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The so-called abuses you speak of won't be "solved or prevented" by future
government intrusion into peoples choice of how they handle their own greed.
A fool and his money will soon part. Greed will be expressed in one form
or another. More Big Brother regulation will only establish more "rules" to
be in violation of.
There was a successful stock daytrader featured on CNBC on Monday said that
he said people ought to be tested and licensed before being allowed to
daytrade. Do you think he learned how to trade by reading gov regulations
and rules? Absurd!
I learned how to trade by losing. You pay your dues through self evaluation
after losses and wins. Not because you can check the correct box on a test.
Good trading,
Howard
>From: "comdytrd" <comdytrd@xxxxxxxxxxxxx>
>To: <realtraders@xxxxxxxxxxxx>
>Subject: Re: FUT: Demise of Soes Trading Bucket Shops
>Date: Wed, 11 Aug 1999 16:47:24 -0400
>
>SLK for one just pulled the plug on the practice of daytrading firms
>loaning margin call money to traders (they did so by introducing and
>setting
>up loan arrangements with investors...know as "guidos" ).
>
>The end of the this arrangement (apparently illegal all along but never
>enforced until the recent publicity) will stop these bucket shops from
>extracting the net worths of undercapitalized "newbies".... Unfortunately
>I've seen dozens of examples. One friend with a net worth of $5000 was
>allowed to trade $500,000 worth of stock, generating massive commissions.
>He is now debit and facing bankruptcy.
>
>Many of you seem to abhor government regulation, but the lack of
>enforcement
>of restrictions already on the books led in large part to the abuses we
>have
>witness in the SOES/daytrading "industry" in my opinion.
>
>Best,
>
>Michael
>
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