Anyone tried Watley's new UT platform? I got a call from a sales rep. New management etc, they are going after former customers to bring them back. Offered some very attractive rates, close to IB levels for UT, little higher for RT. Is UT a viable option to RT?
I haven't traded on it but I took a look at it. It is a very capable system that is good for trading. Since I haven't traded on it and only have been given a tour and one hour on it - I can't say much. Looks viable. Who did you speak with at AB Watley? Also, depending on what type of trading you do, you may want to take a look at Laser (Genesis) - But that is good for Nasdaq scalping and momentum...
The ultimate platform is truly the ultimate trading tool. I would recommend it to anyone as long as they stay away from my stock's that I trade. The software really gives you an edge. Also AB watley is a prop firm now and they bought out Onsite trading right there that tells you they are a big player in this business. If you are a real player you know AB Watley is the best.
Sorry, but the fee are a lot higher than IB, the basic fee are 17.95 +ECN fee+1$ special open ticket/symbol/month. With IB, this this 1¢/share for the first 500 and 0.5¢/share for the balance, just do the arithmetic! I have already trade with them, people are right and good support. I have also used their UT plateform, the data in quotesheet and level 2 are feed correctly, but forget the graphics because their look are crap and the worse they are not very reliable, missing data, bad range scaling. Also, many problems with the UT when they update their platform, with a new release you will experienced some shortages, cannot login, and I have seen many users as me that it have been necessary to start with a new fresh windows copy on the computer because nothing could correct the problem. Their JAVA programmers are not very efficient. Hope that this could help you! I have leave them because the fee are too high, now I am with IB and very happy for the fee and the reliability! Also, if you read this website, you will see that their financial status is not very good (search for keywords: Watley Chapter 11)!
don't kid yourself. the software is a pos! the system goes down every hour at their wall street office. forget about the remote users - there are delays in orders showing up on your screen. at times, you get filled before your order even shows up in the order box. they are currently looking to license software from an outside vendor because its so bad. the rates are not cheap either. they claim to give rebates on ecns but in fact they charge you. penson, who owns them now, is known as one of the shadiest clearing firms on the street. the management is even worse. the new ceo is a scam artist. ask around and you'll find out for yourself.
fatty, You are scaring me - I just opened an account with a firm that clears Penson - what's the deal there? If you prefer, PM me. nitro
Fatty, give it up on Penson dude what's the deal? Lots of firms use Penson (including the one I trade with) and I have not heard anything about them. What's the 411 man? If they are shady I'd like the down-lo, cause they got my money! MACD :eek:
macd, i was really directing my comments on abw but if you want to talk penson: you said that "lots of firms use Penson" - i bet that they are probably all daytrading shops that will all soon be out of biz. i bet you can't name one reputable brokerage house that use them for clearing. if you go around to all the big brokers (ie, goldman, morgan, smith barney, etc) and you ask them if you can dvp to Penson, they will LAUGH at you. they are considered a pos clearing firm that poses too much risk for a broker to do business with. penson will be around until the little shops dry up. fatty
The ultimate platform is truly the ultimate trading tool. I would recommend it to anyone as long as they stay away from my stock's that I trade. The software really gives you an edge. Also AB watley is a prop firm now and they bought out Onsite trading right there that tells you they are a big player in this business. If you are a real player you know AB Watley is the best. I've been using UTII for a while now and presently use it as a backup. Can you please tell me what the "edge" is??? It's Java based and it's no better than most retail software out there, so can you pleast tell me what th edge is?? Ab Waley has a prop group now but it's not from Onsite Trading. FYI, Onsite was a purchased by abwg and it was a big disaster. Look at their financial statements and Onsite was one of the biggest reasons that they got de-listed by Nasdaq. So if you're saying AB Watley is a big player, you are wrong dude. Go to 40 wall street on 27th floor and go see if for yourself. Before you start filling this board with false info, go there and make sure your info is right. I'll bet you 1k that when you go there, you are going to be wrong. Then again, you could be working for AB Watley.