"And I never brought up any baker or comparison with a baking business. Are you retarded?' Re the original thread topic: Taxing a trader on a per trade basis is akin to taxing a baker for every loaf baked or a wedding photographer for every photo taken.
no I never mentioned those numbers. I never said or even hinted at anyone making 1% gross per day on any number of trades and I never mentioned 0.05% (I guess you meant 0.5%, but even that I never put up). In fact I detailed the exact stamp duty charge down to the single basis point and it certainly is not 0.5% nor 1%-x = 0.05%. You need to re-read what I stated if you want to argue with facts.
in response to someone else putting up such comparison. Are you really that stupid or do you just pretend to be idiotic?
jtrades "Taxing a trader on a per trade basis is akin to taxing a baker for every loaf baked or a wedding photographer for every photo taken." volpunter: "Lol. That's what exactly happens. Each dollar of revenue taxed. Let's forget the few loafs that do not make it onto someone's table." here is your comparison of trading to the baking business. you fool only yourself and maybe not on a good day.
again you distort and outright lie. your response was to jtrader. " zdreg said: jtrades "Taxing a trader on a per trade basis is akin to taxing a baker for every loaf baked or a wedding photographer for every photo taken." volpunter: "Lol. That's what exactly happens. Each dollar of revenue taxed. Let's forget the few loafs that do not make it onto someone's table." above is your comparison of trading to the baking business. you fool only yourself and maybe not on a good day.
zdreg, what is really your problem?!? I stated multiple times "I HAVE NOT PUT UP THE COMPARISON". Even if I reply to another post where someone put up such comparison I still "HAVE NOT PUT UP THE COMPARISON". And that is my last response in this regards.
"There are tons of "day traders" and there are tons of professional hedge fund prop traders in Hong Kong alone. I know of several buddies in the market who enter positions some time in the AM session and exit hours later, aiming for >100 basis point returns and happily (well not happily) pay their stamp on each trade. <http://www.elitetrader.com/et/index.php?threads/new-tax-on-all-stock-trades.290746/page-2>" again they not only don't achieve .5% they are phantom stock traders because they unlike you understand that the ftt wipes out their capital and trade something other than equities.
in case you still don't get it, just because someone is aiming at > 1% returns does mean the same than actually grossing out 1%, sometimes they look to capture 2-3% on a single trade. Sometimes they get stopped out and may lose net net after stamp is paid. There are tons of stocks in HK that frequently trade 2-8% intraday. And those are not some guys that go in and out to capture a fraction of a percent. You would not even be able to do so with larger size, they build size off the back of momentum and take profit later in the day. They work at prop desks and facilitation trading desks where frequently larger blocks are priced and traded and hence they have quite some amount of flow information. You can choose to resort everything I say to bullshit, that choice is entirely yours. But please forgive me that I am tired of your unsubstantiated talk. All you have done so far is accusing me of lies. I have at several occasions provided backup for my numbers. Certainly have I not lied once on this website. Please find yourself on <Ignore> but hey, before I have to wave you good bye, work on your post quality, it really honestly stinks!!!
you have not provided numbers to substantiate. that is another tricks of snake oil salesman claiming they have presented them when they have not. your post which i quoted says they aim for a 1per cent return before the stamp tax. that is the bottom line. it makes no difference if the goal on one trade is 8% or .5%. they are incapable of producing a .5% return on their portfolio on a daily basis which would result in $1 increasing to $3.48 by year end. trying to achieve different returns on individual trades does not change the reality that your phantom hedge fund traders do not achieve returns of .5%/day. in fact because of the ftt they are not active traders. only the US has active retail traders and hedge fund traders who trade daily. you were provided with ample time to provide data concerning the ftt but have chose not do so. an ftt as little as .25% would wipe out a day trader. that is the mathematical reality.