In order not to give ET censorship an excuse (like off-topic) to delete my posts, I just copy here some post from another thread http://www.elitetrader.com/vb/showthread.php?s=&postid=202117#post202117 ---- options exchanges are crazy. what the hell is the reason to charge order modification/cancellation fee? Some European exchanges start to do this as well. All I can say is that these exchanges are desperate and will be out of business soon. They just take away the basic market principle from the investors and traders. Without the free (in the sense of both the money and the will) ability to cancel/adjust order as the market condition changes, it's just make us to fed the manipulators. $1.2, what a joke!!! fu*k 'em, don't trade and take some other job. Pay me $1 for you touch that bread in my store. ---- my friends told me that the trick of this order cancellation/modification fee is that it's soft, hidden, and nasty. you don't know how high it could run as the day progresses. there is no way to monitor it in real time until you get the final statement. there is no way to trace or check. no way to argue. they charge you because you did it and it's your own responsibility. watch out and stay away from whoever does this, or get a bite. --- SEC and NASD should really focus on the f*cking problems like this. crooks like Enron and Worldcom rather than on PDT. If they did something about Enron/Worldcom in 2001 rather than on PDT we would not be in this bullsh*t situation now.
Ok. You have convinced me. Let's hope everyone does the same so that we won't have any markets anymore.
That's right> You did do it and it is your responsibility. We were all notified of the cancellation fees and how to avoid them as well as when they would apply. The PDT rule has nothing to do with the cancellation rule. I suggest you find something else to do as this game appears too complicated for you or too taxing emotionally at the least.
May I ask, why do you defend the cancellation/modification fees? And why do you insult me? You are right, the game is as complicated to me as it is to you if not less.
I'm not defending the fees I'm trying to point out to you the reality of the system. The exchanges are charging cancellation fees, period. IB notified us all that these fees would be passed on to traders and how to avoid them. Because I point this out to you doesn't mean I like it. It is simply the way it is. It's YOUR responsibility to either pay the fees, avoid the fees by trading differently, or not trade options at all. Why am I insulting you ? I guess I have just reached the end of my patience with listening to you constantly whine that everything is setup against you and your misfortune is always someone else's fault. I for one am sick of it. I have read a couple of your posts where you actually had something constructive to add. Unfortunately most are just juvenile whining.