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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: JB2 who wrote (2640)	8/11/1999 8:52:00 AM
From: marketbrief.com	Read Replies (1) \| Respond to of 18137

Great post JB2... it is amusing to watch the futile fight which all kinds of institutions and businesses are waging against the Internet, because they can sense their own destruction but cannot understand how to embrace change. We are all aware of how the brokerage business has been revolutionized, but wait until the Net threatens sacred cows like public schooling and <gasp> the State. That's when the real sparks will start flying; you ain't seen nothin' yet. ~Smart$

To: JB2 who wrote (2640)	8/11/1999 10:36:00 AM
From: ynot	Respond to of 18137

don't forget they can just rewrite the rules MM typically only show 100 shares of potential trades now i wonder if MM clients (do they have clients?) see the book? imho the power of the internet is for people to add 'brain power' the information aspect is important, but the ability to tap experience, knowledge and techniques ranks higher on my list where else could i go to tap the experience and knowledge right HERE? try to get the opinions of Eric P Richard Estes PAT Trader Allen etc.. in the newspaper, from your broker once that is available, and assuming decent information in a timely manner, one can make a decision, right or wrong :) i believe that my ability to make decisions on the correct side of a trading trend has improved 1000% in the past 6 months jmo ynot :)

To: JB2 who wrote (2640)	8/11/1999 1:10:00 PM
From: -	Read Replies (1) \| Respond to of 18137

re: The war to regulate daytraders... that is, us JB2, the best post I have seen about what's really going on in the substantial campaign against daytraders. You are spot-on. It is true that, as Smart$ points out part of this is about the internet opening the information/economy up, as well. But the daytrading war is an even more vicious campaign, because collectively, we are striking right to the core of the 'money complex'. Just think about how many Billions are flowing into those big NYC financial firms, that instead -- because of this revolution -- we, as individuals / private traders, are going to be earning instead, over the next 25 years? They don't like real competition so much, as they have been writing the rules and enjoying "easy money" for 50 years! If you read JB2's post and think it's 'over the edge' or too radical, think again - it's not! JB has a good handle on our collective situation as daytrader's, aligned against the SEC+NASD+MM's -- the Wall Street/regulatory power complex. They have the Media firmly in their court. In a democracy, if we're not constantly fighting back, oppression will set in. I've seen evidence of this and have become concerned about it over the past several years; and in the past six months, the anti-daytrading campaign is becoming less subtle and more blatant. The best thing going on to fight it is the Daytrader's lobbying organization to fight it that Momentum Securities has set up, we should all join it and support their efforts and activities! Also, it's a good idea to take the time to explain what's really going on to your friends and relatives - otherwise, their impressions will be formed by newspaper articles and (for example) the words of our Regulator news conference from earlier this week: "Daytrading is Gambling; there is no other way to describe it" and "It's too bad it took a tragedy like in Atlanta" [for us to move on regulating these activities] What people should know is the TRUTH: 1. For the great majority of traders that conduct their business properly, Daytrading is not gambling. Gambling is an activity where the odds are by design consistently in the favor of the casino. Daytrading (like becoming a Dentist or Engineer) is a serious professional activity which requires a lot of training, expertise, and discipline. The odds can consistently be in the favor of the trader; done properly, it is a business. Many daytraders are profitable, and not everyone loses huge sums of money then goes out and shoots people. Most importantly, Daytraders are improving the stock market for everyone, by adding liquidity, bringing tighter spreads, and (probably most important) forcing Wall Street to "open up" their exchanges, data systems, and trading systems to the public providing fairer access while at the same time bringing about increased competition, lower commissions, etc. (this list could be long). It is like a deregulatory process for the financial industry that we are forcing -- we've all been living under Wall Street's thumb on their terms, for way too long. 2. The tradegy in Atlanta had nothing to do with problems with problems with "daytraders" as claimed in the news conference this week. It is doubtful that any equitable regulation the government could devise, would serve to prevent such tragedies committed by sick individuals. Those that want to choke off this entrepreneurial activity through regulation are simply using the Atlanta event as a "political crutch" to advance their agenda. They should be ashamed of themselves. In taking my own sampling of a few friends and relatives that saw the media coverage, they didn't "buy" the link between daytrading and the Atlanta story. The public is generally a lot smarter/wiser than anticipated by wannabe politico's. -Steve