Checked out their website and it doesnt give much information. Anybody know anything about their financial stability? I've heard some good things... Are they owned by Pax or do they just clear thru Penson? And how many traders do they have? Ace.
I spent a little time at echo, in the Philly office if you want to call it that. The sterling platform that they offered me was a bit slow with a lot drop down menues, couldnt program the system the way I prefered. I had severe issues with reliability there, again this was in Philly other offices might operate differently. I had constant Russian Porn pop up ads that would sometimes freeze my system and I would have to reboot. On the brighter side their agency desk, support and service was very good. I was only there for a bit and went back with Generic. I dont think it was worth my time, however I got my money out very fast when I decided to leave.
I am actually thinking about joining echo also. I have a few friends over at echo who really like it there. Very upfront, no hidden deals, you get your money right away etc. Anyways everyone I talked to seem to say really good things about echo, heard the software was good, and the executions were fast. And they seem to have great tech support... really appealing for remote traders. I am remote so that's why I am leaning towards echo. Anyways the software I heard was really customizable... I also been looking at assent, been there before and I can say their software is good. The office tech was knowledgable but the system went down alot. That's why I didn't like it so much. Also they held my money for a year. Anyways PM me if you have questions, I been looking around alot, does anybody have any thoughts? thanks guys.
Quote from Mongol: Thanks for the responses. So far, I have found 5 prop firms in this area. Assent Bright Trading Schonfeld Echo Trading Carlin Financial Group (which appears to be Generic Trading) Can anyone comment on these 5 based on my previous question? Also, feel free to add any I might have missed. Echo "doesn't provide training". That includes even acquainting one with their direct access software, trading process, trades reporting processes, problem resolution or otherwise. All these are considered training, and they don't do that. Surprising, huh? I am directly quoting one of the principals of the firm on that statement. So, if you don't already know their software, then they don't train. If you don't already have significant trading skills, techniques and access to the latest methods, then they won't provide it either, nor facilitate sharing between their traders to the benefit of other traders.
I really think ECHO will provide training again. The firm has a history of doing so. Until late 2002, training was provided through the San Diego office coordinated by Jonathan Kirkland. I think it was top-notch. That office became an Assent/Lynx office and the training program ended. In 2003, ECHO provided great training in NYSE scalping through the Chicago office. I participated in the program and thought it was terrific. That program ended with the ECHO CEO change late last year. Jeff DeWitt, current CEO, was CEO when Echo had the training program going in San Diego. I think he will start a training program again, but I haven't spoken to him about it. I'm hoping Jeff and Rob Keller will provide training through the Phoenix office centered on their strong interest in automated trading with Predatorpro! A stable, successful training program is what's needed.
I started with Echo in August and have great support from the trade desk, the help desk and the office manager. It is true that as of this moment, they do not provide any training other than what an office manager will give you in operating the software. Predator Pro appears to be a great product but I myself haven't actually used it only viewed it. DKS
Echo does not teach people how to trade. They will not tell you what to buy or when to buy and sell. As far as how to use there software they will teach you everything you need to know on how to use it and program it.
It's a double edged sword, isn't it? There is no training... but you are free to trade your own style. Good news if you have a style, bad news if you are relying on someone else to show you how to trade. There has been endless debate on other threads about the value of a firms training. Caveat Emptor.
There's also a word game going on here. I pressed Rob Keller on this issue and it was referred to Gabrielle, and pressed her to no reasonable conclusion. Training is not offered, even so much as with usage of their software, because that is also considered training. At just about every other firm, that is not considered training. Sharing between other traders at the firm regarding what works in these changing environments are also not generally considered training, however, they consider this as training also, and they don't provide that either. Nor do they provide a means of networking between other traders within the firm, such as on Paltalk or some other IM service (instant messenger). Hence, you will have exactly what you come in with and nothing more, even if you do use Predator Pro, you will spend your own capital and market conditions self learning and self teaching instead of using it properly or as its marketed. There's a significant gap that needs to be filled, and perhaps its because of a fear of: 1) liability that might result from such training sessions 2) lack of success from various levels of learning that various persons either have or have had in the past from previous training sessions 3) fear that traders who speak to each other band together and might shift loyalties. Hey, just the realities of business.