I give Harvey all the credit in the world for 'discovering' and capitalizing on an opportunity years ago. I imagine that SOES trading with almost no competition and no downtick rule for short sales must have been orgasmic.
He seems to have decided a long time ago, that it's better to be the house, and thereby make a sure buck. Fine and dandy, but charging folks $5000 for some basic intro to trading, and , what is it, $25 a ticket, is a bit much.
Free enterprise it may be, but since the daytrading houses candy-coat the difficulty of the game, they should also bear responsibility for policing the self-destructive behavior of their customers. No one likes to hear that, but that's what I think.
As an extreme example, a drug dealer could claim that their 'clients' are responsible for their own actions, and they only supply the demand. I don't know how often a trader is 'closed down' before they bounce a check or tap out, but methinks it doesn't happen all that much , and it should. Yes, I know, you can't tell people what to do with their own money. But, if the daytrading industry is intent on creating monsters, then the least they can do is institute some damage control where needed.
PS When will the press finally get that online gambling is and has been legal and in full swing for years? |
