Can't say I'm sorry to see Block fold their tent. I have direct knowledge of a particular branch of Block, and was not happy with their 'attitude'.
Chris Block complains about his 'franchisees' moving on to greener pastures. Let's see, you promise franchise investors an unlimited supply of day trading lemmings, who'll come to your office, do lots of trades, and pay you a fat commission for the privilege of trading at your office.
So what if 9 out of 10 lose money. They'll just cough up their seats to another 'player'. And don't forget, you have to teach your traders to move in and out a maximum number of times a day, for small profits/losses per trade, 'cause that's how you get the ticket charges up and make lots of easy commission dollars.
Any then you're surprised when your people figure out that why should they make you rich, and move on to the lowest bidder. Let's face it, daytrading is now a commodity item, and now worth the fat fees you used to get for access to the 'easy' money.
Let this be a lesson to the remaining DT outfits. Stop taking daytraders for granted, bleeding them with nickle and dime fees, marking up ECN charges for additional commission profits, and pressuring people to overtrade.
Rant over. |
