Date:    02/02/2000  6:07 PM

Subject: File Number SR-NYSE-99-47  
Gentlemen:
     
I wish to comment on the NYSE and NASD proposal to raise the minimum 
equity requirements for DayTraders to trade on margin.
     
I am presently daytrading for a living for almost 1 1/2 years now.  I am 
not a "big time" day trader and started with the minimum requirements of 
a broker of $7,500.00.  With this, I was able to pay for my  monthly 
obligations,  enjoy the freedom of working at home and the control of 
when to buy/sell. I am enjoying it tremendously.
     
I am sure there are a lot of daytraders who lose money as  there are a 
lot of people who lose money in other investments.  But the requirement 
of $25,000.00 and raising the margin to 4:1 for daytrader is so unfair 
to traders like me.  If the rational is to protect the small investor, 
then the 4:1 margin exposes the same investor you are trying to
protect,  for more losses.   I believe the best protection is education, 
education and more education.
     
I have watched Nasd Level II for almost 2  years now, and I can testify 
how the market makers manipulate the price of a stock.  The market 
makers  place fake bids and asks in big sizes to scare daytraders!  They 
are part of the problems.  I hope that your office would address this 
issue, instead.
How often can one see a market maker making 10K, 20K bids/asks and then 
pulls them out.  And it becomes obvious that such market maker has a 
agenda on a particular stock.  The $25,000 and 4:1 proposal would then 
increase the daytraders exposure.  The market markets would gladly chew 
the daytraders money.
     
I believe education and reducing the ability of market makers to 
manipulate the market would go along way in protecting the small 
investors. Every daytrader should be required to have Nasd Level II and 
fast execution system.  Every broker who caters to the needs of 
daytraders should give the daytraders simulated software on Nasd Level 
II and the fast execution system before such daytrader can start 
daytrading.
     
I hope the above can, in a small way, help your office in deciding the 
applicability of the above mentioned proposal.
     
Very truly yours,
     
Amabel Sarmiento