TITLE

E*Trade Madness

PUB. DATE
June 1998
SOURCE
Journal of Financial Planning;Jun98, Vol. 11 Issue 3, p17
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This section focuses on an article published in a recent issue of Smart Money as of June 1998. The article was typical of article seen these days about online trading by individual investors. It fairly gushed over the revolution it is creating. Sure it chuckled in its own way at the mania of some of these investors--like the guy who said he checks his stocks 100 times a day, or the people who stay up until 3 o'clock in the morning doing stock research. These people are like many online fanatics to whom one would want to say, get a life. But what was troublesome about the article and others like it is that it seems pleased by the cheap commissions and the ability of an investor to be, in a sense, their own broker. Why troublesome? There is certainly nothing wrong with cheap commissions, but when it encourages fanatical trading, then people become a little concerned. Indicative of a concern is the example by the article of one of the Beardstown ladies who seems smitten with the ease and inexpensiveness of online trading. Now here is a women who came from a buy and hold school talking about buying and selling the same day. High-turnover mutual funds have been under loud criticism these days for doing the same thing.
ACCESSION #
769217

 

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