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GXtrader Comments
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JimDean
Posted 4/13/2011 5:32 PM (#2163)
Subject: GXtrader Comments



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First of all let me set the stage ... I've no intention of becoming a "support" person for GXtrader or any other broker that OT/VT interfaces with. That's really beyond the scope of this forum. I don't mind it if some threads appear in the Miscellaneous Discussions Room about brokers ... if enough of them accumulate I'll create a Room for them. But please don't expect me to be an answer man to questions. I personally have not opened an account with them, yet - and even when I finally do, I'll stay out of any discussions about it. Nirvana staff also will not be able to "support" GXtrader broker-Q/A ... they will direct you to the brokers for that. Nuff said ;~)

General Remarks:

GXtrader is a "baby brother" of a well-established, extremely versatile broker - Transcend Capital. Transcend has been an Institutional broker for some time, and afaik they have across-the-board access to many markets and exchanges around the world. The clearing-house they use is the second largest in the world. So, GX has a strong framework that it's growing from.

HOWEVER ... any new interface is undoubtedly going to have some birth pains. Maybe on the broker side, maybe on N's Integrated Brokerage side, maybe both. So, here is my initial recommendation (I've already gotten emails from half a dozen people asking about it):

I recommend that if you are an active trader that is well capitalized, and if you like the initial "spec's" re commissions etc (7% margin rate right now btw), that you open up a MINIMUM account fairly soon ($5k minimum), and play with it a while with very small positions. I would not throw big money at it, or high volume at it, until the interface was proven.

When you "play with it", I suggest you place trades via OT/VT direct to GX, and at the same time, MANUALLY, place the same trade with your current broker. And, if you're an RT trader watching things as they go, then also EXIT manually on your current broker at the same time that OT/VT tells GX to exit. Do a hundred trades like that on a variety of symbols, and you'll get a feel for quality of fills, and also you'll be testing the Integrated Brokerage to GX trader along the way. That will give you some useful FIRST HAND knowledge about what's going on.

Of course, as Buffalo and Curtis know well, that will take some time, and undoubtedly create some aggravation, and will ultimately cost you some "experiment commissions" money. But keep in mind that the price per share is half a penny or less with no minimum - so you can do a LOT of tiny trades with GX and not blow more than say $500 on commissions in the process - a WHOLE lot of trades. By the time you've done that, you'll know the score, and will be able to make a more informed and confident decision than by listening to a bunch of people chattering about it.

JMHO, FWIW

:~)
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KeithParsons
Posted 5/7/2012 2:34 PM (#3599 - in reply to #2163)
Subject: GXtrader Comments



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Hi Jim,
RE: OT Portfolio & Brokerage Discrepancies (#888)
Integrated Brokerage - User Guide
GXtrader Comments (#2163)

I have read with interest the thread, OT Portfolio & Brokerage (tks to Ric, Curtis & Buffalo). This thread also includes both your and Matthew G comments.

I have printed and am presently reading the IB user guide.

I have read the GXtrader comments on thread #2163.

Having made the decision to move from forex (Mel & your past comments - again thanks) I now need to secure an OT recognized broker. I should add that I am about to upgrade from OT 2011 to OT Pro 2012 plus S.W. My signal is e-signal - R.T.

It makes sense to me to trade in USA times (I live in Durban +2GMT) and to start with the S&P500 shares sector. I can adjust to a daily 3:30 pm (RSA time) market open. This way I am in "the same fold" as your office / Nirvana for any queries / product advice etc.

Volume potential problems would not be problematic if I trade the USA market - as per a thread from some Aussie traders that I once noted.

Kindly could you advise me on:

1) Does GXtrader have a user guide like IB ? The IB guide is pretty good and explicit. I have put this question to GXT and await a reply
2) A year has passed since the GXtrader thread was posted by yourself. Have the "birth pains" been soughted out and are they something of the past ? I do realize there are continual IT problems - but dont want to have the same problems as I have experienced with forex.
3) Are there any more recent IB user guides that one should acquire.

I fully understand that both your office and or Nirvana do not post "personal" questions - and I trust I have not transgressed on this question.

GX trader may well be best suited to me - that I start with their "half penny shares". This would give me time to fully understand OTPro / TP etc. It is one thing to read / learn the theory - but the practical implementation is never as easy as it seems

Thanking you in advance

Transferred by on 5/7/2012, Original Author: Jim Dean - 4/14/2011, Original Title: GXtrader Comments

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JimDean
Posted 5/7/2012 8:13 PM (#3601 - in reply to #3599)
Subject: GXtrader Comments



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Specific Questions about GXtrader are best posed to the N folks, and they are happy to answer them. I don't have an account there yet so I can't say ... and it's best to get broker info direct from the broker anyways.

This thread is primarily for people to provide a record of their EXPERIENCES with GXtrader.
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KentHill
Posted 9/21/2012 10:19 AM (#3996 - in reply to #2163)
Subject: GXtrader users feedback requested



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I would appreciate hearing from someone who has (or had) an account w/ GX Trader.

I have gathered all the available facts but have some concerns… to be blunt; I have some reservations about N’s commitment to this endeavor.

My ‘evidence’ is the customer service (or lack thereof, as I have experienced): 1) I’ve spoken with Greg Hodges and some of his associates at Transcend Capital that are assigned to GX Trader… but they have not followed through with promised information or returned phone calls; 2) with the demise of Penson the clearing function has been moved to Apex but the forms on-line are still the Penson forms and they (GX Trader/Transcend) don’t seem to have the new forms to open an account; 3) There has not been any marketing of the GX Trader /VT offering so I doubt they will reach a critical mass of clients just fishing from the NS and NC ponds… Trey Robinson, who presented GX Trader updates at the BASH, is/was the ad agency account exec and does not appear to have any further involvement or interest.
When I call the N people I always get a ‘company line’ about how wonderful things are w/ GX Trader, etc. but when pressed they sort of hint at having +/- 100 clients. I confess that my primary motivation is that I like the free data feed, but it’s not worth it to set up an account if GX Trader is already an orphan that will die from neglect. I’m OK w/ my IB account but when I look at the cost of eSignal plus OmniData, it’s a bit much.

If anyone has an active account w/ GX Trader, pls contact me or share your experiences with all of us.

Thanks,
Kent
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JimThorpe
Posted 9/21/2012 10:38 AM (#3997 - in reply to #2163)
Subject: GXtrader Comments



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Kent,

I opened a GX Trader account one month ago and had no issues with the application or funding process. I have not traded with it yet so I cannot provide any input there.

FYI,
Jim
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JimDean
Posted 9/21/2012 10:47 AM (#3998 - in reply to #3996)
Subject: GXtrader users feedback requested



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I have heard this kind of thing before. I've contacted Nirvana upper mgmt to seek some answers ... or rather, to try to get them to light a fire where it will do the most good. I've specifically asked:

1. The forms should be updated NOT to show Penson
2. Questions should ALWAYS be followed up on
3. MUCH more info should be on the web page so questions are less needed
4. A mgmt-level name and phone number should be avail if GregH does not solve the issues at hand

As to the number of clients, I doubt that info is avail for obvious reasons - clearly N is committed to this, and I hope that Transcend is as well.

I'll post whatever I hear back about.
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KentHill
Posted 9/21/2012 11:25 AM (#3999 - in reply to #2163)
Subject: GXtrader Comments



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Thanks Jim T & Jim D...

I guess that you (Jim Thorpe) may have opened your account just before the switch from Penson to Apex. The forms currently on-line are still Penson forms but they promised to send me the new forms (a week ago). Since one of my key motivations is the free data, I'd have to place a fair number of trades w/ GX Trader every month, so if you do happen to place any trades through them, pls let me know how good their execution was.

For many resasons, my concern is that GX Trader just doesn't seem to be a priority at NS or Transcend. As another example, NS and GX Trader are not listed as 'Strategic Partners' but several other good resources are listed.

Maybe I'm lazy (I prefer 'efficient' :-) but I just don't want to go to time and bother of switching even a small amount of $ to a new broker if they aren't serious about it... and I'm serious about my money, even small amounts.

Thanks, Jim D for contacting N management... I have not been able to connect w/ them.

I really appreciate your help.

Kent
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JimThorpe
Posted 9/21/2012 11:41 AM (#4000 - in reply to #2163)
Subject: GXtrader Comments



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Kent,

I don't recall if the online forms I filled out said Penson or not. The thankyou email I received after submitting my application does talk about creating a userID at online.penson.com and the email I received with pattern daytrader notification also said Penson, so it sounds like they still had a few online references to Penson. Every bit of paperwork I have received, including statements has all been from Apex though.

FYI
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SteveLuerman
Posted 9/21/2012 12:10 PM (#4001 - in reply to #2163)
Subject: GXtrader Comments



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Interestingly, considering this thread became active again today, I received an email today from TranscendCapital. I opened a small GXtrader account last year, but due to the 1099-B problems with Penson, I suspended trading in the account earlier in the year, waiting for things to become clearer. Due to my inactivity, I got this notice this morning (see below). But I have requested the account to remain open, as I am hoping that things will pick up at GXtrader eventually. Here's the email:


Dear Client,

Over the last few months, our clearing firm, Apex Financial Services, has undergone a significant transition in its business and operational structure. As part of this strategic shift they have decided to no longer offer clearing services to a large number of the introducing brokers who they currently serve. Transcend is among those many firms who are no longer a fit for Apex’s future business model, so we will no longer be able to conduct clearing business with Apex. This means that you will no longer be able to keep your account with Apex and Transcend.

We have identified that your account currently has a cash balance even though it appears to be a dormant account, meaning that you have not conducted any business with our firm in at least six months. We believe that your ongoing brokerage needs will best be served by another firm. Therefore, Apex has already or will shortly send a check to your account’s address of record for your full account balance, after which time your account will be closed.
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JimDean
Posted 9/21/2012 12:26 PM (#4002 - in reply to #4001)
Subject: GXtrader Comments



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Thanks Steve ... VERY interesting

After reading your note, I called N mgmt back about this. It was their understanding that ONLY dormant accounts were getting this letter, and that Transcend is still doing business with Apex for active accounts. Clearly, the text of the letter says otherwise. So hopefully this will give N further fuel to add to their discussions with GX re GX client communications and information.
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SteveLuerman
Posted 9/21/2012 12:46 PM (#4003 - in reply to #4002)
Subject: GXtrader Comments



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I interpreted it the way you did - that Apex was no longer going to do business with Transcend. And I had already sent a note to Zach Spencer inquiring into who will be doing their clearing. I'll post if/when I get a response.

Edited by SteveLuerman 9/21/2012 12:53 PM
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SteveLuerman
Posted 9/21/2012 12:51 PM (#4004 - in reply to #4003)
Subject: GXtrader Comments



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The answer from Zach is:

At this time, we’ve yet to complete arrangements with an alternate clearing firm so we do not know for sure who will serve as the new home for GX. The below email is just a housekeeping measure we are taking in anticipation of a move so that we can avoid the unnecessary hassle of moving dormant and zero-balance accounts to a new clearing firm. I have made a note to remove you from the list of accounts impacted by the below notice -- your account will remain open.
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DavidOlson
Posted 9/24/2012 7:19 PM (#4024 - in reply to #4004)
Subject: GXtrader Comments



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Just got an unsolicited check in the mail from APEX Clearing for the total amount of my funds in GX Trader. I have been waiting for GX Trader to be able to take stop orders in the evening for execution at the open of trading the next day. I know GX was planning to add this feature but hadn't heard they had initiated. I have been trading through IB. Now, unknown to GX trader or their customers, APEX has returned all funds in inactive accounts. Talked with someone from GX trader at their home this evening. he said an email was to have gone out last Friday notifying customers (after the fact). I didn't get the email. These were also the funds I was planning to use for OmniVest. Not sure I want to send the money back to GX Trader. At least I have the money back (if APEX check clears).
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JimDean
Posted 9/24/2012 7:24 PM (#4025 - in reply to #4024)
Subject: GXtrader Comments



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I suggest you email Ed with your sentiments. This seems to me to be a foolish move by GX, without getting reply-verification first. I understand the thinking - "clearing the floor" before transitioning saves them trouble - but it's sort of an unpleasant surprise to the customer, not calculated to win them any kudo's.

IMHO which is not worth much here, I think they may need a new marketing guru.
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DavidOlson
Posted 9/26/2012 9:35 PM (#4036 - in reply to #4025)
Subject: GXtrader Comments



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Ed and I have been exchanging emails as well as he and I contacting GX trader. All around, GX Trader, Ed, myself, and, I'm sure others, think this was a extreemly unprofessional move on the part of APEX. No one had advanced warning. I got instructions from GX Trader today to just write "void" over the front of the check and send it back, which I did today. This should keep the account open and funded. GX is investigating the possibility of moving to a new clearing firm.
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JimDean
Posted 9/26/2012 10:00 PM (#4037 - in reply to #4036)
Subject: GXtrader Comments



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Thanks for the update David. I'm glad to know that everyone agrees this was unwise.

The only strange thing I see, which probably won't ever be explained, is why the wording of the letter quoted above regarding closing the account appears to be authored BY GX (Transcend), not by Apex.

If Apex sent it out without Transcend's knowledge or permission, then they committed fraud by misrepresenting themselves.

I suspect it was all one big dumb mistake and it will hopefully blow over, by GX/Transcend (themselves) sending out a letter of apology and explanation to all affected customers.
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WesSmith
Posted 1/3/2013 9:37 PM (#4260 - in reply to #2163)
Subject: GXtrader Comments



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What was the end result for the clearing change.?

Given that OV may end up with a GX trader bent .... I'd really like to know how viable/stable they are.
The discussions above cause me some concern.
Who are they clearing with now?
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DavidOlson
Posted 1/3/2013 9:56 PM (#4261 - in reply to #4260)
Subject: GXtrader Comments



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They restored funds to my account. As far as I know, Apex is still clearing for them.
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TimLeung
Posted 1/3/2013 10:18 PM (#4262 - in reply to #4260)
Subject: GXtrader Comments



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I have waited and waited but have never received that dreadful letter that a couple of you received from GX. My account is still there and still functional. Yesterday I received an email from Apex saying that my year end statement was available and I had no problem retrieving it using GX log in info.

I kept hearing Ed saying that he was trading OV fine with GX and was tempting to try but was discouraged by Angela Hood for the problems others experienced with IB and MB paper a/c's, also for GX still hasn't come up with a paper trading a/c. Today's email from LD Newby to Ed recounting his success with OV and GX is most encouraging.

Happy New Year,
Tim
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WesSmith
Posted 1/3/2013 10:32 PM (#4263 - in reply to #4262)
Subject: GXtrader Comments



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I dunno ...
IB has the same commission rate .. albeit with a 1.00 minimum fee.
And they only charge 1.9% margin rate .. GX is 7.x

I can't see the advantage.. other than the tight integration with the tools. Which is something to seriously consider.

For me, and others outside the US... We have to cheat a bit to even open an GX account.

Big blowups like Perigrine, Refco, MF Global .... make me shy of small brokers.




Edited by WesSmith 1/3/2013 10:36 PM
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JimDean
Posted 1/4/2013 6:39 AM (#4264 - in reply to #4263)
Subject: GXtrader Comments



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Hi guys

Thanks for these comments - they're interesting and helpful.

Please be careful to keep the OVest discussions in the Nirvana Club section of this forum, since for now it is not a publicly released product and there are confidentiality issues.

Thanks
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JohnWolfraad
Posted 1/4/2013 6:55 AM (#4265 - in reply to #4263)
Subject: GXtrader Comments



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Here's my 10 cents - I don't like small brokers, I've got the battle scars to prove it. I can't even get a balance sheet and P&L from GX, and I can't readily find anything on their financials on the internet.

IB equity is approx. $4.7B and they have an investment grade ranking from S&P.

Also, if you buy 50 units of a $50 share ($2500) with GX you save 50 cents v IB, if you spend up big and buy 100 shares for $5000 there is no difference in brokerage.

Finally, I have dealt with other US brokers like E*TRADE and Options Xpress, and if I want to short something I've found that IB consistently has more shortable stock available than other brokers.

John
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ThomasHelget
Posted 1/4/2013 8:14 PM (#4266 - in reply to #4265)
Subject: GXtrader Comments



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John:

I agree with you about IB. Although the user interface is a nightmare, I have only once or twice in the last two years encountered a stock that I could not short on IB (and I love to short). And, if the issue is unshortable there is even a nice little color display that shows the shortable status you enter the symbol. Before using IB I was with Scottrade. I can't tell you the number of times that I "stalked" a stock and then when, finally, I entered the trade got a "no shares shortable" message. I should also state that in considering GXTrader I asked about shorting and did not get much in the way of an answer.
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JohnWolfraad
Posted 1/5/2013 1:49 AM (#4267 - in reply to #4266)
Subject: GXtrader Comments



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Tom,

I've done a little less than 500 short trades with IB and going back over my records I found about 15 examples where they notified me before market open that there may be an issue with getting in the shortable stock. In all but three instances they were able to find the stock before market open.

I've had no issues using IB with OT and Omnipilot, and more recently with IB and OV. I've had about two dozen queries on pricing in 4000 trades, and generally they have been right and my information or conclusions has been wrong, so I really can't fault them.

I'm conscious that I'm in the GX Trader thread but this is probably relevant information for anyone considering GX.

By the way, does anyone have access to a Balance Sheet and P&L for GX?


John
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