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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: steve goldman who wrote (5316)9/26/1998 4:32:00 PM
From: RML Trading  Read Replies (2) of 12617
 
Steve,

You and I do not go a long way back, but I would like to comment on what you said in your letter to Irby. I hope I am not out of line.

I have been in this business since 1990 and have worked the retail, trading and now in the day trading environment (SOES). I looked through your site and agree with you 100%. A service like your company offers is very valuable for a new trader or a position trader in the market. All of us that have been in this business for any length of time realize that the majority of day traders loose money. I think anything you can do to help a new trader or an old trader to avoid the pitfalls in the market is worth the extra commission. However I disagree with you on the issue of why good hedge fund managers such as Jim Cramer do not use a SOES type system. You and I both know that buy generating commissions for the likes of a Goldman Sachs has it's benefit i.e. getting a piece of a hot new issue that is priced at $18 in opens at $50 (EBAY) . You will also be allowed in on analyst calls before the rest of the market. If there is seller that wants out of a stock and is willing to take a price that is a discount to the market. Who do you think will get called? Not me. If this ever changes there will not be a need for successful traders to use a Goldman Sachs. It would be less expensive for them to have an in house trading department. If I had the kind of money Jim Cramer has. I would be paying GSCO a higher commission myself. I also would be receiving the perks.

Respectfully ,

Rob Luecke
RML Trading Inc.
rob@rmltrading.com
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