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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: TFF who wrote (6860)	3/28/1999 10:46:00 AM
From: Dan Clark	Read Replies (1) \| Respond to of 12617

Unfortunately, she is hooked to the real world - the real world where the denizens of the traditional financial community (brokers, MMs, institutions, etc) are losing money big time. For the last several months, I've noticed a growing pattern of negativistic attacks on the new online investing/trading community by New York-based journals. These include the Wall Street Journal and New York Times. Instead of singing the praises of successful traders as examples of good, all-American capitalism and the can-do spirit of American people, these "news" organizations have focused on any shred of a negative example of aggressive investing and trading. Nothing is perfect; we live in a new environment. But, ECNs and on-line brokers have driven the speed of order entry up and the cost down. Traders have added liquidity to the market and reduced the obscene spreads that the old-line financials took as their due. This is harming the fat cats who made $1,000,000-plus salaries. They are the real losers in this new world. And they are mad! What's worse, from their perspective, is that they are losing money to people in God-forsaken places like Iselin, NJ (Datek), Houston, Texas (CyberBroker/CyberTrader) and El Segundo, CA (MBTrading). Very few are in good, wholesome places like Wall Street in NYC. The world is coming to an end! The unwashed masses are taking over! Never forget one thing - these articles are written in periodicals whose major source of income is advertising from the old-line, financial institutions. These periodicals' journalistic ethics are driven by their advertising departments.