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Non-Tech : Jesse Livermore..In Honor Of A Pioneer -- Ignore unavailable to you. Want to Upgrade?

To: Rex Dwyer who wrote (8)2/9/1999 1:04:00 AM
From: Greg Butcher  Read Replies (1) | Respond to of 42
 
A bucket shop is an illegal shop set up for trading. It would be like an off track betting set up. Im not sure if it was illegal back in Livermore's day. Arizona has still got laws on the books against bucket shops to this day.

Arizona law "A person who carries on or conducts a bucket shop is guilty of a class 2 misdemeanor."



To: Rex Dwyer who wrote (8)2/9/1999 9:09:00 AM
From: dpl  Respond to of 42
 
" Were bucket shops actually trading the underlying securities? "

No.It was just a bet that a stock would go up or down.Lets say that XYZ is selling for 100.You would put down a min "margin".The smaller, the more the shop liked it because you would get wiped out fast.
You "buy" 100 shares and put down $300.Every point the stock move you made/lost $100.If the stock drops 3 point the game is over(the trade is over)



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