Echotrade

[KennyBanya]

My wife has a standing job offer in Chicago.

I am considering pursuing a trading opportunity with Echotrade. They ask for a minimal capital contribution to get started, which kind of scares me.

They will help me pass the Series 7 and teach me to trade their way.

If anyone has any knowledge of this company please share.

Would love to hear positive and/or negative opinions about becoming a trader with Echotrade.

If it is a chance to work my ass off with a ton of earning potential, that all I am looking for.

Thanks in Advance,

KennyBanya

[Sniper]

Comments from Elite Trader

Also, here's the Echo methodology...

[ QUOTE ]
The ECHO Trading Methodology is a technical trading philosophy developed by the cumulative trading experiences of ECHOtrade’s partners over the past seven years. At the core of our methodology is the concept of the spring-loaded breakout and reversal, achieved by intelligently overlaying our technical view of the market with that of individual stocks to produce consistent profits with limited risk over short-term market moves. This overlaying of the market with stocks allows a trader to identify 20 to 40 spring-loaded opportunities daily that carry a 3:1 ratio of opportunity to risk.

The partners of ECHOtrade™, while building over the last seven years one of the nation’s largest professional trading companies, have traded through an ever-changing market landscape of volatilities, decimalization, bubbles and recessions. Through all of the change, the consistent profitability of the spring-loaded, ECHOtrade set-up has remained. Most short-term scalping methods fail today because they either force a trader to assume too much risk, rely on far too many indicators, or do not narrowly enough define a trade’s entry and exit points. The ECHO Trading Methodology simplifies scalping by focusing the trader’s attention on the drivers of a stock’s movement -- key technical points in the equity futures indices and in each stock’s chart. ECHO traders relentlessly scan the charts of the futures and their stocks through each trading day, strategically placing their trades in spring-loaded opportunities.

The ECHO Trading Methodology is a methodology for technical stock scalping, which, in practice, has two main strategies of execution -- the Stock Specialization Strategy and the Stock Scanning Strategy. Stock Specialization traders focus on a handful of stocks, usually having high prices and volatilities, and use The ECHO Trading Methodology to execute trades on those stocks each day. Alternatively, Stock Scanners use either ECHO’s proprietary research (contained in ECHOpoint), the ECHOfilters, or their own research to scan the market for the best breakout/down opportunities of the trading day. Scanners then use The ECHO Trading Methodology to execute trades on those key points.

Since the inception of ECHOtrade, The ECHO Trading Methodology has become the foundation for innumerable professional trading careers. The methodology is taught to our traders via several methods. The first is through the two-week Trader Training Lab. The second method is through ECHOtrade’s National Seminar: Trading the ECHO Methodology.



[/ QUOTE ]

[KennyBanya]

Thank you for the link, Sniper.

If there is anyone who has experience or knows someone with experience dealing with Echotrade, I would really like to hear about it.

KennyBanya

1. Join elitetrader and ask on there
2. Go in to #daytraders on othernet and ask there after hours
3. Go into #activetrader on financialchat and ask there after hours

[DesertCat]

[ QUOTE ]

I am considering pursuing a trading opportunity with Echotrade. They ask for a minimal capital contribution to get started, which kind of scares me.

They will help me pass the Series 7 and teach me to trade their way.


[/ QUOTE ]

What's the capital contribution? $50k? It sounds like the typical day trading operation. If so, SEC studies have shown that on 95% of day traders go bust within a year.

The brokerage firm, however, does extremely well since it's collecting on all the commissions the recruits generate trading every day.

[Sniper]

[ QUOTE ]
If so, SEC studies have shown that on 95% of day traders go bust within a year.

[/ QUOTE ]

The problem with pulling out this statistic, on 2+2, is that you are talking to many people that already know what it means to be in the top 5%. [img]/images/graemlins/cool.gif[/img]

[DesertCat]

[ QUOTE ]

The problem with pulling out this statistic, on 2+2, is that you are talking to many people that already know what it means to be in the top 5%. [img]/images/graemlins/cool.gif[/img]

[/ QUOTE ]

It means that you got lucky?

[DesertCat]

[ QUOTE ]

It means that you got lucky?

[/ QUOTE ]

You know, I'm not (just) trying to be a smartass. I've been asking you and other traders here how your methodologies work, so I can better understand trading.

I've made it pretty clear on this forum that while I disagree with the Efficient Market theory, I do agree with the Random Walk theory, which is that historical price movements can't predict future price movements. In fact, I'm skeptical that short term price movements are predictable from any data.

But I'm trying to keep an open mind. Share with me your success stories so I can better understand. If I agree that you can produce high returns with reasonable risk by trading, I'll shutup (hell I'll probably join your side as I am a greedy SOB). If I continue to disagree and harp on the irrationality of what you, well I'll just be trying to help you figure it out before you blow up like Neiderhoffer, Jesse Livermore, and all those other great traders.

[Sniper]

[ QUOTE ]
It means that you got lucky?

[/ QUOTE ]

In this case, I was referencing the fact that only 7-8% of poker players end the year in the black... many of the active posters here know what they needed to do, to be in that category!

I don't think it would be unreasonable to also say that 2+2 represents the largest collection of top 1% players.

[Sniper]

[ QUOTE ]
You know, I'm not (just) trying to be a smartass. I've been asking you and other traders here how your methodologies work, so I can better understand trading.


[/ QUOTE ]

The simple answer is the proper application of technical analysis techniques.

I think what I'll do is start a few threads that specifically discuss some of those techniques.