There is no question as to who provides the best rate/technology for scalpers. It would be a combination (of which there are several) of a DAT broker offering a penny (or less) per share commission structure using a platform like the Watcher or one of several platforms designed in similar fashion. Examples would be: Broadway trading-though I believe they may be prop only Sonic Trading Point Direx (for whom I currently trade) TradeScape (the "Professional" version of their software) Brokers using trading platforms built upon this similar technology would include: Sonic Trading NobleTrading F1Trading www.pointdirex.com tradescape and others I am sure............ Finally, I think that the SL4 software has some very interesting claims and apparent features that look intriguing. Let's all do our due diligence and perhaps they should be added to (the top) of this list!!
If it were "no question" then there would not be posts constantly asking what broker is the best. My suggestion is to look at as many brokers as possible and pick the one that fits you best - rates, software, stability, etc...many brokers use the same software but connections are everything!
The question was not who was best...but who was best for scalping. And there is no question that Watcherlike platforms are best for scalping. Interesting that you should pick that response for your second post of all time. Don't mean that in an inflamatory way either...just thought it was interesting.
I heard they let a bunch of people go last week (100?), but they still want customers within the proprietary firm where you put up money get 97% of profits, $0.007 per share and they self clear (left SLK) use the watcher, REDI Express or any front-end you want. They left SLK because they said that REDI+ wasn't good for scalpers. I have heard both good and not so good things about them. Depends on the office and the Office owner I guess.
No offence taken, and I am so pleased you were interested. Would I have had more clout if I had posted 101 times? I have been a member of Elitetrader since August. I try to find the time to read the boards on the weekends. I never found much validity in posting, but I have decided to join the party. I was not trying to attack you at all, I absolutely agree with your previous post. See you around...
They charge penny a share??? is that true? does that include NYSE, ECN, SOES, and SNET fees? What kind of volume do you need for those rates if they are that low? What software do they use? Thanks Mike
(Hi!)....I don't think the number of posts translates to "clout" - I just keep posting in hopes thereof.... In a more serious note, all of us "scalp" and the decimals have not hindered that at all (in most cases they have helped..since you can get out of bad trades with a smaller loss). And as long as you don't pay ticket charges and the costs are under a penny it should work for most traders. Watch out for ECN fees, and the like.
DATTrader, Just a note. I can setup REDI+ with hot keys just like the Watcher if a trader wants the software setup that way. F-1(Buy REDI),F-2(Buy ISLAND), F-3(Buy INCA) etc... REDI+ software will then "act" just like the Watcher and probably execute at the same speed(+-200ms).The speed of order execution is many times a network issue or how the computer is set up(hot keys,buttons , point & click). I can set up REDI+ this way if I want. I doubt any trader could tell the difference between 200 ms, 250ms ,350 ms execution speeds or it would probably not make that much difference. Some traders would rather point & click than memorize 12 "Hot Keys". So I would not agree with you that a system that has only hot keys, is that much better. I could set up REDI+ with Hot Keys, Buttons or Right click on a Montage etc. If traders left Andover or any other firm, I highly doubt it was because of the software. I could give a size trader any software they want. The reason firms let so many prop traders go is because they are not making any money. As I have said before, trading is one of the hardest professions and in a bear market it's tough to make money. Most of the talented traders I know would rather put up capital to trade and keep 95-100% of what they make. Our volume traders get a very competitive rate as do any volume traders at most firms. If any trader is using REDI+ or other platforms and you want "Hot Keys", check with your desk ,introducing broker or edat provider to see if the software can be configured in a way you are comfortable with. The trader makes more difference than the software in most cases. If your firm does not maintain equipment or does not have experienced support staff, that's another issue that you cannot blame on the edat software. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
Gene speaks volumes in his post, and I especially appreciate his comment that I quoted above. So much emphasis has been put on "bells and whistles" by newbie firms that it is really humorous. The good firms have all the best "stuff" and we (Gene, ourselves, and a few other firms) have the training to insure that the traders are up to speed on how to make the best use of Redi. I think that "redi-bashing" is just an example of jealousy. Redi is not only a great platform, but an excellent ECN as well. Thanks Gene for pointing out the details above.
Don, I do not think others "bash" REDI because they are jealous, maybe they have just found something better. I also can say that some firms have no problems with REDI and some firms are always down, I know of a firm in CA that used REDI and just switched to ISI because of slowness- now that is a step backward, wouldn't you agree? Those particular traders "bash" REDI like crazy!