Dec 3-4, 2011

 When you are a trader, you are essentially running your own business.  It is very important to be aware of all of your costs, so you know where you can cut back.  *Spreadsheet with everyone’s fees*

 There ARE profitable traders.  Seem to be the same people every year.  They may be making less than they used to, but they are adapting and still managing to be profitable.  Each of these people work beyond market hours.  It is extremely important to do your homework and stay up on what is going on with the global economy.  I will get into some money-making trading ideas tomorrow.  (I might get to some today…)

 23 of our traders do 60% of the firm’s volume.  For 2012 we will be implementing a new rate schedule.  It will help especially the top-end volume and low-end volume traders.  ALL traders will get some reduction

CurrentNEW FOR 2012 Less than 200,000 =.007Less than 100,000 =.007 Above 200,000 =.005Above 100,000 =.005 Above 1 million =.004Above 500,000 =.004 Above 2 million =.003 (portion above 2m) Above 5 million =.003 RetroAbove 5 million =.0025 Retro Above 10 million = Call for rates Over 1,000 Rate =.003Over 1,000 Rate =.0025

 Heavy discussions going on with Goldman now, regarding the 80/20 split.

 Yesterday, I was filled at AND 1261 in the same SECOND.

 Never leave out more than 1 layer at a time, unless dividing into pieces.

 Price precedes news.  Legal insider trading.

 SPY and other ETF’s  If trading a $20 stock, why not trade a $120 stock?  Save on commissions

 Now, as this is YOUR retreat… I, as CEO, would like to hear any of your ideas of how we can make YOU more profitable.