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Truville · 13-06-2005, 15:26

Some really great ideas here, especially the credit card. The biggest problem I see with it though, is the collection of my fee.

Take today for instance. Last night I was calling for a short on cable. Well, when that sudden spike at 21:00 hit, I quickly emailed everyone to get in and make a quick 30 pips. Everyone’s happy right? 30 pips in 30 minutes can’t be beat, right? Nope!

Five emails: “That trade came earlier than usual, so I wasn’t at the computer and I couldn’t trade it”. Are they going to pay a percent of a trade they didn’t take advantage of, even though it was their fault for missing it? It actually was earlier than usual, so should I charge those that did catch it and not those that didn’t? How do I find out who is who?

Now what would happen if I did a dollar a pip deal? “I shouldn’t be charged for that” “I got in late, so I should only the charged half” “I’m going to dispute that charge on my card” “I haven’t been following all of your signals, so I shouldn’t be charged for all of them” Etc, etc.

So that’s the big difficulty as I see them. It’s just too easy for a client to get service, then wrangle out of paying. Of course each client would like to pay 50 cents a trade, just like I’d like to pay 50 cents a gallon for gasoline. The consumer always wants a great deal. The consumer always wants to get something more, to haggle, to bargain, to get a partial refund (just this one time, of course).

“Tell you want, Texaco gas station. I’ll fill up my car, for free, for two weeks. If I like the mileage I’m getting, I’ll come back and pay you, say, $1.25 a gallon.”

TWO WEEKS LATER:

“What do you mean, ‘charge me’?” I’ve hardly even driven the car! It’s been in the garage all weekend! And after I drive it to work, it just sits in the parking lot for 10 hours. I shouldn’t have to pay for that!”

It’s just a big mess, potentially. So when I was first getting all that business legal stuff together, I spoke to my lawyer friend how he charges, being in a similar situation.

And his advice was “They are paying you for your time. When someone pays me X amount of dollars to write up a will or something, it doesn’t matter to me if they use that document verbatim, change it beyond all recognition, or don’t use it at all. They paid me for my time and expertise.”

I can’t believe I’m saying this, but I agree with that lawyer!

13-06-2005, 15:26	#33
Truville Bye everyone! Join Date: Jul 2003 Posts: 414 Downloads: 0 Uploads: 0 Rep Power: 0	Re: I am absolutely flabbergasted.... Some really great ideas here, especially the credit card. The biggest problem I see with it though, is the collection of my fee. Take today for instance. Last night I was calling for a short on cable. Well, when that sudden spike at 21:00 hit, I quickly emailed everyone to get in and make a quick 30 pips. Everyone’s happy right? 30 pips in 30 minutes can’t be beat, right? Nope! Five emails: “That trade came earlier than usual, so I wasn’t at the computer and I couldn’t trade it”. Are they going to pay a percent of a trade they didn’t take advantage of, even though it was their fault for missing it? It actually was earlier than usual, so should I charge those that did catch it and not those that didn’t? How do I find out who is who? Now what would happen if I did a dollar a pip deal? “I shouldn’t be charged for that” “I got in late, so I should only the charged half” “I’m going to dispute that charge on my card” “I haven’t been following all of your signals, so I shouldn’t be charged for all of them” Etc, etc. So that’s the big difficulty as I see them. It’s just too easy for a client to get service, then wrangle out of paying. Of course each client would like to pay 50 cents a trade, just like I’d like to pay 50 cents a gallon for gasoline. The consumer always wants a great deal. The consumer always wants to get something more, to haggle, to bargain, to get a partial refund (just this one time, of course). “Tell you want, Texaco gas station. I’ll fill up my car, for free, for two weeks. If I like the mileage I’m getting, I’ll come back and pay you, say, $1.25 a gallon.” TWO WEEKS LATER: “What do you mean, ‘charge me’?” I’ve hardly even driven the car! It’s been in the garage all weekend! And after I drive it to work, it just sits in the parking lot for 10 hours. I shouldn’t have to pay for that!” It’s just a big mess, potentially. So when I was first getting all that business legal stuff together, I spoke to my lawyer friend how he charges, being in a similar situation. And his advice was “They are paying you for your time. When someone pays me X amount of dollars to write up a will or something, it doesn’t matter to me if they use that document verbatim, change it beyond all recognition, or don’t use it at all. They paid me for my time and expertise.” I can’t believe I’m saying this, but I agree with that lawyer! __________________ "If we can hit that bullseye, the rest of the dominoes will fall like a house of cards. Checkmate!"