Trader's Union
- Thread starter qdz
- Start date
Quote from qdz:
Look, unions members are reasonable guys. Some of crocked leaders may not. So an ideal union let all members to vote on if to strike. You are right, why not strike on high commission rate imposed on hard working traders who trade a scale of profit as much as commissions.
The point is, we don't have to strike. They're are plenty of firms out there that will give you lower rates if you're a hard working profitable trader. The higher rate shop will either have to close down, cause of an exodus of traders, or will eventually lower their rates to stay in business. We've seen plenty of that in the last 3 years. Rates at one time were over 2 cents a share, and now have come down under a penny in most cases. The only people really paying over a penny, are newbies who need training. But a reasonable shop will drop those rates quite quickly under a penny.
If you want to stage a strike, then threaten to leave and go somewhere else. If you're profitable, and do a decent amount of volume, you'll be amazed by how fast most prop firms will drop your rates so they can keep you.
Quote from qdz:
While I agree with your comments on rate, I have to point out that commission is not the only problem. Neither strike is the only solution that an union offers.
What other problems are we talking about?
QDZ: Think about your statement man. Suppose you're self employed as a trader but unhappy that you're losing money for whatever reason so you decide to go on strike.....against your employer. Thats YOU. Maybe even a hunger strike until your broker or the NASD guarantees you an annual profit. Sounds like a good idea to me. Why don't you backtest it for a couple months. Please.
Good point, it is a good idea to everyone. Of course, there will be some conflicting of interest. That why we need to deliberate here to make goals for such a traders union. How about let's consider brokers, exchanges, fund managers, and
regulators are our hypothetical employers. After all we contribute tremendous benefit, time, and effort to them. When we go on strike, they should be the big losers. Yeah, it is complicated as you suggested. Let's get it straightened out.
Thanks.
regulators are our hypothetical employers. After all we contribute tremendous benefit, time, and effort to them. When we go on strike, they should be the big losers. Yeah, it is complicated as you suggested. Let's get it straightened out.
Thanks.