now u are 100% accurate as long as you don't talk about some glorious past when day trading was the venue of wall street insiders and spreads were wide.
80% of daytraders and traders don't make money so it only affects 20% of traders like market makers etc and robots
if you do make money in this shit business it's sombody's loss. zero sum game and is some gases borderline theft.
Nope... Good traders cannot even imagine doing anything else. As an european, I will trade the european markets. I'm sure a lot of good american traders will get an other citizenship if they tax citizenship. We will sure have a hard time adapting but new opportunities will arise. It would just be the end of american legacy on the financial markets. London is still dominant because of LIFFE, IPE and props trading EUREX, not LSE. If the US tax every single instrument, it is just the end of NY and Chicago.
Why is it so hard to accept reality? Why do you get so bitter and put words in my mouth? I never said it was glorius, but I will tell you this much, the guys who were part of that exclusive club do feel it was glorius. Daytrading is a priviliege to the average guy when you look at history. You are not entitled to it, it's something that came out of the technological advanced over the last one & half decades. Relatively short time in comparison to the legacy of the good ole boys club that ran and still runs Wall Street. This whole nation has been turning into a corporate fascist nation, why would trading be any different. You guys act like you built the exchanges & ECN, listed stocks and then these Wall Street cronies came and took it over. The fact is that Wall Street was an established crooked parasitic institution before Joe Blow daytrader got access to parts of it, like daytrading ability. And now the head cronies want to shake out the daytraders, because they are leeching off too much.
Some european or asian exchanges will create the exact same contracts as CME, NYMEX... and even hedgers and other non speculators will pursue their activity abroad.
Everyone needs to relax. This tax isn't going to happen. Not when the Republicans can still exercise their filibuster power in congress. Worse case scenario, if this ridiculous tax were to be put in place, it wouldn't be for a least a few years, as the Republicans could delay this until the cows come home. Even in the unlikely event a tax were passed on this, it wouldn't be anything near what is being proposed. It would probably be a much smaller, flat tax. What people fail to realize is that there are many Democrats in congress that also receive big time campaign contribution funds from groups like the CME. So yeah, all the liberal knuckleheads can go on MSNBC/CNBC and pout like the little bitches they are, but at the end of the day, they will be largely ignored like they should be.
the picture you paint is quite accurate but your ability to differentiate between those who bellyache and those who paint a similarly accurate picture is in doubt.
Wrong. The point of this tax is to dampen speculation and volatility. They must sell the illusion that the volatility in the markets is the cause of the problems, and not socialist policies. It matters not who is profiting on the volatility, it only matters that there is volatility and it screws up the socialist desire to centrally plan the economy and the world. If you think that the liberals will be ok with gyrating markets, as long as it is only wall street insiders doing the profiting, you are extremely mistaken.