mjt, Im using a Pentium III w/ 10Gig HD and local DSL company. I also really like the e-REDI. Thats great when Im on the road.
I used redi for about 3 years now. Overall good experience with it, of course it goes from time to time, but not as much as other systems that I've used. I think it's important what market you are trading. It has lots of features, some could be very useful, others not useful at all.
Just a few thoughts from a firm that uses REDI+. Make sure you have a fast and reliable internet connection. If your ISP is slow or not reliable, no order execution system will work. Make sure your computer has enough RAM if you are using multiple software packages(REDI+ & E-Signal , REDI+ & AT Financial). We recommend 256 Meg Ram if you are using two software packages. Our software techs recommend MS Windows NT 4.0 or any later version. I know REDI says you can use Windows 98 or 2000, but we have had more reliability with Windows NT. See our requirements page at Lieber & Weissman Sec., L.L.C.(Stocktrade Network) located at http://www.stocktrade.net/services/redi/redi_download_require.htm If you are having trouble at the bell, you are not alone. REDI has been trying to increase bandwidth & server space. In all fairness, they have done a very good job. REDI+ software is backed by Spear,Leeds & Kellog(a Goldman Sachs company), so they have deep pockets for software upgrades & development. If you do have problems, you need to make sure the problem is not with your ISP, computer (operating system ,memory etc.) before calling the REDIDESK or customer service at your broker. Have a tech available in an emergency for troubleshooting or hardware/software upgrades if you need help. If the problem is at REDI, call a tech at the REDIDESK in they usually give good customer service(know your user# and account#). All direct acccess order execution systems will have some problems once in a while. I give REDI high marks for their software development and support. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
previous comments summ up a mouthful, simply put, I'm sure that there's far superior software than Redi+. I've had the L2's freeze, had bad fills, and SLK's tech support is the "nastiest, most arrogant" I've ever run across, given that it takes serious bread just to use this platform. Absolutely zero risk manangement features for Nasdaq stocks, none; an intollerant attitude towards any complaints about their software's inadequacies in comparison to their competition that does provide those features. The parent company, although being GS, was SLK, which is a primary MM, and certainly hasn't shown that they were my interests. Other traders I worked with loss sums, and frequently complained about horrid fills. Seems daytrading firms swear by their software and setup/tech support, but under pressure when 20+ traders complain regarding software irregularities (even on a T1), then even the firms' manager concedes that the setup stinks. Look elsewheres and save yourself from loosing while learning the foibles of their software. Pity I didn't have this advise before I ran across them.
Limitdown, I'm sorry you have had bad experiences , but it sounds like some of the problems may be with you and/or your introducing broker. Are you connected to REDI+ by internet or WAN(wide area network)? What version of the software are you using? Does your firm have a full time Windows NT tech or have one on call? Direct Access Order Execution software problems need to be "troubleshot" correctly. You say Nasdaq level II always freezes. This does not happen at our firm or our branch offices. When you trade NASDAQ , you should always use an ECN and never preference a Market Maker. If your network is setup properly, you should get ECN fills in less than one second. One of the problems of our industry is that too many firms have opened up with no on site support. Direct access software is complex and must be loaded , maintained and "troublshot" by qualified personel. Any legitimate firm must have a full time Windows NT tech on staff or on call. There is no excuse for rudeness by REDI+ tech dept., but they receive 100's of calls a day, many by traders who have hardware or software problems not related to REDI. They have worked well for us. Our policy is that traders call us first, we work with our in house techs and then we call REDI as a last resort if we cannot fix the problem. We solve 95% of our problems in house, because we have qulaified techs on staff. If you are in the NYC area, call me or stop by our offices and I will give you a REDI+ demo, with none of the problems you say REDI has. Can REDI+ have problems? The answer is yes and all the problems we have had have been corected by upgrading software, reloading Windows NT, upgrading lines, switching routers, switching servers etc. Again , software can be complex and must be troubleshot by qualified personel. I have used almost all the EDAT software out there and all the software can have the problems. REDI+ is a decent product that has worked well for our firm. Gene Weissman Managinmg Member Lieber & Weissman Sec., L.L.C. Members PHLX/SIPC gweissman@stocktrade.net 212-509-8813 X 412 See us at http://www.stocktrade.net
Just one thing I wanted to mention. If you are using multiple software packages with REDI+ , I would recommend only using Windows NT 4.0 or higher and have plenty of RAM , minimum 128K(REDI+ alone) or 256K(REDI+ & E-signal , REDI+ & Bridge, REDI+ & AT Etc). See our site for hardware requirements at http://www.stocktrade.net/services/redi/redi_download_require.htm If you have only 64 megs of RAM and 20 windows open , your computer will lock up , slow down etc. That's why having the proper hardware is important. If your not a tech(I'm not), get one to help troubleshoot your problems. Gene Weissman Managing Member Lieber & Weissman Sec., L.L.C. Members PHLX/SIPC gweissman@stocktrade.net See us at http://www.stocktrade.net
Risk Management features - ziltch.. By comparison to other more substantive platforms, which tend to treat the client as a customer and not as a Branch office (which uses the platform for all traders), Redi+ doesn't even attempt to protect one's principle and gains or limit ones losses. Shame on you if nature calls and you answer and turn your attention away for one moment, where you either forget or can't hit the switch and reverse a trade, then you're in for the ride into the tank. Stop Limit, Stop orders, Buy Stops, Trailing Stops are usually implemented for Nasdaq stocks by means of a "server side" solution, where in the software host maintains an order book and conditionally submits the orders based on their stop instructions. Something as simple or complex as that would have saved not only myself, but dozens of other traders boatloads. When confronting Redi+ Technicians with the specific details sufficient for them to incorporate this into their software, they did two things. 1) they severly reprimanded the branch manager for letting his client/customers call them; 2) whenever you did get an answer from them directly, they poo-poohed the idea as "not on their priority list", and not a desired feature from their customer base. Any software that doesn't allow me to protect my principle and the ability to stay in the game, just aint worth ....t, and certainly shows that it isn't worthy of my usage. I didn't know at the time, whence I'd see other traders literally blow up at the screens, and yes Gene, we had a few competent NT techs (who frequently needed my assistance), I didn't know at the time that 98% of the problem was this glaring lack of RM features. If you're going to play this pseudo professional game with your own hard earned ... then you're beyond dreaming to think you can "always be fast enough" to not need RM features. See if you can short that!
Limitdown, Your point is well taken. I'm sure you had some bad experiences with the software, but from what you say most of the problems you talk about seem to be a lack of communication and knowledge. There are no "stop orders" on NASDAQ unless this feature is built into the software. NYSE & AMEX accepts stop orders and this feature seems to work well on REDI. Can you force REDI to build this feature into the software? If enough people ask they might, but they are not required to do so. Remember NASDAQ MM do not accept stop orders. Of course REDI is far from perfect, but the problems you mention are found in one form or another on other EDAT software. REDI usually only wants branch managers and the staff of an introducing broker to call for suggestions during the day or before or after market hours. Spear,Leeds & Kellogg only clears for professional customers and their lines would be bogged down if traders were constantly calling. If your firm went through the proper channels at the right time, you may have got more done.Remember REDI does not handle true "customers", like a full service or discount brokers. I have no trouble talking to REDI, mainly because I call after or before market hours and I am a firm manager. I would suggest you try another platform and see if things work better. If you read some of the comments from other traders, you will find some of the same concerns about other platforms. EDAT software is quite complex and it's very hard to please everyone. If you want to come down to our office in the Wall Street area, I would be glad to give you a demo. Good luck trading! Gene Weissman Managing Member Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net (212)509-8813 X 412 See us at http://www.stocktrade.net
For what it's worth. I saw people complaining in a couple of chat rooms today about RT3 and ARCA going down today. My REDIPlus was solid all day.
Tabb, I've been using Nexa 2.0 offered by Nexa Securities(www.nexasecurities.com)since January and can tell you with my experience with CyBerTrader, RealTick, the Executioner, and Protrader Nexa is head and shoulders above them. First I have not experienced an outage with the software since January. Let me be clear here; I have experienced internet problems locally and never once has their software crashed. Their quote server provides a faster more consistent quote stream along with an almost absolute elimination of "stuck" quotes than I have ever seen delivered by the products listed above. Additionally and probably a little technical is that their client software is very "thin" (meaning, it does not take up a lot of space on your hard drive). I hope this helps you. If you have any other questions, please feel free to ask. Tim