TraderEdge

If anyone is new or thinking about switching to Lightspeed they are running a $10,000 Cash Back Promotion on commissions
Open An Account | Lightspeed Trading

Brendan Egan

Thanks TraderEdge!

Worth noting are the terms/conditions as I'm sure everyone can imagine this is not simply a free $10,000 in commissions:

Graham

That sounds like an awesome promo. I am about to get back 250 from them for my promo.

__________________
Think big, think positive, never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear? That's the other guy's problem.
Nothing you have ever experienced will prepare you for the absolute carnage you are about to witness.

Unregistered

This is taken from the esignal website:

Special Offer from Lightspeed for Clients of eSignal

Every month you trade 250,000 shares or more of exchange-listed stocks (NASDAQ, AMEX, NYSE / Arca) at standard rates on the Lightspeed Trader Platform, you will receive the eSignal Premier Charting Software free of charge. (Exchange fees still apply.)


I have a daytrade account with Lightspeed but am still at my day job for now. I agree the charting in LS is very basic. I thought it was interesting to note that there is a deal from LS for free esignal software usage if you meet the minimum monthly volume requirement. I don't know if I could trade 250k shares just starting out daytrading but someone more experienced would most likely be able to trade that kind of volume in one month. Might be worth contacting LS to find out more about this deal.

Mike

BarClose

Hi All,
How do you guys have your buttons programed?
Light speed seems highly specialized software...is it designed for scalping?
Are there any light speed screen shots around so i can get an idea of how to set my screens up it up?

Brendan Egan

Most Lightspeed traders are day traders or scalpers. It can be used for swing trading but is not necessarily designed for this.

I have buttons on my keyboard for buying and selling at market, bidding and offering at various adjustable prices, etc.

Here is my current layout with Lightspeed:

Brendan Egan

250k shares a month is a lot of shares, even for some traders I know that make several thousand dollars a month. However it is a good offer and just goes to show that Lightspeed acknowledges their charting services are fairly weak. I have been told they are working on the charting still but have not been given any sort of time frame as to when they will be releasing the improvements.

TraderEdge

I mostly use point and click. I played around with programming a month or two back. One of my setups is buying at the offer, but making sure that my order trys to get filled on the least expensive venue (ACRA,BATS, NASDAQ) In this case I'm taking liquidity so I would want my order to be filled on NYSE (-.18) first. If it doesn't get filled the next on my list is BATS(-.25). And so forth. Call lightspeed they will help you out or use the guide I provided on page 1 of this thread.

Yes you can scalp on it. If your new I would suggest trying to swing trade first. The problem with scalping is all the algos in the stock. You have be very confident when doing this, know when to cut losers, and have an excellent risk mgmt strategy in place.

I would suggest experimenting to find something your comfortable with. One setup may work for one person but not another. Visit the member journals section of the forum and watch the videos there. They will provide you with some ideas.

BarClose

Thanks TraderE and Brendon,
Brendon what are the 9 other stocks you watch(if you don't mind me asking)
and Trader i will head over to the journals thanks...I too can't decide where to route my orders.
( i'm used to TD amertrade where it is "auto") so for limit orders on swing plays i will just route through one ECN like arca or nsdq and use a smart order....
and on scalping that would be market orders and "taking luiquidity"? use supersmartorder?
On the super smart how many seconds is your order good for?

TraderEdge

Yes market orders take liquidity. If I'm fast enough I can put in a limit order and not get charged for taking liquidity. But yes either way you can use a supersmartorder.

I'm not exactly sure. I use the default if I decide to use hot keys, but I believe you can alter it under the smart order tab, under timeout.