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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Eric P who wrote (2462)	8/6/1999 11:26:00 AM
From: Dan Clark	Respond to of 18137

Eric, frankly I haven't kept track of this. I'll watch for it and let you know. Regards, Dan.

To: Eric P who wrote (2462)	8/6/1999 7:24:00 PM
From: OZ	Read Replies (5) \| Respond to of 18137

++++CORNERSTONE SECURITIES CORPORATION++++ ------------------------------------------ Thread, Today I had the opportunity to visit the Houston branch of the Cornerstone daytrading outfit. I met with the trading manager there whose name was Brian Koepp. Each office is individually owned and sold as kind of a franchise. The training programs vary therefore depending on the location. I will try to describe to the best of my ability what I can remember. The training program last for six weeks. It is a full time program and requires one to be there all day for 5 days a week. Therefore, most people that enroll, will already be taking the "PLUNGE" into the world of daytrading. The advantage is that they will have a strong support and mentoring system to help them out and greatly reduce the pressures to perform that people ordinarily encounter when they first start trading professionally and no longer have a day job. The first week is spent with a trading "Coach" and will include homework and regular assignment to be completed. Weeks 2 thru 5 are spent one on one with various "Mentors". Each mentor has there own trading style and one is allowed to flow into the style that fits them the best. Week six is back with the coach again and serves to cover any area or subject that the trainee wants to. One of the issues that really worried me originally was that they may push me into their trading style and not my own. Many places just want to get tickets and really push the scalping thing. I myself love TA and predicting short term patterns for greater profits (swing trading). Though I welcome the opportunity to ADD the hand to hand combat of market maker warfare to my arsenal. While I was there it became very clear that this would not be an issue. They had traders of all style trading there. The environment was very friendly and upbeat (even on a down day). The other interesting thing there was that the traders there had access to LEVEL II INSTINET. I had not seen this before. Apparently the scalpers there have a system to exploit the knowledge gained by being able to see the Instinet book much like we can see the island book! This is only available to brokers and Cornerstone is a broker. They have a process where they "Mirror" the data to the traders. This makes it legal. Confusing... Yes, but interesting. The other interesting thing was the ticket charges. All buys of a particular stock count as one ticket up to 1000. So I can buy 200 yhoo and an hour later 200 more and then 500 more and finally 100 more and it will count as one ticket! This really helps the newbie buying smaller lots while he is learning. It also favors any body that likes to unload his shares incrementally. the ticket charges were low too. 1-10 trades a day is 18.00 11-25 trades a day is 16.00 26-40 trades a day is 14.00 41-60 trades a day is 12.00 61-80 trades a day is 10.00 81-200 trades a day is 9.00 all the way down to 8.00 for 300 plus and yes there are the usual other charges (ecn, etc) The cost for the first three months for training and for using the facilities and software is 750.00 a month. After that it is free and one just pays for the tickets. They had TRADESTATION, RT3, and another proprietary platform and some trader even used various. One in particular used the RT3 charts and executed with Tradestation. Overall, I was impressed with the office and the people and will soon probably be joining with them. OZ