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No institution and no industry insider ever again will have a protected trading advantage over the average trader. |
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What do the institutions really want? They all want to manage your money. Let's look at them by broad category. |
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Mutual funds want to continue to provide value to the public for their long-term investing needs; they will continue to compete on return. |
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Money managers and financial consultants want to be credible alternatives to the mutual funds. |
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Pension funds want to keep a lock on their large corporate clients. |
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Retail brokerage firms want to continue to add financial services to attract your long-term funds. |
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Because this book is about online trading in the Sixth Market, we are concerned only with the portion of your assets devoted to that purpose. But in addition to your online trading activities, you likely will place long-term investments. The institutions will continue to compete with one another to manage the dollars in that pile for you. |
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What do the online brokers really want? They want to survive. |
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First, they have a problem with competition. Today there are almost 200 online brokers; in five years there will be a dozen or fewer. To survive, they are mounting furious battles to win and to keep customers. Much of this battleground is being fought over financial services. Today, you can get a mortgage, purchase theater tickets, order take-out food, and who knows what else, all through your online financial services firm. Great, but what does this have to do with trading? |
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Go ahead and open an account with one of these "everything for everyone" behemoths and take full advantage of their expansive services. But also open your trading account with a firm that specializes in trading! The online broker you want will continue to give you the trading edge with innovations such as: |
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