I just wanted to set the record straight on Lieber & Weissman Sec., LLC. Lieber & Weissman,Bright,Van Buren and several other firms offer leverage on capital,Broker Dealer margin on overnight positions and services for professional traders. A Series 7 license is required for membership in these firms. Lieber & Weissman Sec., LLC was formed in 1996 and has a national reputation for providing quality trader services. Lieber & Weissman rates start at .03 cents per share and go down to .015 cents a share(volume discount)-all ECN and MM fees included-no hidden fees. REDI+, ROX and REDIFIX(Fix protocol-connection to REDI in C++) is available over the Internet or private network(WAN).I would suggest traders go to Don Johnsons report on Daytrading Brokers at http://www.sonic.net/donaldj/ -Special Report on Daytrading Brokers. Our rates and information are discussed under Stocktrade Network(Lieber & Weissman Sec., LLC). Leverage professional firms usually only take full time professioanl traders. Lieber & Weissman Sec., LLC is a professional trading firm , we do not solicit customer accounts. Gene Weissman Managing Member Lieber & Weissman Sec., LLC Members PHLX/SIPC gweissman@stocktrade.net (800)261-9557 Ext. 412
Our rates are $.03 down to $.015 cents a share. At our highest rate 500 shares would be $15.00. At our lowest rate 500 shares would be $7.50-no ticket,ECN or MM fees. Commission rates alone should not be the only factor in selecting a direct access brokerage firm. Since leveraged firms require a higher degree of risk management expertise, traders may want to know how long a firm is in business , firms clearing broker and references from the broker(traders currently trading at the firm). Our risk management dept. is run by former stock & option market makers . My bio is at http://www.electronicdaytrader.com/bio.htm . I would like to caution all traders on overleveraging in stocks. 5 to 1 leverage is the max I would recommend in any one stock for daytrading. Trading at higher leverage increase gains as well as loses. See Lieber & Weissman hedged position requirements at: http://www.stocktrade.net/services/portf_hedging/hedg_requir.htm Professional margin parameters are from SEC/PHLX guidelines . These margin requirements are for licensed professional traders and are not for customer accounts. Lieber & Weissman Sec., LLC is a professional trading firm , we do not solicit customer accounts. Gene Weissman Managing Member Lieber & Weissman Sec., LLC Members PHLX/SIPC gweissman@stocktrade.net See our web site at http://www.stocktrade.net
Hello Gene, I have a question : Do you know whether non-us citizens can apply for a series 7 license ? regards &
Anyone can take a Series 7 exam providing the firms Self-Regulatory Org.(SRO) approves you to take the test. To be sponsored for the Series 7 test at Lieber & Weissman Sec., LLC , you would need to fill out a U-4 and U-10 forms and return them back to the firm. Disqualification from taking the test could be a criminal record for a felony or fraud. All Series 7 candidates must be sponsored by a broker , you cannot apply for the test yourself. The test is given in the US,Canada and I believe the U.K. Candidates take the test(multiple choice) on a computer terminal at a Procter testing center in your area. Gene Weissman Lieber & Weissman Sec., LLC Members PHLX/SIPC gweissman@stocktrade.net See us at http://www.stocktrade.net
rtharp, I was wondering how your progress was coming along with opening a new account with ecohonline? The reason I'm asking is that mabe in the future I might also open an account with them. I'm still waiting to see if any other brokers can beat a commision of .0125 per share before I make a final decision. Also, I have not yet had the opportunity to contact them to find out there cost for data feeds, but a previous post revealed that it was 300 dollars a month? Now my question would be is that for the quote service of my choice or for there own feeds. Do you know if that price is for my choice of feeds or is there different prices for the different data feeds. lex//
"do you really need 50k to trade nasdaq" Well, I won't comment on what I think but Bright also ask you to post $50k - it seems to be the magic number. Now if you really good they will let you slide in with 45k, they tell me. Seriously these rules stemmed from the days of 600 dollar stocks and movements of 70 point a day - the good old days. nasdaq order entry for Bright is redi+, it may have had traps where you just can't get out of an inactive stock. They quoted YAHOO (remeber when in was in 200 range) as a shit stock to trade, roach motel...
andrasnm, The thing with bright is that they charge 600$ just to get a data feed in there office. Now if it was something like 300$ a month I might reconsider, but 600$, man that just dosen't sound right. Now ecohonline on the other hand, to what I've read on this thread is what, like 300$ and they charge the same as bright. Another question I will have for them is that how much will the charge for ECN pass though fee's? lex//
I'm up and running fully with Echo now. I've made arrangements with them to get a southern California presence here in San Diego. THe $300 includes data feed fee's to answer a previous question. I used to know Jeff (one of the managers) when I was at the Chicago Board of Trade so it is a great match. There is a lot of freedom. I've learned a lot about all of the LLC's out there. I shouldn't post the negatives here but if you want email me and I'll tell you more. robtharp@home.com Robert Tharp