New press release: Investors need warning on online trading risks - GAO http://biz.yahoo.com/rf/010806/n06219061.html While I agree investors need some of the information discussed in this article, such as consistent data regarding system outages and delays of specific brokers, I also think we are being overprotected with the new SEC daytrading rules for investors with less than $25,000 in their accounts (a topic which is being discussed in other threads on this site, but not explicitly mentioned in this press release). Interestingly, this press release mentions the names of three representatives in the following paragraph: "The GAO found that regulators have taken substantial action to enhance investor protections but deficiencies remain and further steps are needed. We agree,'' Reps. John Dingell, Edolphus Towns and Edward Markey said in a letter." Evidently these three representatives have special interest in SEC regulations for individual investors. I wanted to mention this in case anyone is contacting Congress members about individual investor issues now or in the future. fast
If you are a casino - the Feds will let you be in business becuse you pay extra taxes !!!! (big $$$$) If you are a EDAT broker you don't pay these plus the wanna bees who are losing their last 10k saved up are just giving it to some rich trader who has tax shelters up to "ying-yang" Bottom line - this is pure and simple - gambling !!!!! Don't get me wrong I gamble and I like positive EV games trading and poker are the two pos EV games - but there ain't easy !!!!! Day Trading that is !!!! It's all a suckers game !!! If you are a trend trader you have better +EV, if you trade insider info you have a lay-up, if you are a broker than you have them buy the balls- can't lose, won't go to jail with Boezky until Uncle Sam the biggest mobster/God father comes into the picture !!! Your Uncle Sam want's his extra cut !!!! Writing to congress or to senators or to Bush or to the Pope is as much use as pissing in the wind !!