As an echo trader I can tell you the only people that will be pissed off by this software are competing firms that do not have it.
LOL. Vito....... No comment. The "echo" methodology, question: Why did the creator of said methodology leave ECHO recently for a competing firm? Not trying to start a flame war, just curious as to the answer of this particular question.
If you think other firms do not have similar software available to their traders you are dead wrong. Echotrade does seem to be charging for the software while others do not.
I am sure that traders are going to line up to pay for software that is available for free at other firms... Do you actually believe that echo is the only one using this kind of automation? It is everywhere, but I am happy for your traders because echo seems to be catching up with the rest of the pack. I also am not going to argue the point of if there were secrets or not, it is just the perception of trading with a firm that sees how you are making money, how you have worked to tweak a strategy, to find it has been packaged and is being sold now by the firm. I am certainly not saying that happened... It would be a shame if a firm does get into the habit of doing such a thing, it might quickly find a reputation it did not want to have.
HAHAHAHAHAHAHA! Wow do you sound like a salesman for another firm. Which firm do you represent? If anyone else has this, where is it? If any trader can go to your firm and use something like this, let's see it? Is that what you are saying, that any trader can go to your firm and use the same software, and for free? Well then show us. If you had something so good, then why have you not wanted to tell everyone about it sooner? And like every firm, I know Echo has been doing automation for years, I have been with them doing it and the Sterling programmers have been helping me and others for quite some time to do a ton of automated strategies. To represent that Echo is "Catching up" to anyone is just plain lying. I have been with them long enough to know that they always come out with new features and great ideas long before I see anyone else out there with them. And har har to your attempt to paint these guys as packaging and selling other guys' ideas. I know from my own trading account that they would benefit greatly from packaging and selling what I do, in terms of P&L and shares, and there has never been a word mentioned. These guys have a lot more discretion than any firm I have seen, which is another reason I trade there. Finish your sales pitch.... "But trade with my firm X and we will do this and that..." yeah, right. Sorry to get so fired up about this, but these guys are good guys and someone has to stand up and call out the salesmen from other firms. But, in fairness Mr. Salesman, I do see why you are worried, because I don't see anyone having software that can beat this. But if you do, put it up here and let us all decide which is better. The proof is in the pudding, head into the salesman's office and see their software, or head into Echo's office and see theirs. From what they are saying, any trader from any firm can head into any Echo office and judge for themselves. If Echo is truly "catching up", why does no one else have anything close to it? And are we supposed to believe, "Well, we do but you can't see it?" Right... Don't tell us, show us is all I'm saying... If you are more than talk.
Once again, I am not saying this to start a flame war. BUT, if the proof is in the pudding in San Diego....then JW Kirklands office wins by a land slide. If you were to go into Echos San Diego office you would see 2-3 people. We had a trader go to both offices and he could not stop laughing about how the Echo MGR was playing video blackjack the whole time he was there. If you go into the other office you see 20-25 traders all banging away at the market. Just had to make that point, since the "proof is in the pudding" But I digress....this never gets anywhere. I personally think Jeff and Rob are very good guys and Echo is a decent firm. No ill will or negative comments about those two. Also, TraderJimR...since it seems you are in the "know" could you answer my previous question. I am curious as to why the creator of the echo methodology and a partner of Echo would leave a few months back for another firm he has NO ties to?
Sorry, not in the know on that one... Most times I've seen guys switch in this industry it is due to rates. But Echo's rates are quite low so who knows? People switch all the time in this business.... But sounds like he also left before this software came out, maybe he'll come back now -- I know I would.
but that is exactly what you were trying to say..... but then you start your flame......... c'mon guys who are you kidding. these comments belong in a chit chat thread..... can we get back to a discussion about predator and automated trading.
I have a question for experienced predator users. What is the difference between pair and spread? Also can it work the spread for you so if you want to buy ABC sell XYZ at a $1 difference, it will attempt to cancel replace orders to line it up against each other's bid/offer? Lastly, can it execute listed against an ETf like QQQ or SPY which has multiple destinations like ISLD, ARCA,AMEX,etc. thanks disclaimer: I trade with Echo
A pair are two stocks that have a very high correlation to each other, say MWD and MER, so that when one rallies you would expect with good odds the other to follow. A spread consists of two stocks involved in a merger or with some other financial relationship, for example YHOO and OVER, where they trade based on the ratio of the merger deal (last of YHOO x .6108 + cash constant of 4.75, minus last of OVER) where the stocks track much more closely. There are many different ways to play them, from long term holding of each to short term scalping, but all consist of buying one and shorting the other, playing the differences between the prices rather than the prices themselves... Theoretically and practically much less market risk for the most part, but an account killer if you get on the wrong side of a blow-up in a merger deal, as many people found out when the EU killed the GE and HON merger. But overall, I believe it to be one of the best ways to trade, although the game kind of stinks in this market. Since you are with Echo, the Chicago office will teach you this strategy for free, one of the things I like about Echo. Contact the guys in Chicago and they will let you sit with them for a few weeks and help you. A great strategy to know. Yes. And I am impressed by how well it does this. Not sure. I haven't pushed all the buttons yet, there are quite a lot as I'm sure you have seen. Hope my 2 out of 3 helps. Rob in the Phoenix office is a good guy to ask about all this also, I understand he works pretty closely with the programmers, he's a good guy to get on IM if you don't have him already.