What good do daytraders do to society?

Discussion in 'Trading' started by stockoptionist, Dec 11, 2002.

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    Quote from candletrader:

    By generating profits for ourselves, we are collectively enriching society through paying taxes, providing a good life for our families, and enabling us to be in a position to be charitable...

    I have to agree with TGregg on this one. Professional card-counters at casinos can make the same argument as Candletrader does, yet, as I pointed out before, we don't normally consider these people as gainfully employed or economically productive. The justification has to lie somewhere else. Thus far, from reading the posts, I conclude that the strongest justification lies in the liquidity argument and the market-making argument (i. e., without someone making the market people are probably less inclined to innovate and introduce new things of value into the economy). These two constitute the strongest reasons for the need of traders, intraday or otherwise.

    #111     Dec 14, 2002