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As I was reading Felix and et. al.'s comments on day trading, CBS
Evening News broadcasted a report on this topic. It's part of the series
of reports on the Internet titled 'The Money Net'. Here are some of the
key points of this report:
* There are 15000 'hard core' stock day traders.
* 5 Million Americans trade or day trade stocks part time.
* 30% of the volume of Internet stocks is being traded by day traders.
* Two gentlemen were featured on this report: 1) A police officer who
day trades when he is off duty. 2) An ex Harley Davidson salesman who
previously had no experience in equities or investing what so ever, now
day trades full time. In fact in one day, this man has made $13,000 with
his trades.
* The report showed a trading room somewhere in the US. The day traders
seemed to belong to a cross section of 'average America'. Some seemed
to be house wives who were trading when the kids were at school. Some
seemed to be retirees and others seemed to be 'your average Joes'.
The report concluded with the following paraphrase: Wall Street is
worried about the number of amateur day traders in America today.
Tullips anyone? :-)))
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