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To: Mama Bear who wrote (5226)	12/29/1997 10:36:00 PM
From: Terence Wilson	Read Replies (1) \| Respond to of 27307

Barb, That fact that you have out-performed the market in your trading account is great, however, it does not conflict with StaggerLee's assertion that most short-term traders underperform the market. Also, how long have you been short-term trading? Have you made consistent gains for 3 or more years? If more than a tiny percentage of traders were able to outperform the market consistently then everyone would join the gravy-train. In my experience it is very hard to make a buck day-trading. If you have a talent for it consider yourself one of the few, it most certainly is not easy. Terence BTW What is your strategy (if you have one)? Do you think LevelII quotes give you a big advantage?

To: Mama Bear who wrote (5226)	12/29/1997 10:38:00 PM
From: StaggerLee	Read Replies (3) \| Respond to of 27307

OFF TOPIC - freq. trading >>I think your above statement is not correct by the way. Any idea what the correlation is between fund portfolio turnover and perfomance? (answer: hugely negative). Any idea what percentage of managed funds outperform the S&P 500 index over a 5 year stretch? (answer: like, 15%) Ever notice how every reputable MBA school in the country now teaches that technical analysis is a fraud? What else do you need to see? Does John Murphy look like an insurance salesman or what!