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In a message dated 7/17/2001 7:00:37 AM Central Daylight Time,
nwinski@xxxxxxxxxxxxxxx writes:
<< John,
What was I thinking? I was thinking that based on my analysis,
regardless of NFA regulations, I expect one could do far better being long
Soybeans that they may do by investing in so called high tech growth stocks
over the next 1 -2 years.
***** Your analysis has nothing to do with the "know your customer" rule.
The analysis is a separate subject.
So, I was half joking in poking fun at all of the investment advice to buy
growth stocks for the kid's college education.
***** Replacing one inappropriate investment with another, especially one
highly leveraged and in the midst of a surge of volatility is nothing to joke
about. Futures speculation is inappropriate for a kid's college funds. Half
joking means half serious, no?
Wall Street doesn't want the public to know that commodities are often less
risky
than many so called growth stocks.
****** There is no doubt that high tech stocks have proved to be very
volatile. But Wall Street doesn't want the public to know that futures even
exist at all, so the comparison is a moot point. As for the risk, it is not
the absolute level of risk that is important. It is the level of risk that
is appropriate for the individual based on their market experience, income
and net worth.
Soybeans will be here next year. How many internet stocks are no longer
trading?
***** Golly, how many firms in the original Dow are still here? But soybeans
are still here. So what?
I think maybe you need a vacation. All of those NFA regs are getting to you.
Lighten up before you crack up.
**** I don't need NFA regulations to tell the difference between right and
wrong. I have the ability to think for myself. It is a good trait in a
trader or broker.
By the way. I am not a broker, have never been a broker, hope I never have
to be a broker, so I don't think like a broker.
***** I referenced the responsibilities of a broker because I am one.
However, within the Commodity Exchange Act there is language that would cover
anyone engaged in commercial activity espousing the view that futures trading
is appropriate for anyone or specific classes of people.
When I share my market opinion I am sharing what I am doing or cosidering
doing for my own account. I don't force anyone to do what I do. That is
their choice.
***** I did not say you were forcing anyone. One of the key issues of the
Freedom of Speech case that the CFTC lost was about communication that was
tailored to a specific individual and their particular risk tolerances or
financial condition. If you have a market opinion, share it. But you don't
need to include who should or should not take your trade. Living up to the
spirit of the law, even if it is not specifically applicable in this exact
case, would be the professional thing to do.
Ok, here is the mantra: If you ever think about trading futures, you will
lose all that you have ever have owned, own now, or will have in the future.
Your house, your family, your car, and your dog will be repossessed. My
recommendations are lousy and I don't know what I am saying, so don't take
any of my advice. My past lousiness is no guarantee of my future lousiness.
Never even think about trading futures and never take my advice. Happy
now?
Best Wishes,
Norman >>
****** Golly, you sure got the point didn't you. LOL! I don't care if you
make money or not. That is not the issue. The issue is whether futures
trading is appropriate for everyone. It is not. It is not appropriate for a
kid's college savings. That is just my opinion. You are welcome to yours,
but you don't seem to be pursuing that exact issue.
Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it! John J.
Lothian is the President of the Electronic Trading Division of The Price
Futures Group, Inc., an Introducing Broker.
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