Day Trading: It's a Brutal World

No one knows for sure how many people day trade. But the number is way up from a few years ago, when this bull market kicked into high gear and the Internet began making it easy and cheap to buy and sell stocks. Barton Biggs, an analyst at Morgan Stanley Dean Witter, confirms and bemoans the trend in biting missives to clients about his plumber, who is so busy trading he won't come to fix a leaking pipe. I've written about the guy behind the deli counter leafing through Barron's for that day's stock trade. It's epidemic, and it's alarming.

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