hi ! Can somebody tell me who they are,what they offer,please not only positive things but also per your experince wht didn't you like about echotrade? Also what is a prop firm? Thanks for your input !!
Echotrade is a professional firm. I discovered them here on this site awhile back. A professional firm allows members advantages that floor traders recieve. The drawbacks are no SIPC insurance. This means if the firm goes under your money is gone. They require a Series 7 license to trade with them. This is due to being a professional. It's a way for the industry to help regulate professionals. I'm going to cut and paste some threads about them here as it has already been said quite a few times by me before. This thread of Professional margin rates of 10-1 is one that discusses this quite well. Professionals aren't held under the normal margin rates that retail traders get. They can borrow up to 100 times their capital at times. Most firms won't allow that type of leverage but will allow 10-1 or 20-1. See this thread Professional margin rates of 10-1 http://www.elitetrader.com/vb/showthread.php?threadid=819 These are a few threads. uses of Professional Margin? http://www.elitetrader.com/vb/showthread.php?threadid=1887 Taxes at a proprietary firm http://www.elitetrader.com/vb/showthread.php?threadid=1606 They have the use of bullets and conversions. see these threads: Bullets and conversions http://elitetrader.com/vb/showthread.php?threadid=1229 and How does a bullet work? http://elitetrader.com/vb/showthread.php?threadid=1883 bullets: http://elitetrader.com/vb/showthread.php?threadid=1883 Robert
Thanks rtharp It really sounds too complicated to me ,I just started daytrading and also with this kind of market would not feel confortable to trade more than 100 shares a trade. Thanks for the info,really appreciated that
rtharp: I have a question about this. You say your Series 7 was about to expire. I think I read on Echo's website that they are a member of the SEC and the Pacific Exchange, but not the NASD. It is my understanding that to keep one's series 7 license from expiring, and not have to re-take the exam, you must be employed (have it registered) with an NASD member firm. I believe you have 2 years to move it from one firm to the next. Is Echo a member of the NASD? If not, maybe I have this all wrong. Thanks for any help.
I was just wondering if you could give me an HONEST assessment the charting capabilities of Echotrade's remote trading software (Echotrader), rtharp. Are there many common features available in that package? Indicators? Timeframes? Reliability and timeliness? Customizability? Thank you in advance! Rushman
rtharp: I have a question about this. You say your Series 7 was about to expire. I think I read on Echo's website that they are a member of the SEC and the Pacific Exchange, but not the NASD. It is my understanding that to keep one's series 7 license from expiring, and not have to re-take the exam, you must be employed (have it registered) with an NASD member firm. I believe you have 2 years to move it from one firm to the next. Is Echo a member of the NASD? If not, maybe I have this all wrong. Thanks for any help. (this was edited due to me doing some research) THe Professional firms are not memebers of the NASD. Echo is a member of the Pacific Exchange. Most all of the professional firms are members of regional exchanges as they are better equipped to handle the professional structure. Traders don't have a problem going back to a NASD firm. THe NASD will not require you to retake the Series 7 if during the entire time you were gone from NASD you were with a professional firm working in professional capacity. THE SEC regulates the professional firms more than retail firms.The booklet to open an account is about 150 pages and includes a fingerprint card. 08-17-2001 01:28 AM Edit ⢠Quote Rushman Junior Member Registered: Apr 2001 Posts: 11 I was just wondering if you could give me an HONEST assessment the charting capabilities of Echotrade's remote trading software (Echotrader), rtharp. Are there many common features available in that package? Indicators? Timeframes? Reliability and timeliness? Customizability? Thank you in advance! Actually the charting is ok. I have heard a lot of others say it is not the best there is but I don't rely on charts that heavily. I can get stochastics, volume, OBV, VAD, FLOW, $FLOW, MACD, RSI, ROC, Momentum, Bollinger Bands, Parabolic, Envelopes, Moving Averages, I can change the colors for anything. Timeframes are 1 min, 5 min, 10min, 15 min, 1 day, 5 day, 10day, ,monthly, yearly. It is also possible to overlay 2 graphs. I wonder consider a drawback that I am limited to 5 trading Level2's and 5 graphs, but a different quote provider can provide more graphs. Reliability is definitely there with Echo. Echo chosse it's name because it's a top of the line system, backed up with another, backed up with another, backed up with another. An Echo so to speak. If you are really interested you can call the office and ask to see the demo version. rtharp
FWIW,I interviewed with Worldco,Hold Bros.,Generic,Schonfeld,All-Tech,Bright,On-Site Trading and 2 smaller "boutique" trading firms.I believe ECHO offers the best deal for someone trading strictly prop,with no capital outlay and no experience. - 0 initial capital - mentorship,formalized training - 1 cent/share - 50/50 payout until reserve requirement of 25,000 is met,after which payout is 100% - mininum bullet size of 500 shares - no ticket charges - rebates for volume - no long term commitments I will most likely go with ECHO but would like to ask Rtharp if there are any monthly desk charges at this firm.thank u
I've got some questions about echotrade, which applies to other prop firms too. If you don't put up any initial capital of your own, them I'm guessing your $0.01 per share charge starts accruing as a debit in your account. Is there a cutoff level in losses before the firm kicks you out? What about a preset time frame in which you must become profitable? I realize most of the advocates of echotrade and other prop firms on this board are reasonably successful traders, but what is the general retention rate among all traders at the firm? Htrader
So Echo is hiring prop traders with no capital contribution? Hmmm.....Where is the nearest office to Los Angeles? Would really like to hear about the about the formalized training/mentorship. For example: What sort of method(s) is the rookie trader taught (momentum trading, position or swing trading, scalping, spreading)? How long does the training last? Mentoring: Does the rookie work one on one with a mentor? How often do they meet? Is the mentor an active trader? Do you know about any of these things Rtharp? Thanks in advance.
Hey Rope777, I was hoping you would email me with your email address. It looks like we may be on similar career paths as I am hoping to interview with all of the firms you did, as well as momentum and protrader.com as they are in my backyard, Texas. Would love to ask you about your interviews and general feeling about the firms you visited. Please email me if your open to it. Hope ya are. Thanks, Travis U.