You have made some wild assumptions. Perhaps you should find out exactly what the proposal is, and how it would be computed, before going off on a tangent.
Most pro traders are NOT scalpers. Not even most former floor traders - who btw were the real scalpers buying on the bid and exit on the offer and vice versa. Very rarely 6 ticks later.
In 2008 there was a lot of talk around an FTT both in the us and in europe. But not much happened, some european countries have an FTT (eg. france for stocks with large market cap). Others have changed their tax law or are about to change (eg. Germany). But all in all not much of all the talk came to work... I think we should not be worried too much and just wait and see. Even if a FTT comes to law chances are that it is avoidable as a professional trader and only retail will pay it...
""As a partial way to pay for the plan, Harris wrote she would "tax Wall Street stock trades at 0.2%, bond trades at 0.1%, and derivative transactions at 0.002%" When posting write which financial instrument you are talking about. If the notational amount involved is the same for stocks and derivative the tax is 100x higher for stock trades. e.g/. 100k for stocks is $200. 100k for futures tax is$2 Individual stock trading will be a dead business.
Do you trade the ES for a living ? If so, how +EV are you per trade. My point is very few traders are more than 2 or 3 ticks +EV per trade. I certainly am not, yet I make a healthy living.
Democrats will definitely push hard for ftt,, it's an easy target and stock daytrading may no longer be viable. I wonder if it would apply to trading in SEP IRA as well as cash accounts?
The retail will not pay it. It will kill the retail and Robinhood, Interactive Brokers. etc. it puts them in an unprofitable position.
I mostly trade the mini Russell because of the 10 ticks vs 4 per point aspect and because of smaller notional value/margin being able to use many more multiples than ES. But over past 20 years have many more years with ES and only in the beginning was I a 2 or 3 tick trader. Recent times holds of 19 minutes - 3 to 5 handles. On cra cra days easily 2 to 3 times as much obviously.
this is all going over your head. I'm not saying I trade for 2 to 3 ticks. I'm saying thats the average win, when you tally all your winners and all your losers together. This is IF you are a winning trader that is