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To: dennisp who wrote (1895)	12/15/1997 1:46:00 PM
From: RON JANOWSKI	Read Replies (2) \| Respond to of 12617

?? Question for everyone on thread who I recived some e-mail offering instructions and training and some other things related to daytrading. Does anyone of you traders out there know anything about " MTrader " or Ken Wolff , ?? he says he has been day tradeing for more than 3 years very sucsessfuly he uses only about 4 different stradeges does not hold anything overnight , Please if any one has any info or other coments I would apreciate your help !! thank you Ron J

To: dennisp who wrote (1895)	12/15/1997 8:29:00 PM
From: David Smith	Read Replies (1) \| Respond to of 12617

Dennis, that's a good question and you should probably ask Steve...I have no professional experience in the listed market. I am sure funds are constrained by some type of regulation.

To: dennisp who wrote (1895)	12/16/1997 11:20:00 AM
From: steve goldman	Read Replies (2) \| Respond to of 12617

Dennis, Some mutual fund companies are divisions of large firms which have seats on the exchanges, Morgan Stanley, Dean, Fidelity, etc. Most mutual fund businesses thrive because their expenses are low and they can put the cost of commission based business into their NAV and thus the client's security pricing includes commission costs rather than if they owned a seat, the NAV would be higher but sales charges which everyone looks at, would be much lower. As well, giving the business to someone like Chris's firm, means the fund might get "kickbacks" like quote services, research, etc. which they don't have to "pay' for, keeping their costs low, yet the clients' nav is lower. This is probably more an argument of mutual funds and expenses and why a mutual fund couldnt profitably own a seat or become a member of NASD. Also, because a mutual fund is good at hiring managers, servicing clients,doesnt mean they could make money on their seat. To be profitable owning a seat, you need business coming in. YOu need clients, lots of them. It is entirely a different type of business, the brokerage business and mutual fund business. Its like cross country skiing and downhill skiing. Two different skill sets. There also raises an issue regarding conflicts of interest. Imagine if you know that your mutual fund was buying tons of stock and on each trade the fund company, not your fund, was making 1/2 point spread, at the NAV's (your) expense. You don't win over shareholders with that kind of action. There might be a legal issue, but to be honest, i am not familiar with it. Regards, Steve@yamner.com