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Article: Every second counts for stock markets' day traders New breed of investor tries to profit from tiny price fluctuations in shares
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- November 15, 1998
- Author:
CopyrightCopyright 1998 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Before he became a day trader, J.R. Galecke owned a Coldwell
Banker franchise that developed commercial real estate.
"But every time someone's sewer backed up, I got sued," he said.
So in the late 1980s, Galecke, 37, sold the franchise and embarked
on a new career playing the stock market. He started trading at
home via phone, later on the Internet, and a year ago moved to
LaSalle Street Trading-Milwaukee when LaSalle opened the city's
first day-trading office.
"I've made as much as $5,000 in a day and lost as much as $5,000
in a day," he said.
Across the country, day traders at firms such as LaSalle are
making hundreds of high-risk, rapid-fire transactions each day.
Sophisticated ...