Discussion in 'Trading' started by IRAF, Aug 23, 2001.
If you want leverage use futures.
I would guess that vikanas comment is not off target.
I just said this also in another thread, there has been a lot of discussion about alternatives in other threads and it all comes down to: If you want to keep trading you need to be with a professional firm. I have looked into most of them and still the only one that is set up to handle accounts of less than $25K is Echotrade (www.echotradeonline.com). They will let you trade profesionally with a $10K minimum and give 10-to-1 leverage. They really are a good firm, I have opened an account with them now and am quite pleased.
I really think this is the best answer for anyone affected by the new rules. Just an FYI.
Echotrade is probably a great firm to trade with, but I'm just curious how much compensation you get for recruiting traders to the firm with the various adverstisement postings on this board?
Also, in considering trading there, I'm curious how many traders the firm currently has?
I just started trading with Echotrade very recently, I was displeased with the other professional firm I was trading with before. I do not get any compensation from Echo for this, and I don't feel I am posting "advertisements" for them. I have merely mentioned the only alternative for the guys in this thread that I have heard of. Do you yourself know of any other firms that would allow these guys to trade? I don't want to sound biased, I just really don't know of any other.
I couldn't even venture a guess as to how many traders they have. I heard about them quite awhile ago from other people leaving the previous firm I was with and going there, so I assume they are doing well.
It looks like your post disappeared. It read as follows:
1) can i trade remotely (from my home) with echo?
2) will they sponsor me for the Series7 ?
3) do they insure trader's accounts?
1) Yes. I do.
3) No, I don't know of any proprietary or professional firm that does. If anyone knows of any, please let roger and myself know.
Are you sure that ECHO offers 10:1 intraday margin on accounts of $10,000? I could of swore that I read somewhere that it was only 5:1?
As a sidenote I take it that you are happy with ECHO? May I ask what software you are using?
The issue that concerns me regarding Echotrade is the possibility of the firm blowing itself up. Since your money is not SIPC insured you may lose your entire account if the firm goes under. Giving amateur traders 10-1 leverage is very risky. Besides risk management problems, the profitability of the firm itself can put your money at risk. Don't expect them to announce that they have financial problems, all firms put on the charade that everything is going great. I believe that the risk to your money is not worth 10-1 equity.
Julie, Maybe your not advertising but some other posters seem to be. Its fine for the firm to recruit and grow the company, its just an observation I have.
Echo is only 5-1 to clarify for $10,000 accounts currently.
This thread is getting off topic........please remember this is about IB and not allowing 4-1
This thread is indeed getting off topic as so many other threads do.
Does anyone know of any non-professional firms(MB Trading, CyberTrader, etc.) that will be offering the promised 4-1 margin?
I am trying to figure out if not offering 4-1 is going to be an industry standard or just something that IB alone chooses to do.
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