In response to Rick (1745) and Colin (1749)...
I'm live with MBT!
I opened a small acct with MBT and commenced trading this week. The info posted below may be helpful to individuals considering MBT or a similar outfit. It's haphazardly put together but should work better than taking Sominex tonight to sleep.
Warning: This is a long post and not really pertinent to you MBT pros.
System: I purchased a Compaq 5150 Presario w/an AMD K6-350 processor, 128 SDRAM w/100mhz system bus, 8GB HD, v.90 modem, cable modem ready (10mbps ethernet port) from CompUSA for $1200 in late Oct98. Added a 17" KDS monitor for $300 and I'm up and running. Compaq gave me 50 free hrs with GTEnet and I will also get another $100 cash back for trying GTE.
My backup system is an IBM Aptiva 486 that was upgraded to a P133. I haven't tested the software on it yet as a backup; hopefully will this weekend.
Internet Connection: Currently using GTE.net. GTE works fine, no delays, during business hrs but I sometimes get busy signals after 7PM EST. I may switch to Earthlink soon. I also have SNET (So. New England Tel.) as a back-up ISP running on my back-up PC.
The MBTrader software (or RealTick III) is quite good. Having been in trading software for many yrs I was impressed with the ease of use. Any minor problems I experienced were quickly resolved with either a call to the 888# or via the #MBTrading IRC channel. I've already spoken via phone or IRC with Steve, Brendan, RHD and Phil - all extremely helpful.
The software has not crashed on me at all since I started this week (bangs head on desk) and I am coming in using a dial-up connection.
I read the MB Trading User Manual (accessable once my deposit was recvd by MBT) prior to actual trading or activating my price feed.
I'd recommend any new user read this and any other misc. info MBT has put together for us. The manual (61 pgs) took me approx. 3 hrs to read/comprehend. The other docs are brief; none taking more than 10 minutes or so.
My prior set-up had me using Level II quotes on one screen and submitting trades to Waterhouse Securities on another PC. Archaic, compared to using MBT. I had spoken to Waterhouse a number of times about considering some type of on-line daytrading software but never received a response from them. The extra $11 per trade I now pay in commissions($22.95 vs $12) is fine for this cheapskate; especially when I see how much faster I get executed now (plus Waterhouse access was not too terrific the past 2 weeks). Trading initially in 500 lot increments I easily cover my commissions on any 1/8 pt gain.
I spent quite a bit of time before settling on MBT (also took quite a bit of time off this summer). Colin, you were interested in some Attain info. It is somewhat dated, but I had submitted a post or two on an SI thread a while back that I've attached below. I can't remember what thread I had initially posted it to, but fortunately kept them as a Word doc.
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Jerry, sorry it took so long to get back to you. I'm finally starting to read these private msgs. I've been on SI for quite a while but just found out about these. I have no idea how many I might have missed.
Re: Daytrader Locations
I attended an Insight Securities seminar back in Jan98 and visited their Greenwich office in early Feb. The office had just opened and there were only 2 guys trading in there in addition to the head of their office, a Mr. Edwin Leon. I had met Edwin and his
assistant, Joey Gonzalez at the Insight seminar and promised them I'd visit their office when it opened.
The office is over at 283 Greenwich Ave. on the second floor (a 5 minute walk from the Greenwich railroad station). They've got plenty of room in a brand-spanking new, recently renovated building (I estimate approx 30 traders could fit in the main trading area). They have several other open areas/offices for trader groups that might be
interested on the same floor. Joey spent a good amt of time w/me going over concerns I had regarding adding SuperDot access for NYSE transactions.
There were several TVs w/CNBC running on them in the trading room. Joey mentioned though that they were going to add headphones to all the trader stations because some of the traders didn't want to hear the volume (maybe they do have more than 2 traders; but not while I was there).
The trader station/work area consists of a 21" monitor and the CyberTrader software with S&P/Comstock quotes. Internet access was _not_ available on your trading monitor. A separate pc on a different desk (Joey's pc) could access the 'net. [Personally, I'm looking for a system w/everything inclusive - 'net, Level II, CyberTrader or another trade execution equivalent. Phones are available on each side
of your monitor (the desks have several monitors for multiple traders on each desk).
Edwin gave me a brief 5-10 minute demo while he was trading which made it hard for both himself and me. It would have been better to have had a separate monitor away from all the trader action as to not disturb anyone.
The initial seminar was quite informative, giving a history of the company and presented by Bryan Babcock, whose wife is a principal in the company. They ran another seminar about a month ago in the same hotel location as the first one. Bryan just got into trading 3 yrs ago after having been a hospital administrator. He's a pretty intelligent guy (I have been involved with stocks, futures and options for 25 yrs) and his demo and industry knowledge impressed me. Bryan has done quite well for himself (based on his own admission) and is one of the individuals who conducts the training sessions,
which all new Insight traders must take.
The training session is a 2 week intense class that costs $5,000. Sessions are run often. They recommended a $50,000 account balance to commence trading. The first week is class oriented w/tests daily. The 2nd week is for practice trading. I can't remember if this was paper trading or live trading w/minimal quantities. Regardless, once live trading started, I was told that your trading would be monitored at 100 shares initially.
Commissions for 100 shares would be $5; $12 for 500 shares and $20-$27 for 1,000 shares. You would also recoup your $5,000 training cost by getting breaks on your initial trades (I don't remember the break or how long they give you to recoup your 5M).
They did mention remote trading but it was not quite available at the time I visited their office. They mentioned they would have available in addition to the CyberTrader execution process, Selectnet, Island and DOT by mid-March. I haven't followed up on
this at this time.
Additional info is available at the website:
insightsecurities.com
I'll send you a separate msg regarding my experience with All-Tech and the Attain
system.
Jack
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Jerry,
Msg 2 - All-Tech and the Attain System
In late March I visited the Stamford, CT office of All-Tech at 666 Glenbrook Rd and met with a Mr. Jan Chowdhury who I believe was an assistant to a Mr. Jack S. (can't remember the rest of his last name).
All-Tech uses the Attain System and I was sent a nice brochure by a Mr. Vince Esposito (tel # (201) 782-0110) from the head office out in Montvale, NJ that I reviewed prior to my meeting with Jan. Get a copy of this brochure if you can. This way I won't have to write a monstrous memo re Attain.
The trading systems I've seen, Cybertrader, Attain and several via websites including MB Trading and Maverick are all fairly similar and relatively easy to use and set-up if you've got 1/2 a brain (which I might not even have :-) ).
The office space was not as large as Insight Securities but the main trading room also had room for approx. 30 traders, as I remember. CNBC was running on several overhead TVs here as well. I think there were 3 or 4 traders in the office when I was there.
I spent close to _2 hours_ with Jan who took me through the Attain system (but he did get interrupted quite frequently w/phone calls). They do have a remote system available for approx $500/mo. but allow you to also use the Stamford office at no cost. They were also looking for approx. $50,000 to open an acct and if I remember, either $19.95 or $25 per trade.
They have a 4 phase training program which I believe equated out to a 4 week course/$5,000.
I've come away from my visits realizing that I am looking to continue my trading remotely. I know I need some better tools (i.e. a fast execution system) to compliment my current trading environment. I'm spoiled w/$8-12 commissions so these $20-$27 rates bother me a bit even though I know I'm getting more software with it.
I'm concerned about the stability of some of these firms at this point in time. I've traded far more futures and fx up until now and I need some assurances before I take my leap into this process. I am very interested right now with MB Trading and Maverick; either of whom I would go with if my decision was made tomorrow.
My dilemma is though, that I've got 3 kids to get off to school in the morning. I retired a few yrs ago and this wasn't a problem. But I had to start trading again; remotely. So I don't see myself commuting to G'wich or Stamford (I had enough w/20 yrs into NYC) unless I get an Au pair, which I'm not comfortable with yet.
I'd be interested in how you progress with your trials. Best of luck. I'm sure I'll eventually post to one of the SI threads when I make my decision.
Take care,
Jack
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OK, keep in mind, the above data regarding Insight Securities and Attain is somewhat dated. Not having to be required to take a training course to utilize the MBT software is also a plus (I do have prior trading experience though), but for anyone who has not been exposed to either floor trading or comfortable with Level II, I'd recommend some training. Happy Reading. |
