Well an interesting discussion going on here. Here's my 2cents, which will no doubt stir the pot.
Chief, I admire your "yelling from the rooftops", and yes, there is a DEFINITE issue that needs to be addressed here in Canada for active homebased traders. I think what it comes down to is lack of competition due to lack of population base. The States is different simply because the market is so much bigger and there are so many more people to draw commissions on, which in turn sparks the competition.
Now, all that yelling isn't going to increase the population base, make the markets bigger, or increase competition. The vast majority of Canadian market institutions just aren't geared for what we're doing and frankly, I don't think they're in any rush to either. Individually, yes, we generate a lot of commisions. Collectively, we're still a rare breed, and probably small potatoes to the overall market commision draw.
As I stated earlier, I used to be with Greenline and they just didn't cut it. I moaned about it, cursed about it, phoned about it, and it still took me 4 months to actually cut and run, cuz I couldn't manage to get into cash for the full settlement period!! Just too many damn interesting plays to be in! Anyway, finally I did it.....and did Greenline care? NOT ONE BIT. Should they have? Ya, I thought so (or so my ego told me) My "account" with them now has .49 cents in it and has for several months......not one phone call, not one "hey, where did you go"...NOTHING. I'm leaving it with that money in there as my own warped way of making a statement to them. Simply closing it would have me right out of the picture, and then there would be no one/no reason to say "hey, this guy used to trad like all hell, and now there's .49 cents in the account. Also warped, I like making them mail me statements which costs them more each month in administration and the stamp than will EVER be in that account again. <Warped evil grin>
My point is this. Hooting and hollaring may be good for the soul, but I don't think it's going to change anything. There simply has to be more of us for the institutions to really wake up and care, and the fact is, there isn't.
With regard to the "handholding" that is in place, absolutely, do everything to get it changed. My money, my risk, now get out of my face and put through the trade...NOW.
I switched to Etrade which was the best thing I ever did. Looking back, I was a bit of a twit for not doing it sooner. I'm also in the process of test driving Priority Brokerage. No report yet, but they seem eager for the business and are being quite responsive to my questions, issues, concerns, and praises.
Chief...and others..in NO WAY am I trying to dampen your enthusiasm for making things better. I absolutely applaud it. I'm only suggesting that each of you/us take a look at your current brokerage and assess the possibility of them changing. If the answer is something akin to "ya, if I live that long", then ditch them. You owe them nothing and you'll be doing yourself a BIG favour.
So that's my comment. Hope I haven't offended anyone along the way!
Regards,
Kevin |
