023.미국주식시장에 투자하기 - "돌아온 데이트레이더"
Day Trading Makes a Comeback
Sun Dec 19,11:30 AM ET Business - Reuters
http://news.yahoo.com/news?tmpl=story&u=/nm/20041219/bs_nm/bizfinancial_daytrade_dc_1
By Michael Flaherty
NEW YORK (Reuters) - As the stock market edges up and the economy improves, day traders are tiptoeing back into a much-maligned profession that was nearly wiped out a few years ago.
The success of day traders, who rapidly buy and sell small chunks of shares throughout a market session, excited envy and admiration during the stock market boom of the 1990s.
But the collapse of the Internet bubble in 2000 not only sent these rookie investors back to their day jobs, but also gave day trading a bad name.
The unlicensed newcomers were blamed for adding irrationality to an exuberant market. Many of them quit day trading when stock prices plunged and their million-dollar earnings evaporated.
Now experts say a new breed of day trader has emerged. Although there are not nearly so many of these investors as the estimated 8,000 that joined the profession in the late 1990s, their influence on the market is growing.
Day trading transactions often are still a matter of pennies, conducted in seconds. But veterans of the field say it's a different game now, and today's day trader is better trained, more averse to risk, and more knowledgeable about the market.
While good day traders can make a decent living, their earnings potential remains well below the big bucks they got in the boom years and what top Wall Street traders receive today.
"We no longer have chiropractors and dentists coming in and telling us they quit their jobs to be day traders," said Charles Vaccaro, president of HLV Capital Inc. "What's completely changed is the type of person doing this."
In the last year, the New York-based private equity trading firm increased its crew of intraday traders from six to 40. The people who walk through its door tend to be younger, smarter and more aware of the risks, Vaccaro said.
Day trading newsletter publisher Christopher Worsh agreed.
"The Joe Schmo trucker isn't really day trading anymore," said Worsh, who day trades from his San Francisco home. "Three years of hard lessons scared quite a few people away from the business."
DAY DREAM
At HLV's one-room office in Times Square, dozens of casually dressed young men sat at computer terminals and stared at their screens. Except for the tapping of their keyboards, the only sound came from mounted televisions tuned to financial news channels.
By 12:45 p.m., Alex had made $1,700 on a handful of stocks and was on pace to trade at least 1 million shares. HLV did not want the last name of its traders in print.
The 30-year-old Yale graduate earned $25,000 in a recent month -- a good living, but nowhere near the millions that day traders raked in during the Internet boom.
"I knew guys who were pulling in $30 million a year as day traders," said Erik Solomon, an HLV manager. "But they didn't have a plan, and they paid the price. The first thing we teach our traders is what not to do."
Among those lessons: Focus on a small number of relatively cheap stocks; close out positions at the end of the day no matter what; and don't try to outthink the market.
Aside from better fundamentals, the major difference in day trading today is the level of sophistication of those doing it, said Don Bright, director of education at Las Vegas-based Bright Trading LLC.
"The environment is a lot more professional," said Don Bright. "We're not seeing people coming in blind-eyed anymore."
Traders at Bright Trading are licensed, and learn about the market in "boot camp" training at the company, he said.
BACK IN THE GAME
Signs of a trading resurgence from the retail crowd include spikes in customer activity at online brokerage firms like Ameritrade Holding Corp. (Nasdaq:AMTD), Charles Schwab Corp. (NYSE:SCH) andE*Trade Financial Corp. (NYSE:ET), which cater to individual investors, though not necessarily hard-core day traders.
Large volume upswings in a single stock are another indication that the day traders are back. Such was the case on Dec. 8 with Sirius Satellite Radio Inc. (Nasdaq:SIRI), which sank 27 percent after a downgrade. About 500 million of the shares changed hands, nearly one-fourth of the Nasdaq's entire volume that day.
"You wouldn't see that kind of volume if it wasn't for day traders," said Richard Repetto, associate director of research at Sandler O'Neill & Partners. "They're still having a material impact, especially with volatile, speculative stocks."
The federal government has also done its part to limit the risks of day traders. That push began shortly after July 1999, when Mark Barton, an Atlanta day trader, killed his family and nine people at two brokerages in Atlanta after he had taken more than $150,000 in losses.
Among the rules that the U.S. Securities and Exchange Commission (SEC) (news) put in place was a stipulation that day traders must open accounts worth at least $25,000.
"Most of those day trading today understand the risks," said Joe Borg, enforcement chairman for the North American Securities Administrators Association. "It's not like the Wild West of before, but it's definitely making a little bit of a comeback."
세계일보에서 이 기사를 번역해서 올렸군요
Sun Dec 19,11:30 AM ET Business - Reuters
http://news.yahoo.com/news?tmpl=story&u=/nm/20041219/bs_nm/bizfinancial_daytrade_dc_1
By Michael Flaherty
The success of day traders, who rapidly buy and sell small chunks of shares throughout a market session, excited envy and admiration during the stock market boom of the 1990s.
But the collapse of the Internet bubble in 2000 not only sent these rookie investors back to their day jobs, but also gave day trading a bad name.
The unlicensed newcomers were blamed for adding irrationality to an exuberant market. Many of them quit day trading when stock prices plunged and their million-dollar earnings evaporated.
Now experts say a new breed of day trader has emerged. Although there are not nearly so many of these investors as the estimated 8,000 that joined the profession in the late 1990s, their influence on the market is growing.
Day trading transactions often are still a matter of pennies, conducted in seconds. But veterans of the field say it's a different game now, and today's day trader is better trained, more averse to risk, and more knowledgeable about the market.
While good day traders can make a decent living, their earnings potential remains well below the big bucks they got in the boom years and what top Wall Street traders receive today.
"We no longer have chiropractors and dentists coming in and telling us they quit their jobs to be day traders," said Charles Vaccaro, president of HLV Capital Inc. "What's completely changed is the type of person doing this."
In the last year, the New York-based private equity trading firm increased its crew of intraday traders from six to 40. The people who walk through its door tend to be younger, smarter and more aware of the risks, Vaccaro said.
Day trading newsletter publisher Christopher Worsh agreed.
"The Joe Schmo trucker isn't really day trading anymore," said Worsh, who day trades from his San Francisco home. "Three years of hard lessons scared quite a few people away from the business."
DAY DREAM
At HLV's one-room office in Times Square, dozens of casually dressed young men sat at computer terminals and stared at their screens. Except for the tapping of their keyboards, the only sound came from mounted televisions tuned to financial news channels.
By 12:45 p.m., Alex had made $1,700 on a handful of stocks and was on pace to trade at least 1 million shares. HLV did not want the last name of its traders in print.
The 30-year-old Yale graduate earned $25,000 in a recent month -- a good living, but nowhere near the millions that day traders raked in during the Internet boom.
"I knew guys who were pulling in $30 million a year as day traders," said Erik Solomon, an HLV manager. "But they didn't have a plan, and they paid the price. The first thing we teach our traders is what not to do."
Among those lessons: Focus on a small number of relatively cheap stocks; close out positions at the end of the day no matter what; and don't try to outthink the market.
Aside from better fundamentals, the major difference in day trading today is the level of sophistication of those doing it, said Don Bright, director of education at Las Vegas-based Bright Trading LLC.
"The environment is a lot more professional," said Don Bright. "We're not seeing people coming in blind-eyed anymore."
Traders at Bright Trading are licensed, and learn about the market in "boot camp" training at the company, he said.
BACK IN THE GAME
Signs of a trading resurgence from the retail crowd include spikes in customer activity at online brokerage firms like Ameritrade Holding Corp. (Nasdaq:AMTD), Charles Schwab Corp. (NYSE:SCH) andE*Trade Financial Corp. (NYSE:ET), which cater to individual investors, though not necessarily hard-core day traders.
Large volume upswings in a single stock are another indication that the day traders are back. Such was the case on Dec. 8 with Sirius Satellite Radio Inc. (Nasdaq:SIRI), which sank 27 percent after a downgrade. About 500 million of the shares changed hands, nearly one-fourth of the Nasdaq's entire volume that day.
"You wouldn't see that kind of volume if it wasn't for day traders," said Richard Repetto, associate director of research at Sandler O'Neill & Partners. "They're still having a material impact, especially with volatile, speculative stocks."
The federal government has also done its part to limit the risks of day traders. That push began shortly after July 1999, when Mark Barton, an Atlanta day trader, killed his family and nine people at two brokerages in Atlanta after he had taken more than $150,000 in losses.
Among the rules that the U.S. Securities and Exchange Commission (SEC) (news) put in place was a stipulation that day traders must open accounts worth at least $25,000.
"Most of those day trading today understand the risks," said Joe Borg, enforcement chairman for the North American Securities Administrators Association. "It's not like the Wild West of before, but it's definitely making a little bit of a comeback."
세계일보에서 이 기사를 번역해서 올렸군요
more..
'Business' 카테고리의 다른 글
| 025.미국주식시장에 투자하기 - 나스닥의 마켓메이커 (0) | 2004/12/30 |
|---|---|
| 024.미국주식시장에 투자하기 - 갸들의 10가지 지침 (0) | 2004/12/29 |
| 023.미국주식시장에 투자하기 - "돌아온 데이트레이더" (0) | 2004/12/28 |
| 022.미국주식시장에 투자하기 - 어떤 주식이 적당해? (0) | 2004/12/27 |
| 021.미국주식시장에 투자하기 - Level II IDs가 뭐야? (0) | 2004/12/26 |
| 020.미국주식시장에 투자하기 - Level I,II,III가 뭐야? (0) | 2004/12/25 |
