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Thought I would pass this along. My friend, Craig, is just getting started
in trading and was using the brokerage firm affiliated with the "guy in the
cowboy hat." He was paying $100 RT and getting nothing for it. I suggested
that he switch firms to a lower cost place if he was not getting the service
that supported the high priced commissions. The story below follows:
-----Original Message-----
From: Craig Noble <CraigNob@xxxxxxxxxx>
To: 'Gary Kramer' <gmkramer@xxxxxxxxxxxx>
Date: Thursday, November 12, 1998 12:52 PM
Subject: RE:
>I didn't ask him to match or lower commissions because he had already gone
>into his 'canned' response to customers calling to close their account. He
>said the commissions at Main Street are higher because 1)he and his fellow
>brokers work 14hr days 2) if he executed a trade incorrectly, it would come
>out of his/Main Street's pocket 3) he watches my back and lets me know when
>a trade is not a good idea, and/or calls to tell me the market is moving
>against me and to get out immediately 4) he is always available to talk to
>me about trading. I didn't think it worth it to object to any of his
lines,
>because I didn't want to categorically explain why his reasons were not
>important to me, except...
>
>Although I understood that he needed to say these things, and I was going
to
>close the account anyway, I still went ahead and told him that he was
>contradicting himself by mentioning #3. According to him, the basis for me
>to continue trading was that the most important thing to remember is the
>risk to reward ratio, and the Corn trade that I executed was not a good one
>to get into. So, after hearing this 3 times, I asked why he didn't "watch
>my back" and recommend that I not trade that formation. I think he then
>understood that with that kind of service he wasn't worth his expensive
>commissions.
>
>How about that for a story?
>
>> -----Original Message-----
>> From: Gary Kramer [SMTP:gmkramer@xxxxxxxxxxxx]
>> Sent: Thursday, November 12, 1998 11:21 AM
>> To: Craig Noble
>> Subject: Re:
>>
>> Definately not! have you ever broken up with a woman and had her try to
>> convince you that there is no one out there like her??
>>
>> For position trading, First American should be fine, I think. If you
>> havent
>> done so, you also may want to call jack Carl futures. They have a policy
>> that if you are not happy during the first 30 days, they will return any
>> commission charges which are discounted to begin. forget about your old
>> broker. he is just trying to scare you. did u ask himn if he could
match
>> the rates and if not, what were you paying such a huge premium for??
>>
>> Good luck
>> -----Original Message-----
>> From: Craig Noble <CraigNob@xxxxxxxxxx>
>> To: 'Gary Kramer' <gmkramer@xxxxxxxxxxxx>
>> Date: Thursday, November 12, 1998 10:00 AM
>> Subject: RE:
>>
>>
>> >Last night I spoke to my broker about closing my account. He got
>> emotional
>> >about it during the 10 minute conversation - I, of course, remained calm
>> and
>> >rational. I felt like I was firing someone, because took it personally
>> and
>> >acted rejected. He also told me to beware of discount brokers. Should
I
>> be
>> >concerned about First American?
>> >
>> >
>
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