Ironically, on the day of the mass murders the National Association of Security Dealers submitted proposals to the SEC to require better screening of prospective traders and to ensure that risks are fully explained. David Schehr, a senior research analyst who tracks online trading for Gartner Group financial services, sums up the credentials needed for a successful day trader. And there aren't that many of them. To increase traders' chances of scoring big, brokers routinely double the size of accounts to allow trading on the margin. The incentive is obvious.
Brokers make money from commissions, their major source of revenue.
And those commissions rack up quickly if you're doing dozens or even hundreds of trades a day. Between margins and commissions, losing traders can quickly find their accounts wiped out. Learning on the Job Lucy, the retired real estate agent, has been trading just 4 weeks. For the best in holiday gifts, check out our Holiday Gift Guide. Change of address .