From: Elly Hereth 
 
Sent: Sunday, January 30, 2000 3:22 PM 
Subject: SR-NYSE-99-47 
     
     
 Why are you considering this ruling?  I am fairly new to this profession
(daytrading),  yet i can eek out a decent living on 10 to 15K  in my account, 
with a 2:1 margin.  I have excellent instruction and guidance,  I spend several 
hundred dollars per month on data,  education, and coaching, and have spend even
more on learning programming and purchasing and configuring all the technical 
equipment.
     
Someday keeping 25K will not be an issue,   but at this point (if you enact 
this) you are essentially putting me out of work,  and denying me the 
opportunity to pursue my life and carreer in a direction that I have dreamed.
     
This proposal  makes no sense from the standpoint of supporting the daytrading 
individual.  It reeks of protectionism of the brokerage firms and houses who do 
not like us entering into their traditional domain.  If you are going to allow 
them to assume risk,  scalp,  and remove money from the market (which comes from
investors ultimately by the way),  then you must continue to allow that public 
to compete with them, unrestricted)  at their own risk.  As the SOES butchering 
that came in the past (when you granted them tier limits and several other 
selfserving benefits),  you are buckling under to big money interests who dont 
desire or intend to give the little guy a fair break.
     
    If a firm does not want to grant an individual margin priviledges then that
is that firms business,  that is what a competive free market place is all 
about.  To attempt to regulate in this manner is not in the spirit of a level 
playing field and restricts the freedom of the individual to pursue their goals.
 What talent,  what potentially great traders and future contributions to our
society will be jeopardized if you persue this unfair lavenue.
     
 You want to reduce risk to daytraders?  Then entice the daytrading industry to
pursue self-education,  certification,  give them a chance police and improve 
themselves.  It is well known that 'self-regulation' is the best of all worlds 
for governmental authorities to obtain from industries. I have no problem with 
embracing certification standards and promoting education and discipline.  But 
those who are affected must be allowed to be the architects of their own field 
of endeavor and not subject to regulations that in the end are not in their best
interests. 
     
Please consider this point of view as I am not alone and hear this from many 
daytraders in the course of my and their daily business.
     
Thank you,
     
Elly Hereth