A new online broker is opening with an interesting twist. Aside from the usual online features, DittoTrade lets you buy and sell right alongside an experienced trader.
DittoTrade's CEO, Joseph Fox, has prior experience operating an online brokerage firm—he was a founder of Web Street Securities, which was a top-rated broker in Barron's annual ranking back in the late 1990s and was acquired by E*Trade (ticker: ETFC) in 2001.
...Fox says the idea is to let average investors, who usually have better things to do than stare at a computer screen, benefit from the skills of people who are in the market every day....
San Diego-based Andy Lindloff of todaytrader.com is one of the existing master traders...Lindloff, a discretionary trader eschewing algorithms, and Gomez have posted a 28.5% gain over the past six months on DittoTrade, at http://www.todaytrader.com/performance/. He says he enjoys working as a DittoTrade Master Trader: "I think it's a great idea if you find someone—maybe me, maybe your cousin—who is keeping an eye on your stocks and protecting you in the market. If you don't have time, find somebody who is watching the market full-time."
...Some Barron's readers may be wondering how they can become master traders. Fox says his brokerage is actively seeking more masters, and also is looking for those with international trading expertise. You can reach him at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
...it looks like a good idea worth further exploration and development. It would be worth considering if you're a portfolio manager placing trades for your customers, or if you're managing family accounts. Read Full Story
