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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: UnBelievable who wrote (22093)	11/21/2001 5:17:41 PM
From: At_The_Ask	Respond to of 209892

Muriel Siebert has expressed a true hatred for daytraders. Its really common sense to believe that online brokers take the other side of peoples trades. They want people that place market orders so they can make the spread. Daytraders provide competition for specialists and MM's so they dont want people around that know how to trade. Reminiscences of a stock operator describes the operation of bucket shops prevalent in the early 1900's and how they would discourage people that made money from trading by just refusing to take thir business(Its the unofficial biography of Larry Livingston a famous shortseller and market operator in the 1900's). I think these types of rules are similar in nature. Small traders are usually poor and hungry. They want people that have money to "invest" for the long term. I think thats the reason alot of the direct access systems have income minimums like 50k a year. Anyone that can prove they make 50k a year from trading an account smaller than 25k doesn't need to change brokers. And anyone who makes over 50k a year at their job is not likely to quit and take up daytrading. Catch 22 for certain.