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Very well said!
Having owned my own businesses for the last 15 years... I couldn't have
said it better.
Trading is my newest business -- a business I'm more excited about than any
other
I've owned
Warmly,
Brian Voiles
At 05:43 PM 02/01/00 -0500, Levent Erbora wrote:
>A better analogy for this proposal would be this:
>
>The bank will NOT give you a mortgage for a $50,000 house, but they will
>give you a mortgage for a $625,000 house, REGARDLESS of the amount of your
>downpayment, your financial situation, your ability and likelihood of
>making those mortgage payments, etc., etc.
>
>Also, I don't see how trading differs from any other business as far as
>financing goes. If trading is my business, I will utilize and exploit
>every available venue to me to raise capital and/or finance my business as
>I see fit. This may or may not include borrowing from credit cards, taking
>a second mortgage, borrowing from friends or family or soliciting for OPM,
>using my life's savings, etc. etc., just like any other businessman, any
>other entrepreneur, any other corporation. As long as I am ready and
>willing to accept the consequences, any legal way of financing my
>"business" is fair game and it is nobody else's business. Most every small
>business' were/ are being created on a shoestring, using all kinds of
>conventional and "unconventional" financing; some grow and prosper to
>become successful big businesses, some go bankrupt. I think trading as a
>business is no different.
>
>Now, if I totally screw up, and when I go bankrupt, I turn around and sue
>the brokerage company, or my broker for letting me trade, my credit card
>company for giving me a credit card, or my mother for lending me the
>money, then yes, I am a pathetic low-life and I need to be restrained and
>protected from myself and the society must be protected from me. But at
>least, please, let the rules be reasonable, fair and logical.
>
>Best regards & happy trading,
>
>Levent
>
>
>-----Original Message-----
>From: swp [SMTP:swp@xxxxxxxxxx]
>Sent: Tuesday, February 01, 2000 2:01 PM
>To: <realtraders@xxxxxxxxxxxxxxx>"Real Traders"
>Subject: [RT] Re: SEC New Margin Rule Proposal
>
>I do not think that you can compare the two (opening a business and
>borrowing to speculate in stocks or futures). Margin regulations were
>created due to the huge leveraging before the 1929 crash. Brokers are
>supposed to "know their customers". This is all being clobbered by
>online trading. There are too many people that turn on CNBC and believe
>the b-s Omega puts up about how they WILL get rich if they only write a
>system.
>
>I do not love the government crawling all over the place, but better
>them then a bunch of idiots taking out personal loans at 10% to buy QCOM
>on leverage helping cause a series of bankruptcies, foreclosures and the
>next depression when QCOM falls to 10 (NO I DO NOT BELIEVE THAT WILL
>HAPPEN OR THAT WE ARE ANYPLACE CLOSE TO THAT, JUST EXAGGERATING TO MAKE
>A POINT).
>
>When you start a business, the bank knows exactly what you are planning
>to do (if you told them the truth). You have a business plan and a
>target audience/customer base. You control a lot more than you do when
>you are trading. There is no comparison between margin and business
>borrowing. (Even if I do believe that the market is predictable to a
>large degree, or I would not be a market analyst.)
>
>Steve Poser
>
>---
>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: Real Traders <realtraders@xxxxxxxxxxxxxxx>; swp <swp@xxxxxxxxxx>
>Sent: Tuesday, February 01, 2000 1:35 PM
>Subject: Re: [RT] Re: SEC New Margin Rule Proposal
>
>
> > 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
> >
>
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