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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: NickSE who wrote (12425)	2/24/2000 1:01:00 PM
From: NickSE	Respond to of 42523

Day Trading: A Study in Temptation washingtonpost.com ...The Senate subcommittee began its investigation into day trading after the Barton shooting, and its report--a draft of which was obtained by The Washington Post--is the most detailed to date on the breadth and scope of day trading. It found that 15 of the largest firms in the field pulled in revenue last year of $541.5 million--276 percent more than in 1997. Profits spiraled to more than $66 million. Last year, those firms alone opened more than 12,000 new accounts. The 4,000 to 5,000 most active traders are borrowing huge sums and losing money, the draft report said. On average, day traders pay commissions of $16 per trade and make 29 trades a day. That means the average day trader would need to pull in more than $111,000 a year in stock market gains just to break even. "Day trading can be compared with certain types of gambling," said Sen. Susan Collins (R-Maine), chairman of the subcommittee...