Discussion in 'Prop Firms' started by Jonnytrade344, Jul 28, 2002.
What software platform does Bright Trading use?
yeah- i can't say that i like it all that much either..... pretty slow to put orders in- clicking all over the place with a mouse is bullshit- ( yes i know there are hotkeys you can set up i just haven't done it yet) traded it last week for the first time live and its not suited well to getting rapidly in and out of positions. my .02....
I have to say...the platforms available at retail firms like CyberTrader and many others, usually have much better execution systems. Generic and Bright use REDiPlus, Andover uses something called The Hammer, Worldco uses the lowly Belzberg (along with Twoensed, IDI-DOT and REDIPlus). None of those are as flexible as some of the systems I've seen at retail level. Features like auto-routing of ECn orders to best price doesnt exist for REDI or DOT nad Belzberg....a real basci feature it seems to me.
I agree. Today I set up my XKeys (www.xkeys.com) to work with Redi...so far it works great. My only complaint so far is lack of flexibility with Redi's order hotkeys. Other retail systems let you tailor your orders better.
I could not agree more. When I made the jump from retail to prop the trading platform was a huge hinderence for myself. Stupidly I had not even considered much the trading platform when I choose my first prop firm because I just assumed everyone stole from everybody (as far as trading platforms go. IIf realtick added a swipe key,I figured everyone else probably added the swipe key a week or two later).
The first time I used rediplus all jokes aside, it literally looked like a shareware version of the platforms I had used on the retail side.
To a certain degree IMO the reason that prop firms have gravitated so heavily to NYSE trading where as most retail firms concentrate on nasdaq trading has to do with the software. In short, I don't think any bigtime nasdaq traders trade on rediplus or rediplus type platforms. If someone reading this is making big money trading nasdaq on redi please post. I would like to know how you are doing it.
Before someone else shows up to refute the inherant superiority of the nyse spec system or rediplus which I have railed against in the past, the only point I am making here is this.
The NYSE is basically a tape reading market. Traders there trade much bigger size than us nasdaq guys, route two or three different ways max, and generally keep things pretty simple. Nasdaq traders are often completely different. They often trade much smaller share size since the market is so fragmented and we can't afford to get stuck in something, but they often make up for the smaller size by trading more positions at one time which of course requires different (more robust) risk management tools.
On the NYSE often traders trade the same stocks day in and day out and they get really good at reading those stocks that they trade. On the nasdaq, traders often trade whatever the flavor of the day is. We can't get as good of a read on particluar stocks because somedays GSCO is the Ax in it other days some guy on instinet is offering the stock all morning then buying it all afternoon. :-(
If the main tool of NYSE type trader is the time and sales, the main tool of the Nasdaq trader are Charts and watching new highs and new lows to see "where the action is",
The level II on the naz is certainly tougher to read because of the dozens of participants compared with reading only one guy (the spec) on the NYSE.
Anyway, I could go on and on, but the bottom line is this.
Nasdaq traders require systems that are more flexible. New traders when you are considering a firm to trade at....do yourself a huge favor and make sure the software the firm is using suits you. Some firms only allow you to use one platform, others offer you a choice. If you are locked into one, make sure it accomodates your needs.
Even better yet, if you have a suggestion on how to improve your existing platform whether it's adding an additional hotkey or some new chart study, how long does it take a programer to impliment it or atleast get back to you or somebody? Months, weeks, or days or do you get blow off all together?
All stuff you want to consider that might not be so "minor" after all. Again much of it depends on your style of trading.
If I traded 100% NYSE I think pretty much any platform would work, but I don't. I like Nasdaq and therefore I have "special" needs.
Have you tried RediExpress? It's basically a clone of "the Watcher" which was Broadway's streamlined NASDAQ execution system. All RediPlus users should be able to get access to it. I'm not a NASDAQ trader, but if you are, I suggest you check it out.
REDI Products (SLK) says that REDIXpress is for traders who "submit in excess of 300 trades a day and need a trading system that can keep up with that pace." This is tantamount to admitting that REDI+ isn't efficient enough for highly active traders. The truth is, whether you do 40 trades a day or 400, a cumbersome system will cost you mucho bucks. Professional systems should be designed for MAXIMUM order entry speed. REDI+ is a slowpoke in a fastpoke world.
Three other little notes... 1. REDIXpress isn't accesible over the internet (according to REDI's web site you have to have a dedicated line), 2. REDIXpress windows (like Watcher) have disappointingly little customization ability, and 3. REDIXpress, like its "big" brother REDI+, has numerous limitations on its hotkeys.
As for requesting that new features be added to REDI+, you'd probably have better luck requesting front row seats at the LA Forum. REDI+ doesn't seem to like user suggestions. Either that or they are relegated to the circular file upon receipt because I've never heard of a REDI Plus user suggestion being incorporated into the program, even when funneled through the "proper" management channels.
It does work over the Internet. At least I've used it over the Internet. I did have to give SLK a small bit of info regarding the IP range of my local (i.e. home) network before it connected successfully.
I think the custom hotkey support in REDIXpress is better than in REDIPlus. Though I didn't play with it extensively, nor have I used systems like the Watcher.
The version of REDIXpress I used displayed a few bugs, which in the end deterred me from using it for now.
Separate names with a comma.