Subject: SR NYSE 99-47

Date:    02/25/2000 2:23 AM
     
     
Dear Sir,
     
I would like to object to any proposed changes that would increase the costs 
or fees associated with daytrading margin calls. By definition a daytrader 
does not hold positions overnight, therefore the risk is not as great. So 
there is no need to increase the costs. The stock market should be made more 
accessible to everyone, and the proposed changes would make daytrading more 
difficult than it already is.
     
It is not the government's job to protect people from themselves. Like any 
small business, the failure rate is high for daytraders. But the potential 
rewards are great and people should be free to enter the daytrading 
profession with as little legislative expense as possible.
     
Despite what some people might claim, everyone who attempts to daytrade is 
aware of the risks. I cannot even comprehend the level of stupidity required 
to be unaware that selling a stock below its purchase price will result in a 
loss. It would be safer for the rest of society to allow people that dense to 
daytrade than to allow them to get behind the wheel of an automobile. Yet the 
government allows them to have a driver's license, but wants to restrict 
their freedom to take risk with their money?
     
I have been daytrading for almost four years and it has been the best job I 
have ever had. It has also been the most challenging. I have seen many people 
fail at daytrading and it has always been due to a lack of discipline and 
strategy, never due to a lack of legislation. Certainly daytrading is not for 
everyone, but many people make an honest living doing something they truly 
enjoy and this should be encouraged. Please do not create any additional 
obstacles for those who are successful or barriers for those who want to be.
     
Todd McCown