Discussion in 'Trading' started by ProfitTakgFool, Jan 14, 2009.
It's about time the tubby fellow from Bright trading talked to his buddy Harry Reid.
This is the best thing that can happen to manual intraday equity traders (old school) itll get rid of all those BS self trading programs on stocks. Spreads will open up and the old timers will once again be on top... bring this tax please!! Hell while we are at it lets go back to fractions please.. fuck these nerds and their algos!
Thank you for posting this. Finally someone on our side. This may turn out to be an epic battle so let's just hope that the force is with us
Start lobbying hard guys and gals (write your congressman) - we need all the help we can get...
The sack of shit that introduced this and all 34 co-sponsors are Democrats. Please keep this in mind, traders.
Let's be realistic, folks.
Obama is from Chicago...home of the world's greatest markets: CME, CBOT, CBOE & others; now CME Group, of course.
His incoming Sec. of State, Mdme Clinton is from Chicago suburbs & has personally made nice dough trading CME meats.
First we're gonna give financial companies $750 billion USD & then a few months later UTTERLY FUCK THEM with some ill-conceived, socialist tax & PUT THEM OUT OF BUSINESS? Doubtful.
THis bill will be eviscerated upon any debate, but I do agree we should all write / call our congressmen to let them know where we stand.
--Chicago Futures Trader
Unfortunately I believe that this tax might have a very good chance of passing.
Reason? Negative sentiment against wall street is so high now, there may be little opposition to it. Why? Because all those who you think would lobby against it, will actually lobby to get exemptions from it!! (hedge funds, big institutions)
Unfortunately, traders don't typically join arm-in-arm, march in lockstep, and sing with one voice. Those who are so inclined, don't last long in this business. We're an independent-minded bunch. We can go to Congress claiming to be a group of 200,000 with clout, but it won't take them long to see how hollow that threat is.
I have been hoping to get some useful information about what I might do (besides writing my congressman), if such a measure passes. The other threads on this topic unfortunately have degenerated into political rants. The legislation in the OP made no mention of exemption for market makers or locals. It looks like leaving the country would be the only option. If they exempt market makers, I would likely join a propietary shop.
do you hear about contrarian indicators?
all yr arguments just increase the probability of this unfortune event.
i think that outflow of daytrading capital from USA is IMMINENT. the gov't gonna f*ck themselves again, and this time -- very hard.
they are just plain dumb, as usual
check all history, facts, and don't even pray
be prepared for your new options for the worst case scenario
my 2 cents
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