CHN chart, page-2634

absolutely agree. To get the price of trades to reflect true value of a stock, you need every trade to contain information about the buyer’s and seller’s opinion of value. When there is no cost to a trade, then you can hide the information contained in your true value trade by making a load of other trades between entities that you control at different prices. In effect each trade contains negative information because it hides the true information. A fee or tax per trade would reduce that, and could be tweaked until it reached a reasonable position.