Omni Pro is fine, but we are primarily using Redi since we have better access to hard to borrow stocks with Goldman. Don
As a former trader of Bright and Cash Coyne being my manager I left because of... well lets just say because I was a bit of a stubborn mule as Cash could attest to on several occassions. I am currently at Echo and am thinking of coming back.. Mainly for capital reasons. I was told one thing by Echo when I got started mainly in that they would allow increased leverage as time went on. Considering that I more than doubled my account in two months 20k to 40k they didnt do much in regards to raising my leverage. The 5-1 overnight really stinks and I do miss my days of higher leverage. I dont want to place more money in the account simple because it gets me in trouble and I use it for other business purposes as well. So Cash and Don will you please take me back .... Tell Cash no hard feelings. Ohh and FYI have you guys done anything to allow for pairs to be added right into the platform of Redi plus Thanks Steve M
30-1 intraday is fine but cmon guys you know that you can't exactly always work pairs orders that have gone out 2 or 3 standard deviations and put them on only to have to take them off to being them down to 10-1 overnight. you cant even put on 1000 of the APA/APC pair without bumping your lquidity max in one shot.. So you can only do one pair at a time with 20k great.. At Echo and this is being honest I have to put in 60k in my account to do what I can do with 20k at Bright, intra day and overnight.. Has it hurt me yes.. But it also made me money too. I mean even with 10-1 overnight on pairs you really have to put 50k-100k in the account to be able to make money thats decent in my book. 10-20 in the account doesnt cut it to make serious money. At least not my style. it almost forces me to trade more than I want to. Echo has a killer software program and predator pro is cool as hell, but why cant you guys atleast allow people to take a home a little more than 5-1 overnight with straight stock. I think 15-20:1 and your going to be able to give Bright a little more run for your money, but cash is King in this business and I think thats something we can all agree too. Don Ill email you next week have a good thanksgiving. Steve M
Steve ask Echo to offer you risk based haircut so you can take home pairs of stock with OTM options to button up 3 sigma risk. This should enable you to carry far more than having stock outright.
As a fellow pair trader, I appreciate your point of view, but you are better off taking a second on your home, taking an advance on your credit cards, or borrowing from a family friend to get your capital that you need rather than pay haircut of 12% at Bright and the higher commission rates. (They are actually charging some traders over a penny, for gods sake....give a newby a chance Bob and Don) Have you tried to work out a deal with Echo regarding haircut? My guess is that they would be very competitive with Bright.
Bright locations used to be listed on the old website. Where can I find the list of current locations? Interested especially in Florida. Thanks
We are in the fortunate position to have many of our (expensive) 1990's leases come up for renewal, and our traders have opted to trade remotely. We have traders in Florida, but they trade from home or their own office locations. We will likely be absorbing another firm in the near future, and if we do, we will keep their Southern Florida location. Don