"Squeeky wheel gets the grease"!That should be Washington's motto.In light of the SEC news about margin,wouldn't it be wise to have a day trading advocate in Washington? There seems to be hundreds of lobbyists in the capital talking a politicians ear off on a daily basis. I would be willing to help fund (through a modest subscription)a website and lobbyist who would "fight" for us.If there is already one in Washington,please let me know.The lobbyist does not have to be the web site author. He or she would report to the "editor" or web master. There could be a bi-weekly update on certain meetings that took place,or certain bills pending. This concerns all of us,not just those with less than $25,000.If congress only hears one side,they will make their decisions out of ignorance. I would like to hear many opinions about this topic. Then we should seriously consider having an advocate that knows the Washington "ways".The report could be read on Elitetrader.What do you think?
Lobbyist cost money. Big money. Campaign contributions, expensive and slick lawyers. Who is going to pay for all that ? The under 25k accounts ?
Can we afford to remain silent? All day traders should be vigilent.Many politicians and others confuse trader with traitor. I know it may be expensive.I am suggesting we congregate like one cohesive political action committee. How many day traders are there?Multiply that number by $20.00 a year.The AARP charges that much per member.They get whatever they want in congress.Why wait for your neighbors house to catch on fire before you decide to put the fire out down the block?
There use to be ETA, The Electronic Traders Association. It was formed by Harvey Houtkin, and I believe one of the heads at Momentum Securities about 2-3 years ago. I think they disbanned late last year though saying something to the effect that they saw no further need for it. http://www.investorlinks.com/directory/stocks-associations.html There listed on this link, but the web-site is down now.
>Why wait for your neighbors house to catch >on fire before you decide to put the fire >out down the block? By all means Redart, don't wait. Put the program together...staff, promo material, political connections, member packages, budget, etc. If you can impress the DAT brokers with a professional approach I'll bet they will support your membership drive by spreading the word. Get it on. JB
Thanks for responding.I will do what I can.However,there are over 8,000 members on this site alone,yet three responses! Ouch! I know there is a lot of talent out there,and I want everyone concerned to help out.Let's hear from some of the lawyers out there.I would appreciate it if everyone brain stormed,so we could keep the excellent ideas and set aside the not so excellent ones.I mentioned lawyers because we are dealing with law,and they know the legalese. Main question: who is on our side? who is not? what alliances can be formed?( I hate that word also) The day trading firms come to mind.What about Interactive Brokers?Might as well start there.This web site gives alot of free and positive publicity to IB. All the brokerage firms that have no problem earning commission on both sides have a stake in this. If they don't speak up,who will?.Like I said I will do what I can,but I need HELP,O.K. There is strength in numbers.If all the brokerage firms and traders pooled there resources,there would be obscene amounts of money.Someone did mention money,right.
redart11 , I agree with you totally on the approach and the idea . with thousands of traders on this site and others eg DTUSA besides some good IB, cyber, MBT..etc support for the begginers ;there is excellent chance to revise this $25K rule (at least make a $5K rule !!). I am willing to subscribe supportting this campaign by $20 /monthly . It is a small investment into the future . I actually consider it also an ethical cause by not letting the big elephants decide who can/cann't make a living in the woods . By the way , my account is about $30K . but I would not have started a year ago unless I have tested waters first with a smaller amount . I am not yet consistently profitable but I'm sure I will with more experience and dedication and a better than dialup (ekk) .(I still have a day Job 6 hours before NY.NY). Good luck to you and all traders in this excellent board. Magdy
I did not want to be the "rain in your parade". By all means if you believe in something - do it. On a side note, I have been strongly thinking on a similar approach to unifining IT programmers (and contractors). As you all know it there is no union or even a intelligent spokesperson in Washington.I wanted something like the AMA for doctors. After much thinking; the logistical and membership considerations are overwhelming. A web-site (I would aproch this similarily) would not just suffice. It would have to be a start. I would need a labor lawyer and a full time lobbyist a full time fund-raiser and some mob connections just to start. (at least connections to AFL-CIO) . Even this would not guarantee a success as most contract and full time IT workers are content )they are making good money (of course would make much better money if immigration would not constantly keep the on their toes..... Similar to EDAT folks - who are the most injured ? the ones with accounts less than 25K - the ones who now have 20k I imagine some with skills and experience would go and save up for an other 20-30k and never come near your organization. As for masses you have the numbers - but lack the muscle. Don't think I am not sympathetic !!! I do know, EDAT traders "got the shaft" as much as the US programmers ! Sadly in the US "numbers" alone don't count. You need connections just like any old Banana Repuclic.
redart, IB already has a DC office and is active in voicing its opinion on many issues. It has written numerous comment letters and I am sure will continue to do so. Thus I don't think I can be much help assisting you on with this.
Thanks for the insight.As long as the brokerage firms are doing what they can to help their cause,they will help ours as well. I was not sure if there was a lobby or advocate(for day traders) pressuring washington. By the way,my concern is not just about the margin rule.I am very concerned about the near and long term outlook as well.I want to trade for many years in the future I DON'T TRUST WASHINGTON.