Volume 94, Issue 61

Thursday, January 11, 2001


NEWS

Ontario finishes dead last - Education ranking puts province on defensive

Former prof talks politically incorrect

Economy slows down slightly: Ivey survey

What recession? City booms

New tax to create safety net

Drug testing could hit human rights violation snag

New club sets sights on stock market skills

Briefs

Planet Me

New club sets sights on stock market skills



By Chris Lackner
Gazette Staff



Buying low and selling high is the order of the day for Western's newest campus club.

The Western Day Traders, a new club for those interested in day trading and on-line investments, is the first of its kind at any university in Canada, according to Philippe Potvin, a second-year administrative and commercial studies student and the club's president.

Potvin said the Western club is sponsored by Canada's only national day trading firm, Swift Trade, and added that he has high expectation for the club's success.

"We're not here to support [students'] day trading," he said. "We're just educating students, so that they'll one day have the tools to be successful. We're conscious that most students don't have the money to day trade right now, but they might five or 10 years down the road."

The club will encourage members to gain basic knowledge of economics and the stock market, but the main focus will be on developing successful day trading skills.

Richard Carroll, a branch manager for Swift Trade's London location, said his organization is sponsoring the Western Club in an educational capacity.

For a $10 membership fee, Carroll said club members will have access to professional training from the head trainers at Swift Trade. Similar courses are usually offered for close to $4,000, he said.. "We'll be providing guidance to the overall content of the club and working as a professional insider to the daily market forces."

"Day trading is basically focused in on the short term momentum and movement in the market, on a day to day basis," he said. "Traders buy and sell stocks within minutes or hours. Very few hold their money over night – it's the total opposite of long-term investment."

Carroll said unlike full service and discount brokers, Swift Trade is a direct access firm, explaining day traders interact with the market on a second-to-second basis.

Carroll said the media has often played up the myths that day trading is like gambling. "When you gamble, you roll the dice and then lose control. It's a game of luck and chance. Day trading is a game of skill and you have full control. You roll the dice and have the power to freeze the dice in the air and cut your losses."

Tim Tattersall, a professor at the Richard Ivey School of Business, said he has also signed on to be a member of the club. "[The club's founders are] all from my first-year business class and I encourage them to gain experience in the world of finance."

Potvin said the club is aimed at business and economic students, but is open to anyone interested in investing and no prior experience is necessary.

Carroll said Swift Trade has 10 locations across Canada and has been operating for over three years. "Day traders pay commissions to use our service."




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