Anybody tried http://www.letsgotrade.com/index_daytrs.html or their software http://www.sl4trader.com/SL4/ ? $0.01 per share plus ECN/software fees.
The software looks pretty "engaging". I have been thru some of their demo stuff and it looks pretty cool from a scanner and execution point of view. Also, check out www.daytradingstocks.com as it has a link with a book deal relating to Letsgotrade.com
The con is software fees. It's $100 a month for their software (non refundable for a certain # of trades) plus you need a QCharts Basic or Intermediate subscription, which is another $80 or $100.
SL4 is a learn-then-trade...idea generation...direct access technology...SL4 is an excellent scalping vehicle as long as the commission structure is appropriate...furthermore, SL4 derives its market signals by focusing and interpreting marketmaker activity, which is believed to be the most significant factor in short term price movements...SL4 offers a built-in real-time learning application whereby each days results are tallied and can be compared versus the daily 4:05 signal audit trail...There are no seminar fees and no chat room fees...SL4 is broker dealer and datafeed neutral and has live commentary on Scalping Techniques from 10-11am and 2-3pm EASTERN STANDARD TIME..SL4 is compatible with QCharts, Esignal, Real Tick, and Hyperfeed...A standard package is being offered through LETSGOTRADE at approximately $179 per month for nonprofessionals. LETSGOTRADE is made up of individuals that helped to build NDB which was recently acquired by AMTD...When combined with a 1 cent $1 minimum and average .0025 ECN fee, a trader can be profitable on a 3 cents move even on 100 shares. SL4 offers "one-mouse-click" trading and is powered by a professional order routing & risk manager called Trade Route which was developed by a group of professional traders for their own use....SL4 offers the trading industry what it has been missing...a complete program which automatically includes reliable real-time learning and idea generation at no additional cost...Traders may try out SL4 through a promotion that is sponsored by QCharts....
xcowboy I didn't delete this post, but I deleted the one that you started promoting SL4 in the software forum. I also deleted another thread by a different user promoting this firm. This site is paid for by sponsors, so it's inappropriate to create posts which are blatant advertisements. It's ok to discuss your software with members here, but if a post looks like a spam it will be deleted. As regards the software, I am doing a demo this week. I can't yet speak as to the effectiveness of the signals yet; if I have some time over the next couple trading days I will try to evaluate how well the signals work. It's not an easy task, and probably takes more than a one week demo to evaluate, since there are other indicators which confirm the signals themselves. I have to say I'm impressed with the level of sophistication in the system, and the work I'm sure the developers put into the software. Whether that translates into profitable trades, that's another story. A couple things concern me. I was comparing level 2 quotes against IB and Redi Plus, and SL4 was consistently a couple seconds behind. I did some simulated trades, and ISLD would take about 5 seconds to execute when there was liquidity present the entire time. Also, I'm not 100% sure on this but it appears that there are certain securities that aren't 'in the system' and can't be traded. I tried to do simulated trades on these, but they never went through. So if you trade some less liquid stocks, they might not even be available for trading. I'll check on this to make sure.
SL4 attempts to cover liquid stocks because of its focus on scalping and will add "liquid stocks" upon request. SL4 is not an investing tool, it is a trading tool. SL4 simply provides information that other platforms do not provide which some scalpers may find useful. Furthermore, SL4 comes as a process in that the "learning", idea generation, and direct access are combined with ease of use without seminar or chat room fees.SL4 has a built in broadcast function which will serve as trading techniques and functionality can be explained live at designated times.....Although SL4 offers a daily audit trail of its signals. trading means moving targets which have to be captured all of the time which will be easier to some than others...SL4 is datafeed neutral and individuals will be able to choose their own datafeed that they feel is the best...SL4 and its employees will certainly offer assistance in answering any questions...SL4 is broker dealer neutral and is a technology company. SL4 will also be covering the Forex, Single stock futures, and Eminis..Trading is not something you tell somebody how to do, they have to be given the environment whereby they can find out for themselves with minimal financial risk...just because one individual trades well, doesn't mean the other one will...the direct access pipelines are limited in number, SL4 is one of them..There are no other platforms that offer proprietary SL4 information...I hope this answers some of your questions...
I forgot to also include that SL4 has purposefully made it difficult to execute in the simulation mode in an attempt to make it more realistic as compared to other simulation systems. Traders may find that it is more difficult to execute in SL4 simulation mode than in real trading conditions, not easier... Sl4 is given the task of real time proof all of the time...SL4 also suggests that prospective traders find a BD with the best all around service and pricing...SL4 has just been released after a rather expensive 9 year building phase and more BDs are in the works... SL4 will be addressing several issues that are perhaps not so apparent...SL4 feels that it is important that a system proves itself real time and not after hours...Eliminating hefty seminar and chat room costs is important to the annual returns of smaller accounts...for instance if one pays $2500 and has a $25000 account, a 10% hurdle has to be overcome...Furthermore talk is cheap after hours, systems should prove themselves real time...Also, one should not talk like he represents someone else's abilities, simply because hand-eye-brain coordination is different for everyone...also for the cost of a datafeed, an aspiring trader can prove to themselves whether or not they may show trading ability with SL4...
From the description so far, it sounds like its basically focused on only on scalping. So perhaps it would be better to characterize it as a "scalping" tool rather than a "trading" tool since trading encompasses so many other methods and techniques than merely scalping. Mjt - would like to hear your comments. I still wonder, tool or no tool, how effecient most retail, internet-bound traders can be at scalping over the long haul. Every study I've ever seen puts retail scalpers at the top of the list of failures. Maybe it's that so many retail traders got sucked into trying to scalp based on the perception of limited risk and just wound up churning their accounts into the dust, I don't know. Just seems that more scalpers ultimately crash and burn than say classic daytraders or multiday swing traders. Thoughts?
The statistics for most scalping programs are very poor with which we are familiar..Much of this is due to the mere lack of what we are offering...A legitimate process whereby one can learn without peer pressure or financial pressure. Quite frankly, the SL4 Scalper is in essence a video game, that if one can play well, they may be good candidates for scalping. Also, you cannot scalp 3-9 cents moves if you are paying $10 a ticket...Quite often this represents the profit that you are after...SL4 is the first of its kind which organizes everything in one place...the learning...the idea generation, and direct access. Scalping can work if your commission structure allows it... On the otherhand, scalping is a very personalized endeavor and one only knows from their own efforts, not their own opinion. We have a professional trading room whereby the traders are funded when they can show 5 consecutive days of profits. If they have a $300 drawdown, the account is stopped until they can show 3-5 consecutive days of profits...We do believe that there are 12 year old video games that are harder than SL4... SL4 represents a lifestyle of excellent hours, mobility, and above average revenue for those with the required skill levels. Our scalpers typically have from $25-$100k and are looking to generate $50-$400k in revenue. We believe that there are a lot of people who would enjoy the SL4 lifestyle...Like you say, we have to get the internet based success ratios higher...SL4 replaces the hodge podge seminar-book-chatroom based businesses that have failed the scalping industry. SL4 does have investment-type strategies, but they are difficult to teach...Scalping is easier to teach and tends to fit human nature better for those with medium skill levels which is everpresent on the internet...
OK this thread is starting to become an advertisement. If it continues I will have to delete this thread.