EchoTrade Reliability

Discussion in 'Prop Firms' started by gothamdweller, Sep 8, 2003.

  1. What's happening with Echo?

    Today from about 9:50 AM to 10:30, there were quote issues and time and sales and charts for listed stocks did not function. Many Echo traders including myself could not trade during this very lucrative period.

    Echo was rock solid before merging w/VB. What's going on?
     
  2. tdoc

    tdoc

    I don't have an answer to this question, but have also been very disappointed with the Echo data feed at times. I have never traded with another prop firm, so I don't know how frequent these problems are with other firms. Still, over the past 5 trading days I have noticed the above problem as well as at least 2 instances of major problems with the NYSE open book listings (quite possibly not the fault of Echo since the data comes from the exchange). Is it normal for these things to occur so frequently? There was also a day about two weeks ago where ALL of my closed positions from the morning were reopened in the afternoon by the system! The firm corrected everything but it scared the shit out of me. This firm has treated me well and the training is great, but these problems seem very frequent.
     
  3. How long have you been with them? Those issues started within weeks of the VB merger last year and became almost predictable in thier consistency (fast market=frozen quotes).

    I traded there for a year and thought it was a great firm with good software. Unfortunately I could not justify the risk and missed opportunity of quotes that were so unreliable. If someone could have convinced me that they were on top of the problem and working at fixing it, I might have stayed. In all my questions though, I never felt that that was the case.
     
  4. Yep, and there have also been problems with ARCA, but I don't know if those are Echo's fault or not.

    It seems that every day now there's a message from tech support in the first hour of trading about one problem or another. I like Echo and they answer the phones right away, BUT it is disconcerting when these things start happening on a regular basis.

    Echo used to have a terrific reputation for redundancy of their systems and reliability. I hope they haven't sacrificed those qualities and taken a "we're bigger so what's a few complaints" attitude.
     
  5. tdoc

    tdoc

    I've been with them just three months. I wanted to learn NYSE scalping and they are providing really terrific training, no complaints about that. I did notice that the data is supplied through Pax clearing, Echo's current clearing firm. I have often wondered if Pax is supplying this for free in exchange for the clearing business, so Echo would be reluctant to switch. Just speculating. Who did Echo use for data and clearing before the merger?
     
  6. tdoc

    tdoc


    Took this quote from The "Don's Openings" thread. I really don't want to dump on Echo, because I really like the firm, but it's clear the problems are widespread. I haven't even mentioned the Predatorpro software that is referenced (Raven is part of it). I could start another thread on problems with Predatorpro, it cost me big time today by failing to exit a WINNING position on a trailing stop.
     
  7. The problem with dumping on Echo is that Jeff, Rob, and Gabrielle are really good people who take care of your problems. But then again......I would simply rather NOT have the freakn problems in the first place. They are losing WAY too many traders not to fix their feeds.
     
  8. axehawk

    axehawk


    Lescor,

    Where are you trading now?
     
  9. TDOC,

    PaxClearing is the parent company of ECHO. Just an FYI.

    PQ
     
  10. Toonces

    Toonces

    Could you elaborate a little? Are you having consistent problems with Predator Pro? Anyone else?
     
    #10     Sep 9, 2003