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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Sword who wrote (3328)	3/8/1998 8:28:00 AM
From: steve goldman	Respond to of 12617

Thanks for the post Jerry. If you were to find messages by me regarding my opinion of online firms, you could extrapolate my opinion on all online trading firms, not just Castle Online. Part of it could be that I head the trading desk at a firm that could easily bring in such technologies but feels it is inferior to the way we currently execute trades etc. Every so often this thread starts discussing the merits of one to the other or someone asks me what I think and I have a tendancy to rip into online firms, make bold statements about how superior I feel the services our firm offers are relative to online firms, etc. and so forth. While I have always given my opinions with 100% sincerity, regardless if anyone thinks I am right or wrong, the thread becomes filled with individuals saying I may only be believing it for financial gain etc. I'm kind worn out from the markets this week and expect similar chaos on Monday and Tues (with CPQ etc) so I would rather avoid getting to detailed: My response: 1. Go back (or irby might post the post#) and look for discussions regarding this, maybe 2, 3 months ago, on this thread or on the Trading Desk Thread. 2. Evaluate any firm in the following manner: a. What is their role in any execution? b. Who's interest are they keeping foremost in my mind? c. Net the math: 10 dollar trades are good but not if you could average price improvement of 1/4pt. one in every 5 trades, if not more. d. How long has the firm been around and will they go belly up if the market corrects and super-active trading by the masses slows down for a period? e. How easy is it to get in touch with them during market hysterical moments? In the end, I don't think that many fit the bill for most investors. For the super-active, day trader, there are a few, MBTrading and others that get close. Castle might be one of them. But these are for the superactive trader, the 1 in 30 that happens to be able to succeed. I do not think the average investor or even the trader starting out should be there as there is a ton to learn and such a firm offers nothing in the way of guidance. If you have followup questions, we can go after them one at a time. regards, Steve@yamner.com hope to see you all at the chat session tonite at 6pm. est...http://www.yamner.com/chat