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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Ira Player who wrote (1026)	11/17/1997 8:35:00 PM
From: Ira Player	Respond to of 12617

Back again for another quick comment. I really expected to get skewered for my last post, and am surprised by the silence. The primary reason for the post was and is to point out the need, by most people, to make something. Not necessarily money, a physical thing or the development of something. I am, unfortunately, only aware of 1 person in my "social group" that actually trades full time. She trades all day while her kids are in school. She has confided, when I asked, that she "Doesn't know what she will do when the kids are older and she isn't `needed' anymore". While she makes a good living trading, she discounts that when discussing what she "does". From what I've read, I believe a significant part of the drop out rate for traders in the first year is the lack of fulfillment, possibly compounded by a lack of capital. Ira

To: Ira Player who wrote (1026)	11/17/1997 8:45:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 12617

Excellent post IRA!!!! Now lets all be civil about this but I think it is a well poised argument and worthwhile dialogue. 90% of investors in these markets buy stocks for one reason....to make money. Most dont know the companies they hold nor think of themselves are "owners".. They buy xyz to go up and sell it when it does. How about this as an argument....the wealth created by the traders is then funnelled into the economy through purchases and other expenditures and thus furthers the economic cycle. That for whatever reason, given the existence of day traders, the market has reached historic levels, which has increased the standard of living of our country. heck....i'm sorry, I'm not psych major or philosopher,...i'll just stop now...i stick to those things I am good at.....someone else will have to defend our profession....Where's Graham? He would love this! Regards, steve@yamner.com

To: Ira Player who wrote (1026)	11/17/1997 8:59:00 PM
From: Jim Craig	Respond to of 12617

Ira, I agree fully. And your point exemplifies the paradox. How can we as traders--be they day-traders or weekly traders-justify our existence? O-o-o-o-o philosophical! We essentially separate people from their money, and the online, faceless trading makes that possible. (Not only possible, but palatable.) How do I justify my existance in any market? Truthfully, I don't. My reward comes in looking back on the week and telling my wife that we made so many dollars this week. And I rejoice in that. Do I (and my kind) add anything to my society? Indirectly yes. Because I use the proceeds to finance a number of enterprises that need a little shoring. With a little help, they will provide all sort of joy and pleasure to the people who buy the goods. So. Ira, we do provide services (I hope), but in the end, we are scavengers who feed on those who do not know what they are doing. I would feel very sorry for them, but I have already paid the price, over and over again. Greed, ego and pride suck, but they are profitable for those who can take advantage. So, I thank those (in advance) who are impatient, emotional and greedy. Because you are the ones that make my wife smile at the end of the week.

To: Ira Player who wrote (1026)	11/17/1997 10:58:00 PM
From: ojai	Respond to of 12617

Ira- My brother had an issue with me daytrading the stock of the company he worked for. He said that stock should be bought and held long term, and daytrading hurt the company, inflating and deflating it's value. But it has nothing to do with the company, it reaped it's cash in the IPO, and only could affect it now if stock options are used for bonuses(which they are more and more). Besides, I may trade a few thousand stocks a week, but the big boys are trading thousands of shares an hour in some cases(or millions, look at AMAT!). That is what affects stock prices, when they pile in en mass, and drive the price up 10-30% in a few hours. If we are quick, we can go along for the ride. I have fed quite a bit of my earnings back into my endeaver, buying a computer, books, two new phone lines, monthly access fees to isp's and quote services. We are collectively creating a new industry with all the revenue generating offshoots that go along with it. And, most importantly, we are participating in an exercise of pure capitalism, which is what this country is founded on, free markets with unlimited potential. That's why we are the most powerful economic power in the world. I just finished Learn to Earn by Peter Lynch. It has a great first chapter, describing the evolution of our capitalist society. It should be required reading in high school, at least I'm going to see if I can get my kids to read it. Thanks for the dialogue. -Tim