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Suffice it to say that finding an accommodating, teaching, and fertile DAET firm is probably the most difficult part of DAET. You should choose a firm that can spend the necessary time to teach you and set you up in an environment that will give you the highest probability of success, a firm that has a fertile environment where ideas flow freely. |
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When choosing a DAET firm, look for one that fits your personality and has patience with the new trader or inexperienced customer. DAET is very competitive. The firm you work through must be tolerant and untiring in its efforts to teach. Commission rates on a per-trade basis should be low, and there should be little tolerance for system failures. The pace is fast, and sometimes tempers may be short and intensity can run high. A good DAET firm understands this and takes novices under its wing and stays with them until they are capable of interacting properly with the more experienced DAET traders. |
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Rememberaffiliating oneself with the proper DAET firm will be the single most important step you take in being a successful DAET trader. |
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There has been a proliferation of DAET brokerage firms. In fact, they seem to be opening up like fast-food franchises all over the country. On the surface, this appears to be good for the industry, because we must spread the word on the advantages of Direct Access Electronic Trading. The reality, however, is that some of the new brokerage firms view Direct Access Electronic Trading as a get-rich-quick scheme and are luring many people into the electronic trading environment without providing them with the necessary skills, training, and tools to compete effectively. |
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The easy-entry DAET firms have not invested the necessary capital in their programs or incurred the needed upgrade costs to constantly improve their trading systems. They have not committed the necessary time and effort to providing the extensive education required by new participants in order to increase each student's chances of success. In essence, a number of these new brokerage firms on the DAET scene have been lax in their procedures and short term in their outlook. |
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