Various Questions: Let me handle them in this one post:
1. Re: internet quotron looking like Real Tick. What you are missing is that their NEW front end, replicating thier lan-based professional Quotron 5.0 will be coming out in about 2 months. Perhaps you can sign up with them now and then upgrade?switch over to new front end when it is avail. If you want a look at what quotron 4.0 looks like, go to Yamner Univ. www.yamner.com and then Document download, download a screencam of market action. It'll give you an idea of what Quotrons lan-based system looks like.
2. Re: Funk?'s Question about 10 tickets: I guess I picked ten because there is a point, in my experience, where traders hammering out large quantities of tickets are no longer looking for improvments, upticks in execution quality, but are rather waiting till the very last second to snag the very last offer, and if they miss that trade, they run to something else. As well, at some quantity, there are compromises you must negotiate. Nonetheless, I am a believer that its quality not quantity that produces results. Do 3, 4,6 good trades rather than 20 that net you nothing. Someplaces teach you quantity as they want the volume. I would rather see quality.
3. Raes and PACE - executions systems on AMEX and Pacific Coast for options which provide instantaneous execution on lots of 10 or less on bid/offer. "soes"-like for options.
4. Irby's comment about calling a broker. Let me state it this way...most on here only have ever experience three kinds of firms a) Smith Barney/Merril Lynch, smooth sales people, miles from trading desk b) Waterhouse/BrownBro - discount commission/discount service, miles from trading desk c)Internet trading firms - apparent access to trading systems, no guidance, no feedback.
What I am saying is that there is no way I would ever trade with a Smith Barney/Merrl Lynch by phone. Of course your executions will be less sppedy, you are dealing with a salesperson. What's missing, then? I am saying there are a few firms, less than a handful that I can think of, similar to ours, that provide immediate, direct access to our traders. We guarantee picking up the phone in 1 or two rings, so you're talking about 3 seconds from the time you dial. As well, we use our chatsite, private messaging, and ichat pager to faciliate communication of orders and reports and advice/guidance.
My comment to you Irby regarding slow phone business is that its more a matter of the firm with which you were doing your business. I know many that would complain about the quality of Etrades or Ameritrades executions and it would be just as incorrect to lump them with AbWatley, MbTrading and Cybertrader. MbTrading is probably the best at what they do, Yamner & Co., Inc. the best at what we do. I wouldnt lump the underperformers in with the leaders.
5. Second Guessing? - Irby felt a detriment of such a human-based execution is second guessing. One of the key phrases in the industry is "know your clients". I have certain clients that are well experienced and confident in their decisions, they have made it clear to me they want no feedback or delay when they want their orders executed. I will tell you that these are the exception. Most are more than willing and greatly appreciate the opportunity to discuss for a few moments different opportuntieis re: a trade, hedging etc. opportunities, etc.
Irby, If you and I had an understanding that you wanted no feedback but wanted orders executed immediately, and you told me on our site or ichat pager or via phone to buy 1000 abcd mkt, you'd have a report in seconds. Now, if you ended up in some large soes cue, whiel we were on the phone, I might suggest getting ready a SNEt preference order and instantly cancelling soes and going to snet preference or routing to a mm on a different system.
Zues asked about recommendations etc. In addition to execution services, some like to get some ideas, suggestions, ie. what are you guys looking at, anything for a trade? We, I , my traders, can surely offer that, but as anyone who has ever done tis for a living, you are always 20x more daring with your own money. You can alwasy live with losing your own cash but responsibility for others' cash is a serious one, one not often served with short term trading. So sure, we do a lot of daytrading for ourselves and would be glad to let you know what wer're looking at, why, how we would appraoch it, how you should approach it, why you should avoid it, but suggestions become more meaningful and valuable as we move into longer timeframes.
Have a great weekend! Go DEVILs! GO NETS! Jersey, the new mecca for sport teams!
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Regards,
Steve
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