the case when I witnessed them doing it at Broadway 5 years ago. Things may be different now. But, it is a very specific type of trading designed for scalpers who need the ultimate speed in going from thought to execution. I'm not a NASDAQ trader and don't know how it is now, but I don't think the opportunity that was there for Watcher type trading 3+ years ago is nearly as great anymore. I looked at it when I first started tradin and decided that while it works for many people (I sat next to traders making 10's of thousands in less than 20 minutes using the program), it wasn't a style that I was comfortable with. I've never been big on video games and I would think you need that kind of hand-eye-mind co-ordination to really maximize it's power. But, to re-iterate, it's a very specialized tool for a specific type of trading. And you are correct, it is on the totally opposite end of the spectrum from TS. The watcher is nearly 100% discretionary while when you're using TS, it can be nearly 100% system/mechanical. Two very different things. I own TS5 and find it very useful for what it does but I never made the jump to TS6 because it was lacking some of the flexibility I needed. However, it sounds like they've made a renewed commitment to get back to upgrading the product, so we'll see what the future holds.
I would think the watcher drops bid joins bid type of info is overwhelming on big names on nasdaq I am curious if the high flyers who traded there are making 1/4 - 1/2 as much as they used to as times are much different now
Yeah, back when it was 1/8 or 1/16, it was easier to keep track of, but every penny? And I also doubt that those guys are making that kind of dough now using the same style.... Adapt or die... learn from the dinosaurs.
LOL. 5 years ago might as well be 50 years ago. The Watcher was built to take advantage of SOES executions, and monitoring Market Maker moves when they meant something. Game over.
<i>I am curious if the high flyers who traded there are making 1/4 - 1/2 as much as they used to as times are much different now</i> No, to answer your question. Surge was probably the highest flyer. He was on the cover of <i>Forbes</i>. He was also smart enough to take his millions and quit while he was ahead. Last I heard, he was touring Europe somewhere. Many others were not so wise. I knew four members of the fast-finger crowd who thought they were God's gift to trading. They each made over a million in 2000, and then lost almost all of it back in 2001 using the same techniques that made them money before. The market changed and they didn't. However, some will adapt. A friend still pulls in a grand or so a day, working about 20 minutes at the open and for a few minutes when there is a Fed announcement. He is a fast-finger Watcher trader who would never want to trade on any other platform. The guys at the Broadway office who are making money now are shooting for a few hundred a day, and there are not very many of them. Rumor is that Friedfertig and West are trying to sell the place - to Schonfeld or I guess to whoever will make an acceptable offer.
Glad to hear someone got out alive. I sat next to him a few times and it was amazing just to watch him. Wonder if Friedfertig paid off his mansion before the downturn came.
The big money was made at Broadway when there was a significant edge provided by loopholes in the SOES system. As those edges were eaten away by rule changes, the free money came to an end. The Great Bull Market kept it alive for a while, but this environment requires much more trading skill. I always got a kick out of George West's comment , after some ruse by the MM's got the suckers into (or out of a stock). He'd say GAME OVER! , as the stock screamed the other way.