Thanks for the rundown, Chicken-Man (ooops, promised I wouldn't call you that :)
Wasn't the extensive regulation put in place due to the fact that there are so many shiesters attracted to the business, who run ruffshod over retail customers? I used to get at least a call a day from very pushy guys wanting to "introduce me to a fantastic investment opportunity". By cleverly changing my address, telephone numbers, going unlisted, never disclosing my number on-line, asking for their number so I can call them back then never calling, etc. I've managed to shake 85%+ of them. A few times a month, they're still after me relentlessly ("but there is this stock that you just can't believe...". I picture them as being just like the guy in the E-Trade ad ("why is your broker still working"), who makes his way through the subway... some of the most persistent, pushy, in-your-face telemarketing people ever created! :) Probably even daytraders have earned a better reputation.
Getting a 7 sounds like a good thing to avoid like the plague, as a private trader. I looked into it for a while, and it looked doable with a few months effort... could never see the upside. It was just something that intrigued me, but fortunately have never seen the need. I guess it's just the equivalent of a driver's license, if you're going to work in a brokerage?
-Steve |
