momo, I have never understood why some people are so hostile toward veteran traders like Don He has a a firm that is similar to a retail model... Only with leverage and nose for working strategies. So what? If you don't like the model or firm don't trade there. But to jump in and smear every chance you get is really extreme don't you think. It sounds to me like you have some sort of ax to grind.
LOL, I have never asked ET to delete anything...you can't imagine how many times I have "re-thought" my posts after reading them. All I was trying to say is that I respect all you guys, and that there is no reason for such a "heated" debate (as in P&R threads).... Mr. Momo...I have many traders who have returned from Echo and other places, and yes, in all fairness, some of mine have gone over there. A lot has changed over the last 17 years we've been doing this. Some guys here, and at other firms, are "grandfathered" in with some special deals. Current pricing levels are competitive. My 100 million share per year traders are painfully aware of the other firms. Now, "can't we all just get along?" Don (the most "un-interesting man in the world")....
LOL, there's some truth in what you say..... But, in all sincerity, we are very fortunate to have such a qualified Compliance Officer.... (Hi Diane)..... (she reads everything, LOL). Don
As most of you know, Echo was formed by a couple of ex Bright Traders. They have always been gracious "competitors" - I like Rob and Jeff. Early on, in fact the reason I first came on ET - a "manager" was basically trying to recruit our traders, and compensating traders for helping to do so. This resulted in all sorts of really erroneous comments here about our Firm, my brother, my family etc. I came on, without an alias to simply set the record straight. I called Jeff D. at Echo, and he promptly put a stop to all the mudslinging etc. And, was unaware of any such activity. All good from Jeff. Echo merged with Van Buren, another group formed by BTraders. Echo then merged/joined/partnered with (not sure of the legal transaction) with Pax, their clearing firm at the time. At some point, they became part of the Merrill Lynch family. I spoke with Rob about that time, and was assured that the "same team was in place" (which actually made me feel better). Now to your question. Yes, we have lost traders to lower rates over the years. Sometimes we didn't have a location nearby. And, we've had some leave to come back later for various reasons. We had a group actually test both firms for several months before deciding that they wanted to be part of the Bright team. Some other Echo transferees needed/wanted to be part of our PairCo team with their live chats, daily data base updates etc. Rates were negotiated. Some came over because they were not allowed as much capital usage as we offering at the time. Some wanted to part of a mentoring group. Some liked the black/gray boxes offered to our people. Overall, some traders have been to several firms... some never leave, LOL. IMO, I think good management exists at both Firms. We have chosen to stay private, they didn't, simply a management decision. I appreciate your candor, and don't mind discussing any of this in general. Trade well, Don
I'm at Echo, spent some time in an office many years ago before I went remote. From what I have heard over here from guys coming and going is that many guys come here for rates and software - Don talks about when Redi was in disrepair in a previous post, that seems to be very true, a lot of guys mention that they like Echo's software and technology a lot better. As for the guys who leave Echo for Bright, the only reason I have heard from them is that Echo is mainly remote these days and those guys were struggling outside of the office environment, Bright does have an extensive office network and for some guys who need the 'team approach' to trading they do better in this environment. I get PMed from time to time asking me about Echo and such and I always tell guys that my take on it is if you need help with your trading - new trader or guy who needs an office environment (outside of NY - Echo has a large office there), then Bright is the place for you. If you know what you are doing and want to hide out in a home office and just make money, or have your own network of guys you either converse with through the internet or share space with on your own dime, then I would be at Echo. I have visited so many other firms over the years and talked to a lot of guys and in my opinion I would only go to one of these two places for sure, which is how many other people clearly feel by moving from one to the other.