Okay, Pete, I don't wan't to rain on your parade, and dispute what you say here. But, I do have some questions.
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Originally Posted by Peterw  1. Private investors, businesses and a whole range of people and organisations rely on liquidity in the financial markets and many people would lose a hell of a lot of money if liquidity was to dramatically reduce as this would mean higher spreads (cost of doing business) and less efficient pricing. This goes for currency values, commodity prices and of course shares in companies that people invest in either actively or passively. I provide some of that liquidity |
Okay, these are all nice in how it effects financial markets, but I still don't understand how that effects society as a whole. How does liquidity (I'm still not sure what that even means, tbh) affect me, John Q. Citizen?
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2. Tax revenue - if I make a lot of money I will obviously pay a lot of tax on it.
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But, again, if you make money at someone else's loss, doesn't the loss of tax revenue on the other end offset the loss?
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3. Should you end up making trading your sole income, you are effectively freeing up a "real world job" for someone else to make a living from, thus reducing unemployment.
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Okay, I'll give you this one.
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4. You are, if you are trading via ECN into the true Interbank market, literally taking back the money from the 1% they are protesting(banks, corps etc) and giving it back to the 99%(yourself). I'm still in the '99%'
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Oddly enough, I
do see regular day-traders as the '99%', because they're just like anyone else trying to make a living. They're not incorporated, they don't buy politicians, and they don't live for extracting as much money as possible from consumers. My only issue with what you say above is that they seem to earn their money straight from the banks, but I can't knock them for having the ingenuity to do that. I'd be a hipocrite if I said I wouldn't do the same, if that were possible.
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So I take money from the '1%', I don't take a job which means someone else can have it, I don't claim any welfare, I pay tax and I provide liquidity into a system that many people rely on for personal, business and retirement reasons.
I was OK with the ethics of becoming a full time trader before but now I'm absolutely 150% OK with it so this has been quite helpful for my business. Thank you |
Nice summary, Pete. I won't argue with it.