directnettrading...comments?

Discussion in 'Retail Brokers' started by zman7854, Jun 28, 2003.

  1. I was reviewing http://www.directnettrading.com and it looks interesting. I haven't noticed it on any of the forums lately and would like to know more information about. Currently I'm mulling through their website (fairly extensive). They claim to have third party supplemental leverage that allows up to 20-1 intraday and 4-1 overnight. Being a swing trader I am looking for firms that have maximum overnight leverage. Anyone that trades through them I'd love to hear you're comments. Thanks and happy trading. Z. :)
     
  2. Babak

    Babak

  3. I know the man behind the company, and he is on the level. Worth checking into.
     
  4. RE:
    I know the man behind the company, and he is on the level. Worth checking into.




    Thanks Jai, I intend to do my own due diligence regardless of what is said on this thread. Also to any1 else out there, as a swing trader I obviously have lots of overnight positions...is there any propshops/secondary lenders etc out there that lend higher than the standard 2-1 overnight margin. I'm having difficulty finding financing. I don't have a series 7 but do have a profitable track record verifiable by my brokerage statements. It sure is frustrating knowing that I'm leaving profits on the table because of undercapitalization! Thanks again Z :)
     
  5. I know them. However, there are many other firms that are now offering the same or similar type of financing. You would have more open doors if you were daytrading, but thats not a reason to change your strategy. If you send me a PM that will remind me to send you some links and names. Good luck.
     
  6. nike

    nike

    will your money be sipc insured under this firm?
     
  7. These guys are a JOKE. They changed there name and still offer the same garbage. The Head Honcho, Dave B. could not trade his way out of a paperbag and tried to offer classes but failed there also. I have had some business relations with his previous group, Innovative Traders, backed 2 traders that Dave B. recommended to us and both were awful traders. We ended up losing 5K on the 2 accts and this chump who was doing the risk management , Dave B tried to trade the acct and continues to loss additional $$$$.
    We agreed to split the losses, but never saw a dime. What else was expected. Avoid.

    Same Crap wrapped in a different package. No reason to pay cost of capital for the extra leverage. Contact me for other options. WT
     

  8. Thanks for that post. As we know, there are many other options.
     
  9. All money deposited with any BD is first backed by the clear thru, and then SIPC is clear thru shuts down.
     
  10. Yes, I have traded through these type of trading accts and they are just as safe as any prop acct and offer some additional security if they trade through a Omnibus acct. The ability of the risk manager to keep all acct levels at appropriate level is important. Overnight exposure is kept low..all will be ok.

    The fact that you go through middle man to get there is the issues and unless they offer some value added service, take one middleman out of the pie. There are many direct providers.

    These guys use to charge $1000 per acct set up. They now charge $149. That should inform you about what type of service they are offering. 85% markdown is a trend that struggling companies have before they close shop.

    Do your homework. Even better get the leverage form the product itself........Emini and SSF will ruin these leverage providers and most prop shops over the next year. They offer nothing to improve the P/L except a faster way to get your acct to $0 if not provided with the best trading tools out there.

    The easy money was made during the bubble, the traders left are here for a reason and it is harder than ever to keep a consistent edge. This Darwinism environment will last til the suckers are back when the market tops again.......Kinda like last 3/4 weeks.>>>>>>Bling
     
    #10     Jun 29, 2003