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Neal:
The six months I spent trading on the Merc floor was really quite educational.
And one of the things I really enjoyed during that six months was the time I
spent off-floor in the trading 'lounge' at my clearing firm. The 8 or 10 guys
[and one woman] that spent hours and hours in the lounge were there doing there
research and watching trades in markets other than at the Merc. And the level of
trading expertise of these traders was great--You'd be hard-pressed to put the
level of expertise together at a trading seminar even if you had an unlimited
budget. I stay in contact with many of these people and I count these
friendships as gifts that keep on giving.
Best,
Tim Morge
Neal T. Weintraub wrote:
>
> Oh, I see. You think a clearing firm just clears trades. There are locals or
> as you say floor traders and some of the biggest bond futures traders on the
> floor at our firm. We also have many off the floor traders clearing trades
> through us. The point is that the wonderful world of back testing on Trade
> Station is replaced by more sophisticated programs and in house computer
> programmers.
> The home grown solutions are just not used by the people at our firm. That
> is not to say TS does not have its good points. We just have not found it
> useful for the professionals at our firm and their style of trading...that's
> all.
> -----Original Message-----
> From: Gerrit Jacobsen <jrt@xxxxxxxxxx>
> To: Neal T. Weintraub <ntw@xxxxxxxxxxx>; omega-list@xxxxxxxxxx
> <omega-list@xxxxxxxxxx>
> Date: Tuesday, September 22, 1998 3:23 AM
> Subject: Re: Yet another letter to Bill Cruz
>
> That might tell you something about your clearing firm - but not
> about Tradestation. I cannot see why any clearing firm needs TS at
> 2400$ each just to check your executions - unless they are punting
> your systems.
>
> > I am here in Chicago and I cannot find one Trade Station at my
> > clearing firm. But then again we are only a clearing member of the
> > Board of Trade. Not a bash, or a trash...merely a fact.
>
> >
> >
> > >No offense to anyone's opinions here...but TradeStation programs are not
> > sitting
> > >on thousands of institutional trading desks. TS is certainly not up to th
> > >rigours of a large networked trading area and the technology offered to
> TS
> > users
> > >is just not worth an institutional trader's time and energy--Other
> > platforms are
> > >available that are much more reliable and equipped with better
> technology.
> > >
> > >If Bill Cruz and others at Omega don't care about the individual trader
> > because
> > >they are dreaming of equipping large institutional trader with TS version
> > 5,
> > >it's no wonder they don't understand what we are asking for--They've lost
> > all
> > >touch with reality.
> > >
> > >Best,
> > >
> > >Tim Morge
> > >
> > >HarriMonk@xxxxxxx wrote:
> > >>
> > >> Mark Brown wrote:
> > >> <<1. They are too busy answering the phones for sales and could give a
> > shit
> > >> less about us?>>
> > >>
> > >> No and yes . At $1,100+ per month for a license for Dow Jones Teletrac
> > Trade
> > >> Station I would think their thoughts are totally removed from the
> private
> > >> trader altogether . It's obvious that Omega are totally orienting
> > themselves
> > >> towards the institutional IT buyer. DJT does all the marketing to the
> big
> > >> investment banks - who could buy, say 50 licenses per site- and
> provides
> > >> (among other things) full customer support and a y2k compliant server
> > whilst
> > >> Omega simply sit back and collect royalties. Probably more lucrative
> and
> > >> hassle free than slaving away for y2k patches and upgrades for multiple
> > data
> > >> source using spare bedroom traders who read TASC.....
> > >>
> > >> Regds,
> > >>
> > >> Harri.
> > >
> >
> Gerrit Jacobsen
> http://www.tickscape.com
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