Cents and Sensibility - Kimberly and Friends' Consortium Message Board

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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium

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To: Kimberly Lee who wrote (14788)	8/30/1999 11:16:00 AM
From: Jim B	Read Replies (1) of 108040

<<You're an appropriate candidate for day trading only if you have spare money you are preparted to lose without tears. That doesn't describe anyone I know. The upshoot: The columns also quotes a "consultant" who reviewed 17 day-trading accounts, found only one was "successful" and five "marginally profitable, thanks to a single trade." Day trading is evil and must be legislated. >> 1) that sounds like me since I only daytrade with money i can afford to lose 2) kimberly, do you ever see legislation prohibiting daytrading?? that's just another part of the market... plus fund managers do it all the time... we only participate in the same kinds of strategy some of them do which is to "sell early and take profits"... if I buy a stock and 30minutes later it's reached my target how can they make that illegal for me to sell?? how can they legally require me to stay in the stock and possibly end up with a loss? they already tax us HUGE on short term gains.. they shouldn't make daytrading illegal.. they should just do a better job getting awareness out of how risky it is.. but if people want to try it.. let them lose the hard way... it figures... society loves to put the blame on everything but the person who commits the crime.. it wasn't that guy in Atlanta's fault he shot all those people... no, it MUST have been the fact that people daytrade... he wasn't sick in the head.. he was a normal guy who was allowed to daytrade and because of that all those people got killed.. just think.. making daytrading illegal will save millions of lives... though it could force people to hold stocks so long that they miss profits and end up with losses.. and then go shoot people and themselves... oh wait! maybe we should make investing illegal altogether.. ask me: Jane Quinn is an idiot.. one's right to manage their own funds/stocks as they see fit is an integral part of the market and helps provide liquidity and always will. Just because few are successful at something doesn't mean you make it illegal nor does it make it "evil".. The day the government steps in and tells me what I have to buy and sell and how long i have to hold it is the day that I go buy a CD.. unless the government wants to give me guarantees on my investments.. that if they go up and I want to sell but I can't because of new laws.. and then ready I'm allowed to sell the stock is way down that they'll cover my losses... then fine.. I"ll play that game. I suspect alot of what you do kim would also be illegal.. i wonder how long "daytrading" is... is daytrading buying a stock and selling it the same day? the next? the following week? or anything under 1 year? sheesh.. how stupid.. the guy in atlanta went nuts.. it happens for many different reasons.. if I get mad at a taxi cab driver and go shoot 10people... they gonna make taxi cabs illegal? what a world. Let's focus on people.. put the blame and responsbility where it should be.. people.. and let's work to help each other work through our problems... instead of taking away everyone's freedoms and asking them to live in a box. jim

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