I don't trade NYSE, but I know that they have 3 different routes to NYSE, each (I believe) with all the features including NX, etc. Again, I'm not an NYSE trader, so hopefully, someone else (Dustin?) can give you more detailed information. -Eric
.002 is extremely cheap---people who trade on rates like this (i am not one of them)--please answer some questions for me.. first what kind of bp do u get? second--how much p/l flexibility do u have--does your firm give u loss limits--if your capital account goes negative--do they make u put in more capital before u can trade again??? this is all new to me--i ahve been in this business and very successful for a long time--it just seems that there are a different breed of traders out there now-people jsut searching for these ridiculously low rates? do u have position limits or something--im just amazed....no firm in there right mind should give me these rates--based on the volatility of my p&l and my postion size--it would make no sense for them--terrible risk/reward for them-so to the people trading at these rates--i ask... r u trying to jsut grind out a few hundred or more a day(nothing wrong with that)--or are u guys having real p/l swings?---im down 20k this month--still up over 250k for year---i pay .006 trade 3-4 mill a month, have 5mill in bp and only keep 10k in my acct--not b/c i have to but b/c i jsut like having it there--are these rock bottom rates out there for a trader like myself(i cant see how)--im not even interested in getting them as i am very happy with the postion im in now--i jsut want to get a feeling of the type of trader that trades on these rates---not trying to bash anyone, i have all the respect in the world for those who grind out a nice living in this game----just trying to understand how these rates even exist--anyone???
I very rarely mention what firm I am at and I never come here to pump it. But since you asked, I am at Carlin/Generic. I get insane leverage, much more than I need. I trade at an office, have a good all-in rate (plus SEC fees and extra .001 for ARCA), get Thompson financial & whisper, no desk/software fees whatsoever. My equipment is excellent, the system reliability is off the hook. We are insured against any losses that we incur during system problems, hence only one small system problem in the last 6 months. The most important thing to me is the trading environment which has been key in advancing my trading. The group leaders are excellent traders who are upfront, understanding & flexible. At the same time, they are fair & don't mess around since they are running business. I do 1-2mil a month, I did close to 3 mil in March & April but it's more like 1 mil now since the market has gotten a lot rougher. I've been at 2 other shops and I have checked out Hold and Genesis. Know people from both. I have not found anything close to my current office.
Laser does have 3 routes: Merrill, OES, Belzberg (sp?). Each have an NX route. I don't see any difference in the 3, but Belz has had occasional outages which makes having multi routes very handy. This function is also built into my API program to detect which route is functional and automatically switch if one goes down. Also, the ability to break up orders >1k into two NX orders is cool, although I've been told not quite legal. Until someone tells me otherwise I continue to use it all the time.
I'm currently getting only 4 to 1 leverage on my retail account. I guess on here I would be considered a rookie because I'm paying .005. If I were to get my volume up to 1 to 1.5 million shares a month, what kind of deal should I expect (as far as leverage, buying power and rates)?
I still trade retail, with Izone but plan to move to lowtrades in a month or so ... still checking them out. If 4:1 leverage suits you, you can get far cheaper rates than any mentioned in this thread. Lowtrades is priced per trade so it depends on how many shares you do per trade $3 divided by 1000 = .003 $3 divided by 3000 = .001 $3 divided by 5000 = .0006 $3 divided by 10,000 = .0003 Free Level II Free Brut 25K minimum acc. sec fee of .0000329 per dollar amount of the sell only (not the buy) NASD trade fee on sell of .000075 So a 1000 share trade on a ten dollar stock would look something like $3 on the buy and $3.41 on the sell You need 400 trades per month to get this rate, but there is a special group # that you can add to your app to get this rate regardless of how many trades you do User steve23 over in retail brokers will pm you the group # if you want it. Thread is here http://elitetrader.com/vb/showthread.php?s=&postid=737792#post737792 I trade low priced shares in big blocks and never hold overnight and nver let the price go far from me. I know I don't know nearly as much as guys like libertad and EricP I'd like to get their opinions / comparisons on Genesis and Lowtrades. I take it they likely have their series 7 and get 10:1 leverage. I'm sure there are good reason for them being where they are. I'd like to trade full time remote eventually. Currently I'm in a remote area of Arkansas that only offers dial-up. I may have to rent a office in town in order to get dsl when I eventually go full time. Any tips you prop guys can offer [libertad & EricP] will be appreciated