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

To: TraderAlan who wrote (4832)	10/11/1999 5:26:00 PM
From: Ephraim F. Moya	Respond to of 18137

The Net and new technology is taking this snake oil salesman out of the equation and they won't accept it without a fight. I agree wholeheartedly !

To: TraderAlan who wrote (4832)	10/11/1999 5:46:00 PM
From: funk	Read Replies (1) \| Respond to of 18137

Alan, your letter is truly awesome. I hope it gets read by a million people.

To: TraderAlan who wrote (4832)	10/11/1999 6:16:00 PM
From: Dan Clark	Read Replies (2) \| Respond to of 18137

Alan, Great post! Dead accurate on all points. On one specific point, many of these writers on the payroll of the traditional financial institutions (yes, they are just shills) continue to stress the point that 80% of people lose money in their trading "job". They fail to understand that trading is NOT a job; it's a business! Most businesses are in a very competitive marketplace! You have to work very hard start a business. You have to spend lot's of time learning the ropes. Many times you have to pay for different types of services and purchase assets to run your business. And about 80% of start-up businesses lose money and/or fail in the first few years!!! A trader is an entrepreneur - in business for him/herself. Just like any other entrepreneur, the trader gathers capital, buy "stock" (sorry for the pun) and try to sell it at a profit. Traders pay for services like news services and data feeds. Traders buy assets like computers and set up their own offices. It's very difficult and most traders spend years learning their business before they are successful. And 80% of the traders lose money and/or fail in the first few years. What's the difference between an entrepreneur and a trader? I don't see a lot. It's amazing that they media and some politicians try to present themselves as being concerned about the welfare of the investing public. Bull! What we have here is nothing more than the archaic, old-line snake-oil businesses getting their heads pounded by the new, entrepreneurial competition. AND, THEY CAN'T STAND IT! It's time that the politicians realize that they are NOT protecting investors, they are supporting one inefficient business to detriment of another, more competitive business. Regards, Dan.

To: TraderAlan who wrote (4832)	10/12/1999 1:35:00 AM
From: Mark	Respond to of 18137

<so that people like my mother-in-law <s> call me in a panic to find out why I'm engaged in such a disreputable line of work.> I got lucky, half of my in-laws have stopped talking to me altogether:) Good job Alen, Best regards and back to lurking Mark

To: TraderAlan who wrote (4832)	10/12/1999 12:23:00 PM
From: compradun	Read Replies (2) \| Respond to of 18137

Alan: (and others) The legislative movement to regulate daytrading is gathering steam in the Senate. Michigan demigod Levin is the leading democrat attempting to decide whether daytrading is a suitable activity for you. He is not on the Security/Finance Committee. He is on the governmental affairs committee, an unrelated area. He must be addressed. His email address is Senator@levin.senate.gov. However, I wouldn't bother sending him a message because you will only receive a bland email that says that he feels your pain and will continue to attempt to further the cause of the (auto) unions and socialized medicine. Perhaps a call to Levin's office might cause him to back off, but don't count on it. It is not all dark on capital hill, however. Phil Gramm (R) Tex, is the Senate Securities/Finance committee chair. He has pledged to fight for your interests. FYI Comp