From: Scott Savage [ssavage_us@yahoo.com]
Sent: Thursday, August 09, 2001 1:59 PM
To: rule-comments@sec.gov
Cc: pr@datek.com
Subject: SR-NASD-00-03

To SEC:

    I am a new individual trader and I am disappointed
in your vain attempt to discourage day trading with
SR-NASD-00-03.  Story: Wall Street wall is broken,
Individual Investor allowed to participate thru online
brokers. Economies of scale enter. Online trader
formulates plan, executes and makes a little money not
alot, but proves it can be done, by using 10,000.
Trader says hey there is direct access, let's move to
next level!  So he stops trading starts reading, to
learn the markets because of the risks involved.
Educates himself, goes to seminars, takes direct
access classes and studies the markets.. This happens
over the course of 1.5 years, while working full time
job. Over that time period commission rates have
fallen for DA brokers from 25 dollars per trade to 1
dollar on a 100 lot share. Economies of scale enter.. 
So the plan;  take 15,000 without margin, paper trade,
then live trade 100 share lots, til ready to move up
or quit, simple as that! Very cheap!! You are
penalizing someone for trying to do it right and
slowly!! 
    I know you feel as if you are helping people to
keep from losing money, but the people who day trade
the markets are not 8th grade level people. Now you
force me to up the amount to join the game...  
    I feel for Datek who is leading the charge in
Economies of scale. They are the first to offer Direct
Access to the markets for $9.99 with no minimum amount
of trades, and a $500 minimum to open an account..
This will hurt those have 10,000-20,000 accounts and
who actively trade the markets. 
    The trading industry is in its infancy, let the
free markets work out the details, Let the SEC police
the thieves. Do not penalize those of us who are
learning it slowly like school teaches us, day trading
profits do not come overnight..
    Oh yea, that guy in the story is me, the little
guy just trying to live the "American Dream" with
little risk to his financial livelihood.. I thought
you were trying to help the little guy who does it
correctly?

                       Respectfully, 
                            Little guy







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