Leverage depends on risk. Typically, traders start with 20:1 intraday, 5:1 to 10:1 overnite. (they join as members of our LLC, are licensed and have no Reg-T issues). Then we adjust from there based on their volatility and experience with them. I have a number of traders who use over 100:1 at times. Regarding fees on 1000 shares round-trip. Rates start at 1c/share and go down to 0.4c/share. It depends on total monthly volume. For new traders, the exact rate is on a case-by-case basis based on our initial conversations with them. Cash
I trade with Bright-remote -Platform is REDIPlus, very stable...no significant issues -Fee of 200/mo is rebated on 3rd day of following month IF you do at least 200K vol. No proration. -As long as you don't get crazy (like shorting 1000 shr of GOOG) they will let you do just about whatever you want intraday. I don't do huge Vol but I know I have been at 50:1+ (intraday doing openings) and never had any problems. As long as you are disciplined, they give you a long leash. Overnight, they like you to be hedged within 20%.
REDIPlus was a good platform when it first came out but they really need to put together a better platform instead of keep applying patches. REDIPlus is the worst platform I've traded with. It was a pain with the stuck orders that wouldn't cancel. Or the orders that you cancel and they would come back up. Ended having to get the office manager call GS to take a look and cancel it. It's charts that you pay money to use with REDIPlus crashes the system when you try to do tick charts last year. Don't know if they fixed that with a patch yet. The quality of the charts are so crappy it makes IB Charts look very nice. Bright have a 2nd platform OMNI that is good and nice charting. The only drawback I heard is that they clear with someone else and the short availibity is smaller. ****** NYSE and NASDAQ stocks trade differently. There are traders who make money consistently trading breakouts with Nasdaq and trading conter-trends with NYSE stocks. There is nothing crazy about being long or short 1000 shares of GOOG if you have an edge and the position size is correct for the size of your capital. Bright highly recommends their trader stick with NYSE stocks just because it's closer to book value. And the fact that Google's first earnings blew up some Bright traders. I remember Bob saying that some traders were short into the first earnings and Bob had to cover all their shorts the morning after the earnings because it took out their accounts. That had nothing to do with trading GOOG. The problem was the traders were idiots for gambling on 1 earnings report especially if they were leveraged. It's like sticking all your capital on one hand of blackjack. ****** The MAIN advantage of trading with Bright is the leverage and solid financials. If you have an strong edge and trading plan, you can put down 25k with Bright and trade 1 million of capital and make some good money. If they reduce their commissions to match IB, I would recommend them.
(I agree, we had problems with Redi in the past, but no longer) For those who haven't traded with Redi for a while, let me say that since Goldman took over, the platform has improved exponentially. I honestly don't care too much about the platforms, since they are all a "commodity" at this point (all I do is "buy" "sell" or "cancel" anyway, LOL), the differences are very insigificant IMO. Since writing to the API is so simple now, with the advent of the Redi Link being incorporated into Excel, we have many new (and easily programed) spreadsheets being created all the time by traders. Anyway, between the Redi platform and the new liquidity pools, we're getting a bunch of guys from other firms these days. Don
Can someone post a screenshot of rediplus? And also how do you enter orders? Do I have to click buy and all sorts of other nonsense, or are there hot keys I can push to get my order out quick to take advantage of different opportunities in relation to scalping?
Oneclick, buy sell cancel...very simple...check www.redi.com for screenshots. I seriously doubt that all the major firms like GS, LEH, etc., would use a clunky platform, right? Software is a commodity, as long as you have the "indy car" level of performance. Don
Hi Don/ Cash, Do you have any international (i.e. overseas; outside USA) remote traders set-up in your prop firm? TIA.