Nextrade ?

Anyone have any info on this firm. They are hosting a seminar Tomorrow in Boca about something they call Volume Trading.

 

I know a few people that traded their system and they had nothing good to say about it.

 

I met one of the guys way back when they called daytraders 'soes bandits.' He was from Olde and was a nice guy.

Now they have their own ecn and play the liquidity game.

That's not much, but it's all I know.

You could check out the seminar and let us know!

 

Shitty, expensive ECN.

 

What are some of the bad things about them? I am about to go check them out.

 

I have met a few traders from a local office. They trade nasdaq and tend to scalp low-priced stocks. If they are not net positive, they can still get paid on volume (somehow). So a lot of them are scalping 10,000 shares of $1 stocks. The guys I met said that they did not even use charts?

Judging from the number of people I've met who seem to want to leave, I would say to be skeptical. Just my two cents.

 

The Ad says its proprietary trading. I wonder If it entails trading on their ECN for liquidly, and they pay you all the commissions you churn up, plus any P&L you may make. If so,not a bad deal in this environment.

 

You have to use their software, bid/offer on their ecn only. Previously it didn't have SOES, ISLD,INCA,ECN connections.

I also learned that they are failing to pay the rebate to traders, since the major desks refuse to pay them (because of the way the decided to enter the game).

 

I heard someone there was making the big bux...but I can't say I rushed over to see how, either.

 

Doesnt surprise me the desks are refusing to pay them....if they are rebate trading it shows. NTRD often holds levels like ATTN necause no one wants to pay the retail by hitting them I have seen so many powerful moves stopped or weakened by one of these expensive ECNs sitting there at the even bid or offer holding the price level. NASD should step in and regulate better the price ECNs can charge in order to provide a more liquid market. ECNs like ATTN are terribly slow and expensive, and distort the market, while TRAC is very expensive, and you can sometimes pay this when you hit SOES....its bullshit. Ahhhh, SUperMontage....