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During a brief stint as an AP for a commodities broker, I talked to a prospect who was paying $200/RT. Makes MainStreet (or MeanStreet, as I fondly referred to them) look like a bargain at $95/RT!
Another prospect decided to go with someone else because he said that since our rates were lower, we must not be as good as the other firm - he actually preferred to pay over twice as much in commissions because that just had to mean they were at least twice as good!
I started to feel like I should change my name to Ripley...
---- Original Message -----
From: Earl Adamy <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, February 22, 2000 3:03 PM
Subject: [RT] Re: GEN: Boiler Rooms
> I see 3 things wrong here:
>
> 1) Anyone who opens a futures account with $2500 is looking lose it.
>
> 2) those corn, cotton, and cocoa calls were so far out of the money that
> they were nothing more than a throwaway.
>
> 3) Going rate for futures options commissions from reputable discount
> brokers is $13-20 depending on account - $95 is absurd and especially so
> when it includes advice which is guaranteed to lose money.
>
> Earl
>
> > I don't know about the least,but Main Street Trading Co. might be up
> > there as one of the most expensive.I opened an accountwith 2500.00 and
> > at the suggestion of my broker,"just to get my feet wet",bought 4
> March
> > Corn 280 call 1 1/8 entry, 4 March Cotton call 7500 .14 entry, 2 May
> > Cocoa call 1200 46 entry.The commision was 95.00 each option. Now that
> > my 2500.00 is about gone with almost half to commisions, I felt rather
> > pressured into these trades and am angry with myself for trading
> before
> > I was ready. Not enough knowledge and didn't do any paper trading,
> what
> > was I thinking? Anyway, I don't really know but I think MAIN Street is
> > high on commission.
>
>
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