exe26 writes "Real Pro(who can access firm's capital) prefers NYSE becasue of centralized price system. Small guys like us or even big guys like you prefer NASDAQ because of volatility, up & down movement with speed." You are mistaken. Most LLC, "juice" firms push and encourage NYSE because the "kickback" schemes from the specialist, NYSE firms. ETG is getting serious payments for orders from their "clearing" firms, namely SLK. Bright also. Some will rebate (some) of it back to the trader, some don't even bother (a big stinker). I wager to say that this goes on virtually every LLC or juice firm to some extent. If it does not it's more of an exception that a rule. I am not casting stone at this practice but let's call a "spade a spade" and let' not get carried away in terms of "freedom" of trading at the houses. You will be surprised how much influence they can yield in what you do and trade !!! I have intimate knowlege at Bright and ETG, lesser the other firms. All they care is for you to trade as much as you can !!!! Better if you make money but trust me they will replace you and business will go on. I know some who use the rebates and leverage and make millions trading NYSE it's not becuse of some magic nyse - nasdaq glitch - it's because skill and mental strength of doing what works !!!
Dear andrasnm Tell us about your experience with Bright or other trading firm. Do you recommend any of 'em?
Reading a specialist is just like reading market makers, you are trying to learn their pattern, do they blow stops, do they trade with large spreads, how they handle gaps, etc. You are trying to read his motivation, is he long, is he short, and trade with him. This is the weakest area of my game and I am sure others will comment on it. I feel NYSE is slower than Nasdaq and a better market for newbies. I never traded Nasdaq professionally (Datek + Quote Tracker doesn't count) so I am in no position to comment on how it really is. You can make millions in either if you are good, just that I stick to the one I came with. There are many many comments on proprietary trading firms (LLC's) on this board, scroll back a few pages, don't be lazy. I will just quickly hit my conclusion, with the exception of "working from the comfort of my home", there is ZERO advantage of trading on your own, and way too many advantages of trading at a firm. For a new trader, if you can find a firm that requires little to no capital (www.worldcollc.com), it is the ONLY way to go.
exe26 Bright I kinda like, despite that you need a series seven even if you had one before (like me). ETG is very cagey now and I am not even sure what kind of a person they are looking for. One difference Bright must have your "cushion" money ETG does not. Payout is a huge difference. 95-100 at Bright ETG luck to get 50%. I know ETG in San Francisco (unlike the majority of the) cities trades Nasdaq a lot. Both places are for real and if you can make money there depends entirely on you !
exce26, I NEVER trade GE. There is TOO much liquitity, the moves are too small I think. The specialist is also slow to fill me. It also moves way too much with the futs. But I know some traders have extreme success with those stocks. Lately I haven't been trading my faves b/c there are more interesting traders, and I'm practicing with option trading, but I'll be able to go back to dis/mo whenever I want, and I consider them easy money for whenever I'm in a slump. As for LLC's. I have no idea at all, but I'm impressed with echo, and am studying for my s7.