Thanks for the link. I think it's a great piece and I applaud Clinton for it. As for intraday trading specifically, she only wrote, " I would seek to impose a tax on harmful high-frequency trading, which makes markets less stable and less fair." I would think most intraday traders who don't engage in HFT would welcome this initiative.
Grim future for day trading as a career
- Thread starter Q3D
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Thanks for the link. I think it's a great piece and I applaud Clinton for it. As for intraday trading specifically, she only wrote, " I would seek to impose a tax on harmful high-frequency trading, which makes markets less stable and less fair." I would think most intraday traders who don't engage in HFT would welcome this initiative.
I don't. Why ? As with most laws, they eventually end up hurting everyone....to the benefit of the few.
Among my concerns:
1) How to determine exactly what frequency is deemed "high" ?
2) How to determine what type(s) of trading are deemed to be "harmful" ?
See, these politicians come up with these BROAD ideas, but when it comes to the details of the implementation, they just don't have the answers.
otherwise, besides reduced margin, the daytrader has a mindset which says basically, "I don't know where it will be 6 months from now or even 6 days fom now, but I'm pretty sure if a number comes out or a report or just a new number is hit I can predict what will happen in the next few hours."
yes, I would impose a tax on successful traders who make it harder for dumbass traders to make money
they don't give a shit how much you lose, they only care how much I make
They might have the answers but don't assume politics are played fair. HFT lobbyists will talk to the right people and skew the regulation in such a way that they can loophole themselves out of it completely. I think most good ideas are usually watered down and changed to the point that they only create more bureaucracy and hurt the weakest who can't defend themselves (don't have lobbyists on payroll).
I think you greatly underestimate her intelligence. Also, first she is accused of being in bed with Wall Street and now supposedly she wants to kill it? Sounds like a job for Glenn Close. Either way, I think her detractors should try to get their stories straight.
As for a definition of HFT, I'm guessing the government at least has access to Google:
https://www.google.ca/search?q=high...=&oe=&gws_rd=cr,ssl&ei=HFloVvqOJ6rHjgSI-qvYAw
The type of trading deemed harmful? HFT! There to take your lunch virtually without risk due to loopholes when the getting is good, but nowhere to be found when actually needed to make a market. Was that so hard?
Is food safety a cascading slippery slope?
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It means take everything you are exposed to with a grain of salt. One of the greatest prizes of trading is being able to think for oneself. There's usually opportunity in the middle of change. And there's always going to be fear and greed.
Day trading is an awesome hobby and way to make $$ as a retail trader. However, to make a living with it is near impossible today--- for the non-wealthy or otherwise financially supported person---