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Bill,
I just looked at the CyBerBroker home page and it's requirements for new applications, and I admit that part seemed a bit strange at first. However, thinking about it, I believe I understand it's meaning and purpose, which may not be exactly as you assumed.
First it does not specifically require prior experience with a competitor, those are just examples. It says "6 months experience trading with a direct market access system (RealTick, Attain, tradecast, etc)." I interpret that to mean that they want six months' daytrading experience, which could have been obtained through an account with any of those brokers or similar brokers. It also could mean six months' experience using CyBerT or CyBerTrader through a SOES-type daytrading firm (e.g., any of the Block Trading Inc offices or similar brokers). So, an applicant may have traded previously either in a trading house or traded remotely already with one of CyBer's competitors and now wants to trade remotely from home with CyBerBroker.
I admit this requirement seems strange, but I think one could commend CyBer for taking this approach, being conservative enough to select traders with prior experience. Maybe CyBer's business model is built around the idea of having fewer traders than could be recruited, but getting traders with some minimal level of experience. Just like Brown and Company's ads always imply that you must have something like five years' experience, perhaps CyBer is trying to be a bit selective with its clients. Perhaps they realize they can only properly support a given number of traders and they want to get ones who will do better and remain as clients. I see nothing wrong with that approach and I would probably adapt such a policy myself were I in charge.
We all know brokers who will take account from anybody with $2,000 and a keyboard, and I commend CyBer for being a little more responsible and discriminating than that. Frankly, CyBer is the only broker I can think of that seems to have any concern whatsoever for the type of people it attracts as traders. Not a bad thing!
Bill |
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