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Public investors and traders were willing to accept any number of market-related mistakes and errors but were not willing to accept institutionalized disadvantages programmed into the order execution mechanism. The systemic shaving of fractions of dollars on trades still costs the investing public hundreds of millions and perhaps billions of dollars annually. When the house in any casino routinely takes a cut of each transaction, the losers don't care because they have no financial interest in the transaction and the winners don't complain because they won. In the market, however, the investor was positioned to absorb the dollar slippage on the buy and the sell side of the transaction every time, because the industry believed that the investor had no where else to go. The investor had to pay the tribute. Eventually I was no longer able to stomach the system and decided that the true American way was to pay for defense and not for tribute. Defense took the form of DAET. And I have found that when people have an informed choice, they will almost always opt for DAET as a viable alternative. |
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The objective of the trader is to assimilate information and then logically make transactions that will result in realizing profits in the course of execution. Since it is illegal to obtain inside informationinformation that is not available to the public but that will have a direct impact on the price of a stocka trader must gain information in more indirect ways. Research recommendations, rumors, technical analysis, and the like are the meat on which the trader feeds. The astute DAET trader uses responses to his or her orders as a primary indicator of where short-time trends are going. Although there are dozens of systems that chart and analyze market movements, these systems are of little use to the second-to-second and minute-to-minute trading techniques employed by DAET traders. I have found that the most important information comes from the actual trades I am involved in. For example, suppose I hear about a weakness in regard to the price action on a particular stock; however, if I am |
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