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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (1792)	12/11/1998 4:54:00 PM
From: Ron Schier	Read Replies (1) \| Respond to of 4467

Massachussetts "systematically" probing day-traders BOSTON, Dec 11 (Reuters) - The Massachusetts Securities Division is continuing its crackdown on "day traders," agency officials said on Friday after accusing Montvale, N.J.-based All-Tech Investment group of several securities violations. "We are systematically reviewing so-called day trading firms in Massachusetts," said enforcement chief Matt Nestor. "We have investigated six day trading firms and brought complaints against three of them. Day trading has gained in popularity by catering to individuals who make rapid trades over sophisticated computer systems at the firms' offices or over the Internet. The investors hold a stock for as little as a minute looking to make 1/8 or 1/4 point-12.5 cents or 25 cents-and then sell it. Day trading firms provide small investors with the same technology and access to the markets available to over-the-counter market makers and full-service brokers. "This is not a witch-hunt. We have nothing against day trading, but we want to make sure there is adequate disclosure and Massachusetts investors have all the information they need and are entitled to," Nestor said. State regulators accused the manager and employees at All-Tech's now closed Watertown, Mass. branch of forgery, trading customer accounts without authorization, creating false accounts, making misleading marketing statements and misleading officials. Harvey Houtkin, All-Tech's chief compliance officer, railed against the regulators in a telephone interview saying they had "a vendetta" against firms such as his and called the administrative complaint "showboating." "We have very close contact with the regulators. I consult with the SEC. I consult with the NASD. We do everything 1,000 percent correct because I know we're under a microscope. The charges against us are baseless." Houtkin said that if the individuals at the now-closed Massachusetts branch were indeed involved in forgery "then I'm going to file a civil damages suit." "We do not solicit business," Houtkin said. "We have a very high minimum to open an account. We don't recommend stocks...We actually process thousands of trades a day from hundreds of individuals but really have very little contact with them." The administrative complaint alleges that All-Tech "conveyed the impression that investors are likely to achieve profits" while minimizing the risks. The complaint outlines how executives at the Watertown office allegedly forged client signatures and co-mingled clients' funds, and set up false accounts, and failed to provide clients' with confirmation of their orders so they could track their accounts. The regulators are seeking to revoke All-Tech's right to do business in Massachusetts. "I don't have anything against day traders, but the risks have to be disclosed and the regulations complied with. Look, you can play the lottery, you can go to a casino, or you can be a day-trader. The difference is the day trader must comply with securities regulations," Nestor said.

To: keith massey who wrote (1792)	12/12/1998 3:32:00 PM
From: Mike Perras	Read Replies (1) \| Respond to of 4467

Hi Keith & All: To those who are day trading ON LINE .. and who have had a chance to try a few different pieces of software can you recommend one that works WELL .. I assume it has to be an ETrade type account? - Do I get a confirmation of that trade right away? - Commission structure - If I trade within a self admin. RSP - what then? - Trading Can/US stocks, any difference? - Time it REALLY takes to complete a trade (IE: I can confirm a trade right on the phone with a broker "okay you just bought 5000 shares of xyz" Is there any serious lag time with ON LINE trading? - Can't possibly do a demo version of this I guess? Look forward to all responses Mike