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With pride, we acknowledge the observation that it was the work of firms like TradeCast, and others, that made electronic trading possible. |
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During this same time, the active day trader was another important catalyst for change, demanding faster quotes, more information and equal treatment under the regulations. The result was more and better service vendors, the rise of the ECNs, and the SEC-mandated order handling rules. With these powerful new resources, the day trader has proven to be the equal of any trader anywhere. The day trader has shown us that the self-directed investor can learn the skills and the discipline to earn consistent profits from the markets. |
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So where are we today? I believe we are still at the dawn of the Sixth Market. The full potential of the electronic trading of securities by the self-directed investor has only been glimpsed. |
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We are no longer fighting for equal market access or for the legitimacy of the individual trader. We are now fighting to extend the markets to more and more people. This next generation of successful traders will come from a whole new group of smart people: doctors, lawyers, dentists, retired people, housewives, etc. Many are already trading online but have not used the next generation of tools. Few have the skills needed to compete and to prosper in the markets. |
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Clearly, the key to trading success in the future will be in training and education. |
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That is why I am so delighted to be writing this foreword to The Sixth Market: The Electronic Trading Revolution. |
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This book is written by three close and trusted associates: |
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Ken Johnson is a true pioneer of the electronic trading world. One of the earliest day traders, Ken embraced the movement from verbal to electronic trading; in fact, the brokerage firm he founded was TradeCast's first licensee. He began training professional traders in 1996 and has developed a well-earned reputation as an innovative and effective educator. |
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Howard Abell has been a successful trader of equities, futures and options for more than 30 years. He is the author of: Digital Day Trading, The Day Trader's Advantage, Risk Reward, The Market Savvy Investor, and The Electronic Trading of Options. |
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Bob Koppel is the author of five books on the psychology of trading: The Innergame of Trading; The Outer Game of Trading; Bulls, Bears, and Millionaires; The Intuitive Trader; and The Tao of Trading. He writes on investment for Onmoney.com. |
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