I think it is safe to say get your deal in writing when dealing with any firm. My econ 101 teacher said it best, (He was one of the few who actually became a millionaire first, then decided to teach second!) "IF IT AIN'T WRITTEN, IT AIN'T REAL, IF IT AIN'T SIGNED IT AIN'T A DEAL!" I think ECHO is a good firm, and I know traders(great traders) who trade there and are very happy with them. Don't let one bad apple ruin your impression of the firm.
(Preface: I'm talking about business in general. I trade with Echo, and have a very favorable opinion of the firm.) Wait 'till any of you <b>has</b> a signed legal document, gets totally screwed over, and tries to do anything about it. The court system is a joke, lawyers cost too much, and there are a million ways the other party can guard against verdict fulfilling asset seizure. I think it was Doyle Brunson who once said: "I don't care about legal contracts. If I can't trust a man to abide by his word and a handshake deal, I won't do business with him at all."
I have been screwed over by too many hand shakes and someone's word before, at least with a document, you can raise some hell, and cost the other guy some money! In this case, Arbitration proceedings offer quick resolution, and that's why you need to have your deal documented. With a written agreement, at least you have a shot at getting made whole again.
Thanks for the quick response. I am going to call the L.A. number I was P.M.'ed in a few minutes, so hopefully (WCT) will answer. Thank you, Paul R. Chaney
You would think that YOU would eventually move on with your life and stop making yourself look like a bitter whiner on a message board... You have made your point, and constantly bringing it up only makes YOU look stupid.. No offense, but its getting old..
The software is ok but it is pricey...I only traded 100 shres in and out...volume is about 100000 shares/months but I paid about 1000 on commission and software fee alone. If you still interest....contact directly to Echo and ASK for Remote trading wihout going to the office...it will save you another $1000 a month on override commission to manager's pocket..
Echotrade online is a very good proprietary trading firm? I was scheduled for an interview with them, but decided to go with another firm instead since it's closer to where i live (boston) I figured since this is a job where i will most likely not make any money for the first few months, until i get a better understanding of how everything work. So moving to ny now and getting a job from them would be a pain if i dont make any money for the apartment. They are affiliated with Merrill lynch? i didn't know that.
You do not need to waiste your time interview with echo...just go to the website to make a deal direct with them....they take anybody with $5000 deposit... Good luck