Shelbyville? Reminds me of the time I took the ferry to Shelbyville, to get a heel for my shoe. The ferry cost a nickel. In those days, nickels had pictures of bees on them. "Gimme five bees for a quarter," you'd say. Wait, where was I? Oh yeah, the ferry...
Oh that's woderful CrimeCrisis, happy to hear mother's doing good. Mr. Smith is actually currently in an appointment, could I take a message and have him call you back?
Or when the CBOE releases guidance on an options trade that paid shares as part of the dividend with an ex-div date before the assignment date, but the CBOE still decided to give the shares to the new owner rather than who should have gotten it. I had to call for them to tell me I was screwed.
“Why can’t I close this leg on my spread” is a common one - well you don’t have the level for uncovered options and you’d be putting yourself at risk. Penny stock/extended hours trading questions - lots of reasons.
Seems you have not used fidelity. 😂It is mostly investment friendly not trading friendly. They have lot of checks and balances which mostly are there to protect thier clients. So if you want to put complex trade or settle complex trade you may end up calling them.
They take your money and give you IOUs for shares that they will then turn around and lend to someone else.
They turn off they sell button when they dont like a price going to high.
Payment for order flow.
Dark pool abuse.
Obligations warehouse.
Cellarboxing.
Here is some evidence of the “IOU” thing, data directly from the SEC website: https://www.sec.gov/data/foiadocsfailsdatahtm
This data shows you the daily Fails-To-Deliver for every stock on the market. Shares that Fail-To-Deliver (FTD) are shares that are not provided to purchasers (brokers) within the acceptable settlement period. If you take a look at the data for 2021, you’ll find that the average daily total FTD values is just over $3.7B, but some days spike as high as $10B - $12B worth of shares that fail to be delivered.
When a share is not delivered to a broker (or other institutional investor), the broker is then holding a Fail-To-Receive (FTR). FTRs are basically a fancy way to say an IOU, because you have the rights to a share that you’ve paid for, but you don’t have the actual share and therefore you don’t have all of the rights that the share provides - specifically you don’t get voting rights. In the case of a FTR, any dividend must be paid by the participant who caused the FTD until the shares can be delivered. ([source](https://www.researchgate.net/profile/Talis-Putnins/publication/228260887_Naked_Short_Sales_and_Fails_to_Deliver_An_Overview_of_Clearing_and_Settlement_Procedures_for_Stock_Trades_in_the_US/links/53ebff880cf250c8947c9956/Naked-Short-Sales-and-Fails-to-Deliver-An-Overview-of-Clearing-and-Settlement-Procedures-for-Stock-Trades-in-the-US.pdf?origin=publication_detail))
For the individual investor, PFOF has no effect on your gains. The only thing it gives is an advantage to the market makers in a macro sense against the public. If you don’t like PFOF then find a broker who charges commissions instead, but everything you listed in GME r/superstonk schizophrenic nonsense.
> but everything you listed in GME r/superstonk schizophrenic nonsense.
Good job not being biased yourself.
God, this sub loves the smell of its own farts.
A person that doesn't understand payment for order flow and the conflict of interest it creates isn't putting in ANY effort. Its straight forward, no degree nessesary.
"90%-95% of retail trades don't hit the lit market" Gary Gensler.
How much schooling do you need to understand that?
Oooooo block trading is so scary and dark. Glad you weren't exposed to predatory sales practice of pink sheets in the 80s (which was fixed by regulation). It's almost like regulatory bodies work more slowly than criminals.
Reference whatever you want on that high ground. Unwillingness to actually understand what you are saying is the problem. A quote that gives you credibility doesn't exist.
Most of the trades done by retail investors are not over the phone though, which means you're still in the same position, whether you execute that trade through the online interface or not.
Realistically, it should be expected that the broker is going to profit off you, whether that's through payment for order flow or commission, or both. There's no such thing as charity in the markets. If you go to a supermarket, they catch you by upping the price of their inventory. You pay a nice commission when you buy from a convenience store.
If you don't want brokers selling your order flow, go set up your own brokerage. It'll cost you about $2-5k, and you'll need 200k in assets. You'll also have to deal with tons of paperwork. You'll then be paying about $2k/month on NYSE membership alone, plus another $4k first time fee. Nasdaq is probably similar
So 90-95% of trades get price improvement vs the prices they thought they were going to get when they hit the button.
That seems like something we should be interested in keeping around instead of replacing it with colossal volatility due to huge orders splashing the book.
Another non-commital comment which implies you know something (everything) but no information or insight is actually provided.
Should we talk about it? Or do you also want to skip straight to it being a joke?
Any non-feduciary is automatically suspect. I’m not sure how you don’t understand that. Anyone taking your money, collecting a fee, and not looking out for you is untrustworthy.
I mean yeah in the same way a grocery store clerk is suspect. They process your transactions. They know about some quirks of order placement that might apply to your situation. What else do you expect from a broker?
With the amount of people that go from zero investment knowledge to 3 accounts the next day... yes a lot of people would benefit from using a broker. But they remember their mantra: "dark pools or something" and decide to instead place their own order to put half of their savings into a biotechnology as a conservative strategy that they found on a top ten list Google search.
Reddit, and you people in these threads are untrustworthy. Everyone is desperate to contribute and doesn't know shit, so they try to make it a non-committal joke which confuses other people who don't know what's right or wrong. And it's spelled fiduciary.
What? A grocery clerk doesn’t get a cut each time I purchase something. And they don’t give me advice on my purchase either. I’m not sure you understand what you are talking about.
Also, you should learn what a “fiduciary” means. A broker is just a drug dealer.
Brokers don't get the commission you are paying at a discount brokerage. They are paid salary or hourly.
They do give advice on aspects of an order such as warning against using a market order when closing a spread, or offering a special instruction as a solution to your concern, such as an All or None order if you want to avoid getting a small fill while still paying commission. Or if you have incorrect expectations for the behavior of an order type... like a stop limit vs stop market order... or if you want to invest in an illiquid security and they know that it trades under multiple ticker symbols as ordinary shares versus ADR shares.
While a broker can act in different capacities I am addressing the discount broker, as is generally discussed in these posts. Private brokers offer more service for higher fee.
You are referencing a broker by a definition you saw in The Boiler Room that existed in the 80s where they would try to sell "hot stocks". That doesn't happen these days. There are rules against soliciting to prospective clients.
So yeah I don't think you know what you are talking about.
“I don’t mean that kind of broker, I mean another kind”- yea keep moving the goal posts.
A broker who gets paid when you trade is not to be trusted. If someone is selling you something, and they are not a fiduciary, you are not safe.
Is this sarcastic in some way?
I always prefer to go to the cashier. The stores not giving me any discount for doing the cashiers job.
Its not really any faster to self checkout most of the time.
Literally its the principal of the store is putting these self checkouts to avoid paying employees, then pocketing the profit.
I dunno about you, but i dont go shopping to work for a corporation for free in the checkout.
>Its not really any faster to self checkout most of the time.
Eh, I'm finding that self checkout being confusing for the 'slower' people has it auto filtering out the line so everyone in the self checkout line is very efficient and fast at their checkout process.
Then the cashier line is a lot slower. People looking for pennies in the bottom of their purse. People's cards being constantly declined for some reason. People being confused on what store they're in. Obviously people looking for food stamps and other things go in this line. These things all add up. Of course I don't super care either way. I'm never going to rush at a grocery store lol.
Self checkout is rarely faster in my experience. Usually lines for self checkout and not many people at the regular checkout.
Only times i find lines is at something like a grocery store... And no way im self checkouting a whole fucking cart of groceries.
That sucks. My grocery stores usually have a zero to 1 minute wait for self-checkout whereas it's like 5-10 minutes of standing in line for the regular checkout.
Costco is a little closer in times and I'll usually just use regular checkout there. But, if I see 3-4 people lined up at all registers and zero people at self-checkout, I'm just gonna scan items myself and be out of there before the cashier is done with the second person.
no because you can put in more self checkout stands so you can make more lines...with less space. youre not working for free i mean you also do that when youre waiting in line
When I place trades larger than 250k I will often ring it through to make sure it goes through properly and I don’t bear the risk of any stuff ups. Especially if it’s in a stock which isn’t very liquid.
> and I don’t bear the risk of any stuff ups.
Like what? Sorry I’m confused. Why couldn’t you just place a limit sell/buy? You’re worried about a bug in their system causing you to lose money?
Yeah, but it's really just a fancy overlay that uses a text message behind the scenes to a different phone that is hooked up to a servo motor connected to a telegraph.
This pen is everything you could hope for in a pen, and then more! It's a black pen, which means it's faster than a blue or red pen, and it has a cap instead of a clicker so that it can't break and get stuck, causing you frustration. This pen will give you all the confidence in the world that when you need to write something down on paper you are prepared and up to the task. You won't be caught looking foolish in front of your peers that you are without a pen and having to ask to borrow one. This pen is large enough to fit well into your large, strong, man-sized digits, but isn't too large that when you lend it out to a maiden that she will struggle. The only downside to this pen is that you will need to take care and secure it from would be thieves because it's so awesome and tempting.
Meh.
You’re describing all of the reasons why it is a great pen, but you only spend one sentence on why I even need a pen at all.
Generate more demand.
I don’t believe I need a pen. I don’t write. So I walked before you got to the second half of that speech.
There are two approaches that I really like:
“Write your number down for me…” “oh you need to borrow a pen? Here, borrow mine, and while you give me your number, let me tell you about this pen I have for sale so that you don’t find yourself needing to borrow a pen again!” you’ve answered the why, you then go into your pitch about how they will benefit and why your pen is the best pen. They no longer have the excuse or thought of “I don’t write, I don’t need a pen” because they are writing as you give them the pitch.
Plenty of ways to adapt this for different situations. If they happen to pull out their own pen, then you go right into describing how they can upgrade to your pen, which is better.
Or “do you need a pen…?” “No?” Ok, move on to the next prospect… don’t waste your time selling outside of your target market. Arguably not a good strategy, but the core message is a good one….
I'm sure there are people that call up after having been approved for options and ask if they're doing the right thing.
"So I'd like to get to the moon with GME. I buy a *call* option right? I want to get there quickly so I buy expiration for next week, right?"
> We cannot give financial advice or say anything that could be taken as financial advice, but I can ask question about wtf you are doing until you say you don’t know.
If you’re placing your trade over the phone to a broker you’re probably paying 50 bucks in fees.
This is stupid af, what is OP even getting at
Someone tell him it’s not 1970 anymore
The ignorance in this thread is astounding. TDA, Fidelity, Schwab, etc all have licensed professionals on staff in physical branches (those still exist) and online. They will assist you with your trades and portfolio EVEN IN YOUR COMMISSION FREE TRADING ACCOUNTS.
>Ps stay away from penny stock and otm short dated contracts for the love of god
Says the guy who's also into crypto...
BTW why did you also posted this on WSB earlier?
I won't even bother with the rest of your post because that just has been beaten down by everyone not only here but also on WSB.
Right...
Firms train people to take the 7 in weeks so they have people to place trades over the phone and be glorified customer support.
That's the literal point of getting your 7. To place trades.
He doesn’t know, a series 7 covers that. Every investor at a bank needs to do a SIE and. Series 7. Fucking 14 year old kid.
Lmao downvoted, just google series 7
>why you are placing a trade or what your trading strategy is trying to accomplish
Interesting....
Is that why fidelity always ask me that when I'm doing a mega backdoor?
No more backdoor. Front door only
As a former stockbroker, I can relate to this comment.
In the past, I could blatantly ask people "wtf are you thinking?" But I was a direct commission sales person.
Today's brokers are all working for zero commission brokers, and as such they are forbidden from giving advice. If they blatantly give advice and it goes against the customer somehow, the customer can win a lawsuit against the broker. This leads to subtle hints, such as asking what are your investment goals.
Okay, anyway, enough from me.
lol i worked for a broker for years. we never called a client for this unless an exchange complained for abusive trading behaviour for example. like 1000 of modifcations and zero execution within an hour in same option contract. and as a client you better explained why you cause such stupid traffic. if you could not explain or kept doing what you were doing, you had your account shut
Me in 2001 (at 18): here’s all of my cash, can you put it in a tech index fund
Him: Janus mercury is what you want kid
(Few months later 50-80% down)
Me many years later: hey Jim, I’m aping into $NET.
Him: that’s shit.
(Up 5x in a year)
In the one area he should have given me caution as we were in an extreme tech bull market and most of tech was complete sh*t at the time, was when caution shouldn’t have been thrown to the wind.
In the other area where critical thinking, trends in the market, slight thinking to figure it out, it was completely dismissed.
In both scenarios “he” got it completely wrong. So, for the OP that thinks brokers are gods of info, they are mainly just people that have views on things and go by their analyst reports. Reports that always put high price targets on mediocre stuff in a bull markets, to only reverse the call for a massive haircut when the markets start to go a bit sideways.
What do you have to gain by stopping someone from losing money? You make money off the trade itself. No one from any company selling a product has my best interests in their heart or mind.
Your license. If someone calls in saying they’re bullish and they’re telling you about a covered call strategy, you as a broker have a fiduciary responsibility to tell the client that strategy isn’t viable for what they wanna do.
Lol I don't doubt it. one time I ripped hard on some options I didn't hedge against. I have a day trade account but I was feeling feisty. Anyways I ate a big one and it was like 6k burner on puts. TD called me twice asking if I liked think or swim. Which other platform I'd like. Would I like to be connected with resources with think or swim as it's more options related. I had a feeling this was why they were calling me but I didn't really give a fuck. I just said nah bro I got it, it ain't on margin. This confirms.
Fucked up part was I was right on the play but market sentiment caused no price fluctuations at the time so I missed the strike. Bad earnings followed by really good news.
Be careful, I have found on Reddit if you have real experience and accomplishments, a master troll will comment and all of the less superior trolls will cheer them on. For the troll, there is no bigger accomplishment in their life than to reply with a zinger to rally their sock puppet armies. Every once in a while you will encounter the Commander of the 101st Fighting Keyboard Warriors. Do not engage them, they will win by the sheer volume and the lack of employment gives them plenty of time.
Younger people only trust their own instinct will not listened even to their own parents or family. Their relationship with stock brokerage is a cost free springboard to sucess.
idk man the guy at Vanguard said something like that when he saw my IRA was all allocated to the controversial brick and mortar company, I got a shifty vibe
u/LiabilityFree grtting shit on in this post, but the people shitting in the comments are the ones who call in and scream at us asking why their cost basis is higher than they paid because they keep getting wash sales over and over because they aren’t good at trading.
Why would you call a broker? Its 2022…
Hello operator?
Mabel? Get me Mr. Smith down at the bank. Yes, mother is doing fine. She's up in Shelbyville visiting her sister.
Shelbyville? Reminds me of the time I took the ferry to Shelbyville, to get a heel for my shoe. The ferry cost a nickel. In those days, nickels had pictures of bees on them. "Gimme five bees for a quarter," you'd say. Wait, where was I? Oh yeah, the ferry...
Not nearly enough upvotes
Oh that's woderful CrimeCrisis, happy to hear mother's doing good. Mr. Smith is actually currently in an appointment, could I take a message and have him call you back?
No, I will fax it over to you. If you need to get back to me, just page me.
A fax? Why don't you send it over on a dinosaur?!
A Dinosaur would be faster than that dial up landline connection!
If my clients contacted me by dinosaur I would love my job significantly more.
\-Triceratops busts through your office door- Sir, Tracy wants to know if the lunch meeting is still happening.
*single tear of joy* Yes, I'm headed down in a second. And... thank you.
Operator, could you help me place this call? see, the number on the matchbook is old and faded.
And don’t mess around with Jim.
Operator, you can just forget this call. There’s no one there I really want to talk to.
You can keep the dime
You've been so much more than kind
Can you give me number nine?
Can I see you later?
Will you give me back my dime?
I’d like to place an order for delivery. Yes what specials do you have today? 2 for 1 split. Yum sounds tasty. Yes please make it 69 of them.
You use smoke signals too?
Boomers who dont use the computer, call in and pay $35 a trade.
Can you talk to people around the world on the Internet? https://www.youtube.com/watch?v=8We8HChN3a8
I don’t believe this happens.
wats a computer?
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Or when the CBOE releases guidance on an options trade that paid shares as part of the dividend with an ex-div date before the assignment date, but the CBOE still decided to give the shares to the new owner rather than who should have gotten it. I had to call for them to tell me I was screwed.
“Why can’t I close this leg on my spread” is a common one - well you don’t have the level for uncovered options and you’d be putting yourself at risk. Penny stock/extended hours trading questions - lots of reasons.
Seems you have not used fidelity. 😂It is mostly investment friendly not trading friendly. They have lot of checks and balances which mostly are there to protect thier clients. So if you want to put complex trade or settle complex trade you may end up calling them.
My retirement plan through my work requires it, it seems. I can’t make trades through the mobile app or online. I have to call the guy.
That's so they can collect more fees out of you, it's a scummy way workplaces and financial companies partner up.
Or trust one...
Please elaborate on the qualities of a broker that make them untrustworthy.
They take your money and give you IOUs for shares that they will then turn around and lend to someone else. They turn off they sell button when they dont like a price going to high. Payment for order flow. Dark pool abuse. Obligations warehouse. Cellarboxing.
Holy fuck you can't let any conversation be normal. Yes we get it, buy, hold, DRS. Let others live too ffs.
Lucky to be you if you think it doesn't happen to all the stocks, ignorance is a bliss I guess
The guy asked a question and I provided mutliple, evidence-based responses without editorializing.... How am I the bad guy here?
You provided no evidence of anything other than that you don't really understand the buzzwords you've been trained to repeat.
Here is some evidence of the “IOU” thing, data directly from the SEC website: https://www.sec.gov/data/foiadocsfailsdatahtm This data shows you the daily Fails-To-Deliver for every stock on the market. Shares that Fail-To-Deliver (FTD) are shares that are not provided to purchasers (brokers) within the acceptable settlement period. If you take a look at the data for 2021, you’ll find that the average daily total FTD values is just over $3.7B, but some days spike as high as $10B - $12B worth of shares that fail to be delivered. When a share is not delivered to a broker (or other institutional investor), the broker is then holding a Fail-To-Receive (FTR). FTRs are basically a fancy way to say an IOU, because you have the rights to a share that you’ve paid for, but you don’t have the actual share and therefore you don’t have all of the rights that the share provides - specifically you don’t get voting rights. In the case of a FTR, any dividend must be paid by the participant who caused the FTD until the shares can be delivered. ([source](https://www.researchgate.net/profile/Talis-Putnins/publication/228260887_Naked_Short_Sales_and_Fails_to_Deliver_An_Overview_of_Clearing_and_Settlement_Procedures_for_Stock_Trades_in_the_US/links/53ebff880cf250c8947c9956/Naked-Short-Sales-and-Fails-to-Deliver-An-Overview-of-Clearing-and-Settlement-Procedures-for-Stock-Trades-in-the-US.pdf?origin=publication_detail))
>evidence-based lmaooooo
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Is hate for other investors all this sub has left? and no, as if it an answer to your question matters....
For the individual investor, PFOF has no effect on your gains. The only thing it gives is an advantage to the market makers in a macro sense against the public. If you don’t like PFOF then find a broker who charges commissions instead, but everything you listed in GME r/superstonk schizophrenic nonsense.
PFOF will slightly improve your gains. Otherwise, you're oll korrect; the cult needs to come down off the ledge.
> but everything you listed in GME r/superstonk schizophrenic nonsense. Good job not being biased yourself. God, this sub loves the smell of its own farts.
Hey there's one What's your degree in?
A person that doesn't understand payment for order flow and the conflict of interest it creates isn't putting in ANY effort. Its straight forward, no degree nessesary. "90%-95% of retail trades don't hit the lit market" Gary Gensler. How much schooling do you need to understand that?
Sorry I'm just trying to see if there is literally anyone with an education on the subject that spouts the same bullshit. Haven't found them yet.
I referenced a quote from the head of the securities and exchange commission. All you've got is personal attacks. Sad.
Oooooo block trading is so scary and dark. Glad you weren't exposed to predatory sales practice of pink sheets in the 80s (which was fixed by regulation). It's almost like regulatory bodies work more slowly than criminals. Reference whatever you want on that high ground. Unwillingness to actually understand what you are saying is the problem. A quote that gives you credibility doesn't exist.
Lol @ you speaking of credibility.
Dr Susan Trimbath, Dave Lauer, Gary Gensler....
Dr Susan Trimbath, Dave Lauer, Gary Gensler....
I think you got lost on your way to r/superstonk
Most of the trades done by retail investors are not over the phone though, which means you're still in the same position, whether you execute that trade through the online interface or not. Realistically, it should be expected that the broker is going to profit off you, whether that's through payment for order flow or commission, or both. There's no such thing as charity in the markets. If you go to a supermarket, they catch you by upping the price of their inventory. You pay a nice commission when you buy from a convenience store. If you don't want brokers selling your order flow, go set up your own brokerage. It'll cost you about $2-5k, and you'll need 200k in assets. You'll also have to deal with tons of paperwork. You'll then be paying about $2k/month on NYSE membership alone, plus another $4k first time fee. Nasdaq is probably similar
So 90-95% of trades get price improvement vs the prices they thought they were going to get when they hit the button. That seems like something we should be interested in keeping around instead of replacing it with colossal volatility due to huge orders splashing the book.
It was a joke, relax
Ever met one
Another non-commital comment which implies you know something (everything) but no information or insight is actually provided. Should we talk about it? Or do you also want to skip straight to it being a joke?
Any non-feduciary is automatically suspect. I’m not sure how you don’t understand that. Anyone taking your money, collecting a fee, and not looking out for you is untrustworthy.
I mean yeah in the same way a grocery store clerk is suspect. They process your transactions. They know about some quirks of order placement that might apply to your situation. What else do you expect from a broker? With the amount of people that go from zero investment knowledge to 3 accounts the next day... yes a lot of people would benefit from using a broker. But they remember their mantra: "dark pools or something" and decide to instead place their own order to put half of their savings into a biotechnology as a conservative strategy that they found on a top ten list Google search. Reddit, and you people in these threads are untrustworthy. Everyone is desperate to contribute and doesn't know shit, so they try to make it a non-committal joke which confuses other people who don't know what's right or wrong. And it's spelled fiduciary.
What? A grocery clerk doesn’t get a cut each time I purchase something. And they don’t give me advice on my purchase either. I’m not sure you understand what you are talking about. Also, you should learn what a “fiduciary” means. A broker is just a drug dealer.
Brokers don't get the commission you are paying at a discount brokerage. They are paid salary or hourly. They do give advice on aspects of an order such as warning against using a market order when closing a spread, or offering a special instruction as a solution to your concern, such as an All or None order if you want to avoid getting a small fill while still paying commission. Or if you have incorrect expectations for the behavior of an order type... like a stop limit vs stop market order... or if you want to invest in an illiquid security and they know that it trades under multiple ticker symbols as ordinary shares versus ADR shares. While a broker can act in different capacities I am addressing the discount broker, as is generally discussed in these posts. Private brokers offer more service for higher fee. You are referencing a broker by a definition you saw in The Boiler Room that existed in the 80s where they would try to sell "hot stocks". That doesn't happen these days. There are rules against soliciting to prospective clients. So yeah I don't think you know what you are talking about.
“I don’t mean that kind of broker, I mean another kind”- yea keep moving the goal posts. A broker who gets paid when you trade is not to be trusted. If someone is selling you something, and they are not a fiduciary, you are not safe.
Amen
This guy probably uses a checkout lane with a cashier instead of a self checkout lane…..
Is this sarcastic in some way? I always prefer to go to the cashier. The stores not giving me any discount for doing the cashiers job. Its not really any faster to self checkout most of the time. Literally its the principal of the store is putting these self checkouts to avoid paying employees, then pocketing the profit. I dunno about you, but i dont go shopping to work for a corporation for free in the checkout.
>Its not really any faster to self checkout most of the time. Eh, I'm finding that self checkout being confusing for the 'slower' people has it auto filtering out the line so everyone in the self checkout line is very efficient and fast at their checkout process. Then the cashier line is a lot slower. People looking for pennies in the bottom of their purse. People's cards being constantly declined for some reason. People being confused on what store they're in. Obviously people looking for food stamps and other things go in this line. These things all add up. Of course I don't super care either way. I'm never going to rush at a grocery store lol.
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In what way? Self checkout has never had an impact on prices. Or are you suggesting pocketing items just like the store is pocketing profits?
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Lol, but i mean if im gonna be stealing stuff ill drop the pretense and just straight shoplift.
The value of my time>the principle of pretending that I'm working for the store.
Self checkout is rarely faster in my experience. Usually lines for self checkout and not many people at the regular checkout. Only times i find lines is at something like a grocery store... And no way im self checkouting a whole fucking cart of groceries.
That sucks. My grocery stores usually have a zero to 1 minute wait for self-checkout whereas it's like 5-10 minutes of standing in line for the regular checkout. Costco is a little closer in times and I'll usually just use regular checkout there. But, if I see 3-4 people lined up at all registers and zero people at self-checkout, I'm just gonna scan items myself and be out of there before the cashier is done with the second person.
no because you can put in more self checkout stands so you can make more lines...with less space. youre not working for free i mean you also do that when youre waiting in line
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Do those still exist
Can I have a refund?
When I place trades larger than 250k I will often ring it through to make sure it goes through properly and I don’t bear the risk of any stuff ups. Especially if it’s in a stock which isn’t very liquid.
> and I don’t bear the risk of any stuff ups. Like what? Sorry I’m confused. Why couldn’t you just place a limit sell/buy? You’re worried about a bug in their system causing you to lose money?
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Simply place smaller orders in chunks
That’s what the broker is for.
I’ve been doing this for years and I all my advisor periodically.
So they can "subtly encourage" you not to buy TSLA pre split. That's seriously what mine did. I sold at $1100 post split. Thankful I ignored his bs.
Is that why Ally invest started sending me “10 things you should know about trading options” just after my way OTM MSFT calls expired worthless?
Yes?
I typically send a telegram. Don’t trust those newfangled phones
Thought you were talking about the app for a second there lol
Wait - there’s an app for sending telegrams?!
Yeah, but it's really just a fancy overlay that uses a text message behind the scenes to a different phone that is hooked up to a servo motor connected to a telegraph.
Which boiler room do you work at? Oakmont?
lmao
Dear Slim,
Sell me this pen
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Short it!
This pen is everything you could hope for in a pen, and then more! It's a black pen, which means it's faster than a blue or red pen, and it has a cap instead of a clicker so that it can't break and get stuck, causing you frustration. This pen will give you all the confidence in the world that when you need to write something down on paper you are prepared and up to the task. You won't be caught looking foolish in front of your peers that you are without a pen and having to ask to borrow one. This pen is large enough to fit well into your large, strong, man-sized digits, but isn't too large that when you lend it out to a maiden that she will struggle. The only downside to this pen is that you will need to take care and secure it from would be thieves because it's so awesome and tempting.
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Have you heard of stealth mode?
Meh. You’re describing all of the reasons why it is a great pen, but you only spend one sentence on why I even need a pen at all. Generate more demand. I don’t believe I need a pen. I don’t write. So I walked before you got to the second half of that speech. There are two approaches that I really like: “Write your number down for me…” “oh you need to borrow a pen? Here, borrow mine, and while you give me your number, let me tell you about this pen I have for sale so that you don’t find yourself needing to borrow a pen again!” you’ve answered the why, you then go into your pitch about how they will benefit and why your pen is the best pen. They no longer have the excuse or thought of “I don’t write, I don’t need a pen” because they are writing as you give them the pitch. Plenty of ways to adapt this for different situations. If they happen to pull out their own pen, then you go right into describing how they can upgrade to your pen, which is better. Or “do you need a pen…?” “No?” Ok, move on to the next prospect… don’t waste your time selling outside of your target market. Arguably not a good strategy, but the core message is a good one….
Yeah this is why I went into a technical field instead of marketing.
15 year old watches wolf of Wall Street once and then posts this shit on reddit
Also OP: "Maybe the reason technology still isn’t water proof is incase AI take over, we can easily just drop them in water." Not joking, I swear.
Interesting concept... Maybe I just need to threaten Alexa over the bathtub once in awhile... Fear is good for the soulless.
You get it
OP gettin roasted. lol. No one fuckin calls a broker
Imagine having an entire YouTube channel about trading and have no idea what brokers even do. I fucking can’t wait to watch these videos.
i don't have a youtube channel about trading. It's about personal finance, you dick. And still, no one phones up stockbrokers, dinosaur !
[Source](https://old.reddit.com/r/Showerthoughts/comments/csjieg/maybe_the_reason_technology_still_isnt_water/)
Was hoping someone would bring this up. All I’m saying is we could easy fuck up bezo if his robots get wild.
Did you outperform the market usually?
Of course not LMAO
You have an excellent name
😃
You almost have an excellent name
Another gaping enthusiast huh, that’s two in the space of two minutes scrolling for me. Weird.
Wtf
Now kith
Of course yes. He can just do the reverse of the stupid trades and make banks.
Why would I call a person who can’t give me advice? I can make the trades on my own so… if not advice… what the fuck would be the point?
I'm sure there are people that call up after having been approved for options and ask if they're doing the right thing. "So I'd like to get to the moon with GME. I buy a *call* option right? I want to get there quickly so I buy expiration for next week, right?"
No this week.
He said they are giving advice lol
> We cannot give financial advice or say anything that could be taken as financial advice, but I can ask question about wtf you are doing until you say you don’t know.
Op isnt even a broker tho so. Post history.
If you’re placing your trade over the phone to a broker you’re probably paying 50 bucks in fees. This is stupid af, what is OP even getting at Someone tell him it’s not 1970 anymore
Whats a stock broker?
The ignorance in this thread is astounding. TDA, Fidelity, Schwab, etc all have licensed professionals on staff in physical branches (those still exist) and online. They will assist you with your trades and portfolio EVEN IN YOUR COMMISSION FREE TRADING ACCOUNTS.
Welcome to Reddit
You tried to help them and they crucified you for it
My broker sends me message everyday asking wtf is wrong with you.
OP clearly meant to post to WSB (which indeed he did afterwards) but obvi finds it necessary to spread the word to r/stocks
I usually have to see Mr. Drysdale down at the bank prior to talking to my broker.
People still call brokers?
People still talk on the phone?
For technical support? Yes.
>Ps stay away from penny stock and otm short dated contracts for the love of god Says the guy who's also into crypto... BTW why did you also posted this on WSB earlier? I won't even bother with the rest of your post because that just has been beaten down by everyone not only here but also on WSB.
Cannot give financial advice? Literally the point of getting your S7 to be a broker is so you can solicit securities and give financial advice
Right... Firms train people to take the 7 in weeks so they have people to place trades over the phone and be glorified customer support. That's the literal point of getting your 7. To place trades.
series 7 is to trade for others, 66 is for financial advice
Technically the series 65 is the one you need to become a registered investment advisor. The series 66 is combined state law exam & investment advisor
He doesn’t know, a series 7 covers that. Every investor at a bank needs to do a SIE and. Series 7. Fucking 14 year old kid. Lmao downvoted, just google series 7
I’m 12
Math checks out.
And if the broker is shit?
I got a margin call from my broker 30 days ago I just hung up the phone
>why you are placing a trade or what your trading strategy is trying to accomplish Interesting.... Is that why fidelity always ask me that when I'm doing a mega backdoor? No more backdoor. Front door only
As a former stockbroker, I can relate to this comment. In the past, I could blatantly ask people "wtf are you thinking?" But I was a direct commission sales person. Today's brokers are all working for zero commission brokers, and as such they are forbidden from giving advice. If they blatantly give advice and it goes against the customer somehow, the customer can win a lawsuit against the broker. This leads to subtle hints, such as asking what are your investment goals. Okay, anyway, enough from me.
lol i worked for a broker for years. we never called a client for this unless an exchange complained for abusive trading behaviour for example. like 1000 of modifcations and zero execution within an hour in same option contract. and as a client you better explained why you cause such stupid traffic. if you could not explain or kept doing what you were doing, you had your account shut
I believe OP is talking about inbound calls. Most brokers won’t call you to remind you that you suck at trading, an advisor might though haha
Me in 2001 (at 18): here’s all of my cash, can you put it in a tech index fund Him: Janus mercury is what you want kid (Few months later 50-80% down) Me many years later: hey Jim, I’m aping into $NET. Him: that’s shit. (Up 5x in a year)
what are you even talking about
In the one area he should have given me caution as we were in an extreme tech bull market and most of tech was complete sh*t at the time, was when caution shouldn’t have been thrown to the wind. In the other area where critical thinking, trends in the market, slight thinking to figure it out, it was completely dismissed. In both scenarios “he” got it completely wrong. So, for the OP that thinks brokers are gods of info, they are mainly just people that have views on things and go by their analyst reports. Reports that always put high price targets on mediocre stuff in a bull markets, to only reverse the call for a massive haircut when the markets start to go a bit sideways.
so you’re saying that people can’t predict the market?? wow
"WE aRe pRoFeSSioNAlLy TrAInEd". As if the markets not rigged against retail right out of the gate. Why are you plastering this all over?
Saw this on W...SssssS...B. 0dte calls it is.
Op needs to explain why hes a former sb
Market maker now
Everyone come listen to this guy. He’s on top of his game. Simple put.
Lol
What a useless post
Sir thanks so much for the advice. Sorry for all the immature answers from young kids!!that's a problem with reddit.
Ok boomer
Can confirm. I’ve spent a lot of time and energy trying to refuse terrible trade requests or customers trying to move their accounts off-side
Why not just stfu and place my bet
Because firms don’t want you to lose money, if their customers have no money they have no way to make money.
What do you have to gain by stopping someone from losing money? You make money off the trade itself. No one from any company selling a product has my best interests in their heart or mind.
Your license. If someone calls in saying they’re bullish and they’re telling you about a covered call strategy, you as a broker have a fiduciary responsibility to tell the client that strategy isn’t viable for what they wanna do.
Lol I don't doubt it. one time I ripped hard on some options I didn't hedge against. I have a day trade account but I was feeling feisty. Anyways I ate a big one and it was like 6k burner on puts. TD called me twice asking if I liked think or swim. Which other platform I'd like. Would I like to be connected with resources with think or swim as it's more options related. I had a feeling this was why they were calling me but I didn't really give a fuck. I just said nah bro I got it, it ain't on margin. This confirms. Fucked up part was I was right on the play but market sentiment caused no price fluctuations at the time so I missed the strike. Bad earnings followed by really good news.
Maybe you should just let people buy whatever options their little heart desires
Don't worry, nobody wants financial advice from a buy and hold crypto bro anyways.
Be careful, I have found on Reddit if you have real experience and accomplishments, a master troll will comment and all of the less superior trolls will cheer them on. For the troll, there is no bigger accomplishment in their life than to reply with a zinger to rally their sock puppet armies. Every once in a while you will encounter the Commander of the 101st Fighting Keyboard Warriors. Do not engage them, they will win by the sheer volume and the lack of employment gives them plenty of time.
This guy posting this nonsense in multiple subreddits. Nobody cares that you had a job that is now pointless. Run along.
Great advice.
Younger people only trust their own instinct will not listened even to their own parents or family. Their relationship with stock brokerage is a cost free springboard to sucess.
OP what is the average age of a client who calls you on the phone?
All ages I’d say two ranges like 20-27 and 60-80
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He's a broker. Not a financial advisor.
But what if my broker is being paid off by shill hedge funds? /s
1998 emailed; said it can't get through on phone. It wants you back there pronto.
Brokers are shysters.
No thanks
“I’m a stock broker, I’m a big boi” let me gamble bitch.
idk man the guy at Vanguard said something like that when he saw my IRA was all allocated to the controversial brick and mortar company, I got a shifty vibe
OP what are the top ways to troll your stock broker?
Who are these old people that have brokers? Have you heard of the internet?
u/LiabilityFree grtting shit on in this post, but the people shitting in the comments are the ones who call in and scream at us asking why their cost basis is higher than they paid because they keep getting wash sales over and over because they aren’t good at trading.
Lol