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I don't doubt that most of what you say is true - but I believe the original
message (from a week or so ago) dealt mostly with the issue of the brokerage
firm's liability for client's losses as a result of allowing the client to do
things he shouldn't be allowed to do. The forms which the client fills out and
signs are designed so the brokerage firm can C its A. And obviously - if the
client lies - that's the client's problem - not the brokerage firm's.
That's as it should be IMO. The only thing I ask of a broker or a brokerage firm
is to give me honest information and honest pricing and good service. The level
of risk I'm prepared to take is (and should be) up to me. One size doesn't fit
all - even if people are in exactly the same financial situations. Of course -
I'm a pretty conservative person - and my biggest "losses" are lost opportunities
because of my being conservative. I suspect there are an awful lot of people out
there who are the exact opposite (they're prepared to take on all kinds of risks -
but - when they lose money - it has to be someone else's fault - not theirs).
BTW - I did try some day trading with a small part of my portfolio last summer
when my main equities system (which is pretty long term) was on a sell. I found
it extremely time consuming - very difficult - and not very profitable. Perhaps
if I were willing to approach it like a full time job - I would have been more
successful. But - if I wanted a full time job - I'd probably go back to lawyering
(where I think it's easier to make money). Robyn
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