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To: TFF who wrote (1662)	12/9/1997 7:12:00 AM
From: steve goldman	Read Replies (1) \| Respond to of 12617

I would agree with Irby. "Pros" are professional traders, hired traders at large mm firms and other institutions who buy and sell out of inventory. Regardless of whether the trader is directed to be flat at the end of the day, never acquire a position/inventory greater than xx shares at any one time, etc. the trader still has direction. He is buying and selling for the firm. Perhaps GSCO just got an order to buy 100,000 MU with a 27 top. Every dollar the trader saves or improves for the firm is a dollar for the firm. So don't minimize their incentive to trade aggressively and hard. They also know "size". They know they have 100,000 or 500,000 to buy and so they can be confident. They can also be confident because ultimately it is a client order. They also don't mind taking the 1/2, 3/4 or 1 loss to be flat. If they are told to be flat and aren't , they lose their job. Forget the thousand bucks. As well, some firms then might buy up some inventory for a firm account in anticipation of an upgrade by their analyst, etc. As well, I would definately incorporate day trades, active traders into the bunch. They don't do the volume but ask any mm, and the thought of day traders jumping on their stock they are acquiring and they pull hairs. Good luck. Steve@yamner.com As well,

To: TFF who wrote (1662)	12/10/1997 12:55:00 PM
From: xstuckey	Read Replies (1) \| Respond to of 12617

From my point of view the "pros" are professional traders. Hi irby, I am still thinking about your answer to my last question (who are the professional traders?) and hope to reply later. I have another question that I expect to be perhaps an emotional issue with some, but I ask all to think it through before responding. Is having a long term portfolio, particularly one under your control, actually a liability for a trader ? I decided it was and hence don't have a long term portfolio. I use essentially all (about 90%) of the money I have in stocks on each trade. The amount you use on each trade must be a matter that allows you to sleep at night, and I certainly didn't start out that way. I built up to it as my confidence in myself increased. The question is about the benefit/liability of a trader having a long term portfolio. Comments ? Best Trading, X