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well, i checked it out and here is
my honest opinion as a trader
( think i represent an average full time trader out there ):
- $299 number probably came from
an average "at home" l2 trader pays
for his feed and software.
-$99 number is not too bad...
i love tradestation and always did...
however: the major minuses are:
as it is offered now...
- L1 data only.... L2 data not available yet...
- no futures...
- tick data only for 5 days back, this is really
no good ... omega at least give us a month worth....
- minute data only for one month ( sounds like it )...
no good... need at least 6 months worth...
- daily data is ok...
- execution is not yet available and when it is
available it will only be for stocks...
options under question... futures under question...
and we don't know what the commissions are
going to be...
- *data correction... forgot about it?
( not mentioned anywhere )
NOW, OMEGA LISTEN UP:
( print this e-mail out and give it to Bill Cruz )
PLAN 1: ( platform only and no executions, some of us have our own means of
executing the trades but we'd be happy with "all in one + system" platform )
if you can do this for about $200 a month:
- L2 data
- Options
- Futures ( at least CME and CBOT ) others are optional
- at least one month worth of tick data ( 3 months is better )
- at least 6 months of 1 min data ( for futures use contract duration )
- intraday scanning capability, say every 5 minutes if you can't do it on
the fly
( take a look at insight, the standard )
- executions are optional in this case.
***you will make tons of money without even offering executions***
plug it into your spreadsheet...
PLAN 2: ( platform and executions )
same as above + access to order executions in equities and
options:
$100 a month base fee + commissions structured in the following
manner:
- equities: 2 cent per share with min of $5.00 ( yes 5 dollars! )
- options: $10 per ticket + x cents per option...
- futures: ( you guys need to get in touch with LFG or PFG
and get hooked up to their autoexec system ) $10-15 round turn
( you can structure that based on how active a trader is )
why don't you become an IB for them...
then run the adds on CNBC...
***if you can do that you will STEAL half of the business
from the L2 dinosaurs and web based futures outfits...***
***you will kill most of the competition right then***
don't be cheap, the commission structure above is
good and very attractive for active and passive traders...
it will generate considerable revenues...
it is becoming a standard...
they will migrate to your platform, i know i would in
a SECOND....
*** basically give us something that does:
-futures, equities, options, L2, at least 3 months of tick data,
at least 6 months of 1min data, tick corrections!!!, good commissions and
for under $200 based fee - and you got it***
plug it in to your spreadsheet and you'll see you'll be making
$2400 - $50,000 per trader per year out there...
( from non active to most active, there are about 100K
top pro off the floor traders in this country, not counting
the rest )
for now it looks weak... again not much tick data
and not much intraday data.... we don't know what the
commission basis is, no L2 and no futures...
best thing could be done with it, the way it is now,
is eod trading... people are smart and they are
watching... so Omega don't screw it up this time...
my warmest regards and i hope you will do something
like the above... so that we can ditch our old stuff
and do all in one...
bilo.
ps. if you can match the above i will switch to your
software and TRANSFER MY ACCOUNTS in a frigging half a second...
and i am sure thousands! will too. for now
we are waiting out there... give us the best...
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