Futures brokers are greedy bastards

Quote from vhehn:

and why does my real estate agent charge me 18,000 to sell a 300,000 house when i can sell 300,000 worth of stock for under 10 bucks?
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So your real estate agent can live in a big house and drive fancy cars. :D
 
Quote from jeb9999:

Lightspeed doesn't have a platform charge, but does charge $65.00 a month for futures data.

Lightspeed uses Penson as the clearing firm.
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Thanks for that....it's a bit "sneaky" but I have to admit, I didn't ask SPECIFICALLY about a data fee.
Still, it's reasonable considering rip-off alternatives like E-Signal.
I'm with a broker who uses Penson right now..they're great. I can do ACH money transfers for free....which is awesome. Paying a $25 fee to transfer money is just a super rip-off.
Let me also say this about the rip-off CME fees: totally the fault of Sharon Hruska-Brown when she was CFTC chairperson. Lots of women are in business today at high levels...but no one discusses some of their really bad decisions.
 
actually I think the data fee is free if you have a futures account with them...

I just checked them out and watched some of their videos... Seems like you cant enter an order by simply clicking on the price levels on the level 2 ... can any lightspeeders confirm this... I need that or a DOM...
 
Quote from kxvid:

For example how come so many charge 2.50 per side for the YM? It only costs them 85 cents + 1 cent to clear, so they make .86 X 2 = 1.72 - $5 = $3.28 per round. Sure depending on clearing relationships they might be paying a tiny bit more, but even still they will make a guaranteed killing on large volume accounts. Even if they charged 3.00 per round, they would make 1.28 x 1000 = $1280 on an account doing 1k rounds per month. So why is it I can't find any brokers offering 3 bux a side for 1k volume accounts? 1280 USD a month profit on just 1 customer account isn't enough for the greedy bastards? Not to mention the money they make collecting interest on deposits?
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Check out our rates at Zumo. No Volume Requirements. Free platforms with access to all exchanges if you have an account with $15k or more. Otherwise $89/mos.

Do the math, you'll most likely end up saving money regardless.
 
It is funny that back in the credit bubble I don't remember anyone really caring about these "small" fees.

So maybe this is a good thing.

I do hate brokers. I've never met one with a brain.

Even bank wiring fees at like $25...i wonder what that really costs.

temp. agencies are the worst.

realtors at 6% is so insane it's comical

i guess the list goes on and on and on....

maybe we should sell the shovel?
 
Quote from Optional:

Why not just make it free?
Brokers shouldn't make anything for taking the debit risk of a world full of idiots.
Put all the momo's of the world on auto-liq and just let them roam.
Well see how well that one works.
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You sound like the fucking idiot. It's the dozens of idiot, loser retail traders that give these bloodsuckers a business. My heart really bleeds for them, it must be terrible having to allow all those retail morons to use your wonderful platforms. Give me a break. The technology is leased and they are essentially salesmen. BTW, like any simple easily replicated business model there is enormous competition. Just shop around and make sure the clearing fcm is sound. I know for sure Global Futures could give you 3.80 rt on ym (if you pushed a bit and spoke to the right guy-pm me if you're interested).
 
Quote from cap'ncod:

You sound like the fucking idiot. It's the dozens of idiot, loser retail traders that give these bloodsuckers a business. My heart really bleeds for them, it must be terrible having to allow all those retail morons to use your wonderful platforms. Give me a break. The technology is leased and they are essentially salesmen. BTW, like any simple easily replicated business model there is enormous competition.
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spam, but anyways..

Do you know the percentage of retail accounts that go bust? Do you understand that when you give the Average Shmo access to trading privileges, and a low commission rate, that they will blow their brains out and not hesitate to take the broker down with them? If his rate were HIGHER, he might think twice about making all kinds of careless trading mistakes...Like Chris Rock's 'raising the price of bullets to $5,000 each' bit...

I'd rather have a client who trades 1 lot per day, at $40 / rt, than the guy who trades 40 lots per day, at $1 / rt. The self-churner will blow himself out quickly, and the tortoise will stay with you much longer and lose less (if he's good, he'll win)...

You can have 100 self-churning accounts, and it only takes one of them to do something completely retarded, and the broker is on the hook. I've been there dude. It sucks.

Point is, that the broker needs to make a living to protect himself from the debit risk of the retards of the world. The only way he can do that, financially, is through a decent commission, PLUS an Auto-Liq program for all the retards...

On this site alone, there are hundreds, nay, THOUSANDS of RETARDS and they are all armed with a brokerage account (or Sim account) and some money. That's like giving Michael Jackson access to a daycare with no surveillance cameras.
 
Quote from Optional:

spam, but anyways..

Do you know the percentage of retail accounts that go bust? Do you understand that when you give the Average Shmo access to trading privileges, and a low commission rate, that they will blow their brains out and not hesitate to take the broker down with them? If his rate were HIGHER, he might think twice about making all kinds of careless trading mistakes...Like Chris Rock's 'raising the price of bullets to $5,000 each' bit...

I'd rather have a client who trades 1 lot per day, at $40 / rt, than the guy who trades 40 lots per day, at $1 / rt. The self-churner will blow himself out quickly, and the tortoise will stay with you much longer and lose less (if he's good, he'll win)...

You can have 100 self-churning accounts, and it only takes one of them to do something completely retarded, and the broker is on the hook. I've been there dude. It sucks.

Point is, that the broker needs to make a living to protect himself from the debit risk of the retards of the world. The only way he can do that, financially, is through a decent commission, PLUS an Auto-Liq program for all the retards...

On this site alone, there are hundreds, nay, THOUSANDS of RETARDS and they are all armed with a brokerage account (or Sim account) and some money. That's like giving Michael Jackson access to a daycare with no surveillance cameras.
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I just love your argument for high commissions, that it helps protect the retarded retailer from self-destruction. And no one is denying that a commision rate cannot be 'decent'. Are there any ib's out there who do not have automatic liquidation and margin control? I doubt it. You're missing the point and I have nothing to sell, unlike yourself. Your attitude says alot about brokers, thanks for sharing the arrogant, aggressive and dismissive tone with all us retards.
 
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