I’m have been 1.5 year at collective 2 and I have lost money, I can not afford the $99 per month you want charge us for GEN3,
The average good system cost $100 and colective2 takes $30, now Matthew you want to increase your revenew 300% I believe it is abusive, these great traders take $70 per customer and you want to take $130.
I’m going to trade manually and start looking for other alternatives, I’m not paying more that $20 per your GEN3 Matthew I believe it will be a fear price to pay for something should be part of the whole package we are paying. Pretty soon we have to pay licence for using the Grid or for send a private message. You are just putting you hand in our pocket
Mathew,
I also question the fee increase and how it will affect people who want to come here. There are a lot more people with 5k to 5k accounts who want to trade then 100k accounts. Fortunately, the fee doesn’t apply to futures and those who do want to trade my ‘Predictor Day’ will be able to do so without paying those fees.
Even so, this is a relevant issue. A system developer will only see $70 from a subscriber paying out $200. In addition, I think you should also do something about removing free systems because it makes it more difficult to find the serious vendors.
Thanks,
Curtis
WHAT $99 dollar!!, com’on Matthew, you should know better that this, In this world the people/countries that go foward are the one those that make smart things meaning easy and low cost, you should make your money by volumen by attracting people not by scare them up with high fees, I’m moving my wife’s IRA and mine to OptionXpress with 15K and 22K but forget it. I won’t pay that.
I believe I have a company that can autotrade at IB with one subscription email, several accounts for $50 a month, when I have the details I’ll will post it here for those interested.
Mark,
If you mean by this: one subscription shared amongst many traders, as a vendor I obviously don’t like that idea! If I only had one subscriber I would probably stop publishing my signals and go elsewhere.
Matthew,
I have to add my voice to the discontent. I understand that you probably need more income to pay more programmers to make C2 better and fix the many annoying little bugs, but $99 per month really is too much for someone with a 10 or 20k account expecting a realistic return.
Although I think Gen3 autotrading is very attractive to (and advisable for) many, my systems for one can be manually traded and so I suspect most subscribers will choose that road. For that reason I intend to make even more effort to ensure that my systems are easily manually trade-able.
Dean.
Dean,
I am sure Mark is only talking about multiple accounts for a single user. IB has a portfolio manager to manage multiple sub accounts at once.
**
Matthew,
I must say, when I discovered C2 this summer and arduously evaluated all of my account options, had I known back then that a single $100 per month stock system would cost me double that amount to trade it via Gen3, I might have had to think twice about even entering this game. (Especially given how painful the learning curve was at the point I chose to enter a certain well-known system.)
I’m sure you know this, but it is a big leap of faith for the uninitiated and for small account holders, and there is no question that you (and the system developers) will see an impact.
Christina
Matthew,
I am a newbie here, not yet 1 month old, but just want to say your concept has great appeal and market viability…obviously things you know. However, the sense you may risk killing the golden goose is real with this current rate plan…especially for small accounts. I would not have have as easily tried this out as I have had the proposed plan been in place. If the systems I am running do not bear fruit early, etc, etc…I may just nip it in the budd relying on my tried and true friend, long-term trend following.
If the goal is to bring this to a larger audience - which surely it is - I would advise you seriously pursue raising 10 to 15M in VENTURE CAPITAL to allow you to grow your firm and develop the product to the point it deserves without alienating the fickle community that active traders are…no matter how retail.
Bringing in VC would allow you to focus and aggressively build without having to over tax the early-stage user community you have brought together.
BoL,
R
Futures accounts get charged 1.99 per side for using Gen 3. I think that would be appropriate for stock accounts too. Would that work Matthew?
That is not allowed according to SEC regulations. For stocks AutoTrading, we are only allowed to charge as a software publisher: i.e. a flat fee per month for a technology license – a fee which does not vary either by number of trades, number of shares, or account size of the customer.
Futures and forex are treated differently because they are regulated by the CFTC, a separate agency with different regulations. For those instruments we have met appropriate regulatory requirements that allow us to charge on a transactional basis.
Matthew
Thats interesting, stocks are so regulated. What about a cheaper rate(maybe 19.99 a month) so that everyone that wants to auto trade won’t think its a big deal? Maybe the volume will make up the difference and then everyone is happy. Just a suggestion.
