Then it seems there is a penalty for being a remote trader. Based on what Rushman said about the software you do get, you can't even run Boll. Bands with MA's? I hope someone can provide more definitive information.
Gee give a guy a break about response time. I just moved to Phoenix to work in the Arizona office and train with some of the guys here. I am REALLY busy now as moving, learning new strategies that take ALL day long, and other things. On Echotrade the cost for remote traders is $300 per month which includes professional exchange fee's which total $183 if I remember correctly. These fee's are being waived till the end of the year for traders who signed up a month ago. First Alert cost $295. This is their fee not Echo's. It is a high end filtering software that also has order entry and high levels of charting. The levels of filtering with this software are incredible. I'm playing with it now in the office. http://www.neovest.com/ProdFea/firstalertfaq.htm is their website with FAQ. The cost is reduced for traders who pay in advance. The software for Echotrade is free for traders who do in excess of 300,000 shares a month. If you do over a million shares a month than both would be free. Office traders pay a desk fee of $600 a month so their cost is higher than remote, but the their extra $300 splits the cost of a dual point to point T-1's, squwak box, First Alert, great other traders profitable ideas, top end computers so it ends up being a deal. First Alert is only one of many software packages available for traders. Subscribe to Realtick, Ravenquote, Metastock, TC 2000, The list is too extensive to list here. Grab a copy of Technical Analysis of Stock and Commodities to find out about all of the software available. Robert Tharp
Robert, Any update on trading futures at Echotrade? Info I'm looking for is trading platform, commissions, margin requirements. Thanks, Bob
Let me see if I have the balance sheet right Remote cost per month $300 to Echo $50 for your home cable connection $90 for your Squawk box connection $295 for First alert $50 for computers(you have to maintain your own, 2 monitors not 4) Total $785 Echo Office $600 including great traders to work with and T1 Total $600 So its almost $200 more to trade remote if you try and compare apples to apples. Yes you could go to other software, but as you stated First Alert is a great engine, probably better than most. Well, we just need to get more ECHO offices open!! Thanks
I am curious as to what speed of computers and how many monitors Echo provides it's in house traders with? Technology is pretty important in this game... Leland
hehe .. what about opening an ECHO office in Germany ... I suggest Munich and would surely be with it
Leland- From what I hear the computers are good, and the NYC provides each trader with 4 flat screen monitors...I'm going to check it out soon...so i'll post my review when I get back from vacation(just because I live in the North East doesn't mean golf season is over!) No offense to Rob Tharp, but I have no affiliation with Echo and can give more of an unbiased opinion. Peace
Leland, You can see some pictures of their setups here: http://www.echotradeonline.com/locations/Office_pictures.htm Kirk
Bright trading's remote deal is even worse: Trading in an office: $600 includes Redi+, First Alert, Internet access, all equipment and electricity. You can trade in an office w/o First alert for $300/mo If you trade remote for Bright you pay $400/mo and you only get access to Redi+... you still have to buy your own equipment, real-time quotes and internet access. I don't really understand how they think it costs them more to have you trade at home... sounds just like "old-school" brokers charging $150/trade. Just not good business sense. Fletch
I'm not going to say whether these fees are high or not. I haven't compared desk fees. But for a new guy just starting out, ideal capital would be somewhere around 35 grand. 25 grand to get decent size without being too leveraged. 10 grand to cover apartment, food, desk fees, commissions and losses during the inital four months learning curve (god forbid it's a year or more). It would be ideal to get backed but that's tough these days. Who's going to back an uproven new guy in this environment? Maybe it's better to build up some serious capital before going prop. It sounds great if you can cover the overhead.