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Actually, this trader does remember 1987 and the money she lost on Black
Monday. But life is a journey and not a destination. A thousand tiny
steps, Black Mondays and Blue Mondays included, lead us to where we stand
today. Every time we stumble, we stand up straighter, smarter and faster.
The NYSE doesn't have the right to regulate our paths because we have $1
less than the next stumbling trader.
And so must something be done about the people who take out personal loans
to start their own businesses? Would you have "done something about" me
when I was 22 and put every penny I could get my hands on into a photography
business that had a high probability of failure? Thank goodness you didn't.
I'd hate to have missed all those smiling faces!
Linda
Swope's Mountain Photography
http://www.swopephoto.com
linda@xxxxxxxxxxxxxx
Climb the mountains & get their glad tidings: Peace will flow into you as
sunshine into flower; the winds will blow their freshness into you & storms
their energy, & cares will drop off you like autumn leaves. John Muir 1838 -
1914
----- Original Message -----
From: swp <swp@xxxxxxxxxx>
To: Linda Swope <linda@xxxxxxxxxxxxxx>; <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, February 01, 2000 10:54 AM
Subject: Re: [RT] Re: SEC New Margin Rule Proposal
> Because that trader (with three years experience) does not remember
> 1987, let alone the mid-1960s until 1975/1982)! Margins should have been
> raised long ago. The only reason why they have not been, is that there
> are too many other ways to borrow for stocks (from 401K plans, from the
> bank -- yes people are taking personal loans to buy stocks) and via home
> equity loans. So, it is not clear that raising margins will help. And,
> I believe the daytraders do not even fall under Reg-T, so there are no
> direct margin requirements even put on them! Something needs to be done.
> That is for sure.
>
> ---
> Steven W. Poser, President
> Poser Global Market Strategies Inc.
>
> url: http://www.poserglobal.com
> email: swp@xxxxxxxxxxxxxxx
>
> Tel: 201-995-0845
> Fax: 201-995-0846
> ----- Original Message -----
> From: Linda Swope <lswope@xxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Tuesday, February 01, 2000 12:48 PM
> Subject: [RT] Re: SEC New Margin Rule Proposal
>
>
> > Sounds reasonable to me. In this volatile market, I can't imagine any
> > > responsible broker extending margin to someone with only $2K in his
> > > account. That could be wiped out in a New York microsecond and the
> > > broker would be left holding the bag. I'd apply it to ALL traders
> and
> > > forget trying to define a "pattern daytrader."
> >
> >
> > Yes, but what about the trader with $20,000 and 3 years of experience.
> Why
> > are you punishing him or her with this rule? Having lots of money in
> your
> > account doesn't mean you can make better trading decisions than the
> little
> > guy. When I had 6 figures in my account, I made no trading decisions.
> It
> > was just a computer game with occasional cash prizes. Study, hard
> work and
> > dedication make successful traders, not some arbitrary amount of
> money.
> >
> > If the NYSE has this noble need to "protect" traders, let them begin
> by
> > restricting margin for new traders, not little traders. But I don't
> condone
> > restricting anybody. Trading is just another attempt at
> self-employment and
> > we all have that right.
> >
> > Linda
> > Swope's Mountain Photography
> > http://www.swopephoto.com
> > linda@xxxxxxxxxxxxxx
> > Climb the mountains & get their glad tidings: Peace will flow into you
> as
> > sunshine into flower; the winds will blow their freshness into you &
> storms
> > their energy, & cares will drop off you like autumn leaves. John Muir
> 1838 -
> > 1914
> >
> >
> > ----- Original Message -----
> > From: Dennis Holverstott <dennis@xxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Tuesday, February 01, 2000 7:59 AM
> > Subject: [RT] Re: SEC New Margin Rule Proposal
> >
> >
> > > > As you may have heard already, NYSE and NASD are proposing to
> raise the
> > > > minimum equity requirements to trade equities on margin from the
> current
> > $2K
> > > > to $25K for "pattern daytraders" - whatever that means.
> > >
> > > >
> > > --
> > > Dennis
> > >
> >
> >
> >
> >
>
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