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To: funk who wrote (2110)	1/3/1998 12:52:00 PM
From: TFF	Read Replies (4) \| Respond to of 12617

Keep Your Eye On The Ball: Discussing world politics, economics, stock fundamentals is all well and good. BUT to succeed as a Day Trader you need to concentrate on your BUSINESS PLAN. There are five components to your business plan: 1) Financial Projections (short/mid/long term) 2) Trading System (mechanical and/or intuitive) 3) Psychology (trader's state of mind) 4) Execution System (software/data/broker) 5) Risk/Money Management System Spend your time improving these components and leave the political/ economic/fundamental analysis to the Position Traders.

To: funk who wrote (2110)	1/4/1998 12:09:00 AM
From: raymond marcotte	Read Replies (1) \| Respond to of 12617

funk, i must admit that the forbes article is very informative and a powerful anecdotal argument against the market maker system of the nasd. however, specialist behavior on the exchanges is not quite so exlemplary either. to go for higher returns one must be prepared to accept more risk. this means that in any interval one may be on either the losing side or the winning side. if neither is acceptable or desired at the time then the risk may not have been worth it! thus, it just may be that the nasd is not the market for a a specific outcome. for example, this year i may need more than normal liquidity for college tuition and therefore am now transferring assets from otc stocks to treasuries. but, i am hardly likely to divorce myself from high tech stocks. so, the nasd remains my 'exchange' of choice. hell, just waiting a day can result in a price change that far excedes any inside or outside spread. these are matters that do not concern me greatly. mistakes of choice and of timing are far more important in this life than the details. yes, the devil is in the details, but that is where one finds the lawyers and regulation. too much of both can really make markets inefficient. what i crave in my markets is efficiency. the crooks can be quickly disposed of if they are not too protected by the very regulations supposed to help the little folks like you and me. just remember my rule #2 - most rules and regulations actually protect the big guys from litigation, because there always is enough ambiguity and liscence to commit larceny against the likes of you and me. ray