Date:    01/30/2000  4:47 PM


Subject: SR-NYSE-99-47

Regarding Proposed rule by the sec SR-NYSE-99-47
     
Why is this ruling even being considered?  I am not new to this profession 
(daytrading),  yet I am able to make a decent living out of 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. Initially I lost 60k learning to
daytrade under the assumption that this opportunity would not be removed. I 
spent 3 years studying and trading. In the last year I have stopped losing 
and started making money. Now this rule change threatens what I have worked 
so hard to achieve. We (the public) do not need legistlation
to protect us from ourselves. In my humble opinion we need freedom to choose 
and compete using the same rules and regulations that the rich and
the market making firms have.
     
If a firm does not want to grant an individual margin priviledges then that 
is that firms business,  that is what America was built on.  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 legislation?
     
I am 36 years old and have spent a great deal of my adult life learning to 
be very good at what I do (trading). I love what I do with a passion. I gave 
up my job of 9 years at Texas Instruments on Jan 1, 2000 to be a fulltime 
daytrader. I will be very dissapointed if you don't reject this 
legistlation. It is obviously written for the market making firms to remove 
me from their domain so they can go back to fleecing the public without 
competition to keep them honest.
This legistlation in my opinion is wrong.It is very wrong. Please don't 
support it and encourage those who you have influence on to not support it 
as well. My fate is in your hands. I spent years and tens of thousands of 
dollars for this education in the markets that I now posess. I pray you and 
your colleagues won't remove my opportunity to trade freely in the greatest 
country in the world.
     
Regards,
   Joe David Wheeler