daytrading on bloomberg machines

[NemoD]

heya, they have bloomberg machines at my work, and i heard you could daytrade on the machines. if anyone can give me some info about how it is done, it would be helpful. thnx.

 

[amnesiac]

Um, if I recall correctly, you need a Series 7 to do so.

Got one?

 

[Doggiedog]

You don't need a series 7 to day trade. Series 7 pertains to giving out financial advice publicly.

As for BB, you need to have specific priveldges in order to use the trading system. I forgot what their network is called but its basically the same as opening up a brokerage account except they rape you on the commissions (something like 5c a share). We used to use it at work but it was quite expensive.

 

[SammyBoy]

you can daytrade on a regular ol' etrade acct....

 

[ReiAyanami]

yeah all you need to do is buy in the morning and then sell before the market close or short and then cover by the end of the day.

or do you mean the super l33t uber-daytraders that do it in 1/1000ths of a cent increments? w00t

 

[Doggiedog]

I think he is refering to the fact that you can actually input and execute trades on a Bloomberg machine.

Yes you can but you have to sign up with their services. You need to use their ECN to execute trades. Its similar to Instinet. The advantage using BB gets you is that you have all their services at your disposal.

What we did at my old shop was we had BB machines, which cost a few thousand dollars a month to lease, and used their trading system to place trades. The commissions we generated were used to pay back the cost of leasing the machines. This is called soft dollaring. It is very common on Wall Street.

 

[Jzero]

Sometimes I miss having a Bterm right on my desk

 

[Miramonti]

if its someone elses account then of course you can.

 

[Shockwave]

Daytrading is a bad idea unless you have alot of money or REALLY know what your doing.