Discussion in 'Prop Firms' started by michaelday, Oct 2, 2001.
How many of you have joined EchoTrade recently and what are your first impressions?
I just joined ECHOtrade in the last couple of weeks. Breezed the Series 7 earlier in September and am now in "training mode" with . Basically it's a simulator mode with full, real-time access to their software but only simulated executions. Will start full-time active next week.
So far I've been impressed with my ECHO experience. Remote trading software (is it VTS?) is straightforward, reliable, and powerful. I have access to the Nas and S&P futures (full contracts), TICK, TRIN, bullets, 5:1 margin to start, hot keys, etc.
Indicators are a little weak (e.g.: no dual-band stochs, limit of 2 MAs and 2 indicators per chart, bollinger bands not allowed simultaneously with MAs), but to be honest the more I play with the software the more I like it. Although only making simulated executions, I already sense that real-world executions will be fast (my connection speed is fabulous).
All public routes supported (ECNs, SOES, SelectNet), as are stop orders. Their proprietary active routing algorithm also seems pretty cool, at least logically. Goes ISLD for 5 seconds then failing that goes ARCA (i.e. strong emphasis on ECN targetting).
Reliability so far is great. Only froze once in two weeks, and the fix was simply restarrting the front end (am using Win2000 with 256 RAM, dual 19", cable). Their customer support is good; after joining, their head trading team members plus the trading desk all put me on their Messenger contact lists and have responded immediately to all of my queries.
Bullets cost 3 cents/share to set up first short then regular commisssion for shorts in that stock for the rest of the day. One bad thing is the limit of 5 charts opened at any time. They have more powerful software available that beefs up the charting capabilities (First Alert), but it costs $300+/month. I concentrate on one stock at a time, however, and really I find the platform to be sophisticated enough.
One last thing: I have the Pass Perfect Series 7 study materials if anyone wants to buy them for the price of shipping + a nominal fee. janko22, another trader who posts here, sold them to me in a like manner. These materials do an EXCELLENT job of preparing one for the exam. Without them I almost certainly would have failed, with them I got a 92%. My e-mail is below if anyone wants them.
Also I welcome e-mails from any active Nas traders who are interested in remote team trading via text or voice chat. Right now I'm mainly watching AMAT, VRSN, and NVDA. My hunch is that having two heads watching the same stock would be better than one. Hope this helps. I'll post an update after I've gone active soon.
great to read such a comment =)
I'm currently studying for Series 7 as well and will then trade with ECHO...
How long did it take you studying for the s7 exam? .. it's not that little as I initially thought =)
I recently joined with Echotrade and I have been impressed. I banged out the Series 7 - studied for 15 days last month- and passed no problem.
I am fortunate enough to be training/ trading in their MAIN office in Phoenix, AZ with Robert Tharp. If it is successful traders you want to be around - Echotrade has them. (I have also made some incredible friendships in the 2 months!)
The owners/traders know their stuff and are dedicated to their work and trading. The office is incredible - top notch. The equipment and flow of stuff at the office is fast, clean and safe.
My overall impression and experiences have been nothing but GREAT!
Good luck on the Series 7!
You stated you were remote. Which Echo charges $300/mth. Are you saying it costs another $300+/mth to use First Alert? Please tell me I'm misunderstanding your comment.
"How long did it take you studying for the s7 exam? .. it's not that little as I initially thought =)"
I studdied for three weeks prior to the exam. The key is getting a good study program and tackling it full time with dedication.
"You stated you were remote. Which Echo charges $300/mth. Are you saying it costs another $300+/mth to use First Alert? Please tell me I'm misunderstanding your comment."
Echotrader (the remote software platform) normally costs $300/month, but new traders who signed up in August/September get it free until January. First Alert costs an additional $300/month, but as I said I don't want it right now.
I agree with eugene--- $600 for first alert? That's crazy.
I was close to opening an acct with them, but now I'm reconsidering.
$600 in it self is not a lot of $. But for first alert software? Thats just wrong.
So to carry this further, if you are in a Echo office, it cost you $600/mth. Now does that give you First Alert? If so, then its a slap in the face of the remote traders. Not only do they have to pay $600 to get the same software package but buy their own computer and cable connection. No T1 or 4 monitor setups provided. Maybe I'm missing something here. Does and in-office trader pay $900 per month with First Alert? Or if your initial contribution is over $20,000 maybe they waive it.
Any ECHO trader care to shed some light
Boy, I thought I'd get an immediate response from Rtharp or other Echo traders setting the record straight.
the way i understand it is: remote traders pay nothing for VTS till the first of the year. if someone wants first alert then they will have to pay for it. they also must have min req on their computer. there are plenty of other data providers/software companies out there that are much cheaper. if one is trading in an echo office then the entire desk fee is $600 which covers everything. most traders would not benefit from first alert, too many bells and whistles, although i like the layouts. haven't used it in awhile, requires a ton of bandwidth. btw, stay away from the hyperfeed satellite dishes. bright is having a nightmare with them in cities with "bad" weather.
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