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Meeting Notes - September 9, 2003
“Day in the Life of a NASDAQ Trader”
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Rich Fong, Trader, McAdams Wright Ragen
Scott McAdams, President and CEO, McAdams Wright Ragen
As a Nasdaq trader for the past twenty years, Rich Fong has pretty much seen
it all: the crash of 1987, dot booms, dot swoons and the emergence of ECNs and Day Traders. Through it all,
there is one constant for Nasdaq traders – every day brings a new puree of news, media and market dynamics
that a trader must sort through and successfully “make a market” in a stock.
Rich reviewed what it means to “make a market” in a stock, the trading basics, the difference between bid and
ask, short and long, hit and take, odd lots, round lots, the whole lot. He discussed what a trader’s day looks
like and talked about what makes a dream stock for traders. Rich also discussed the impact of rumors on
stock trades and provided advice on how CFOs and IR professionals can manage through a bumpy news day.
Prior to McAdams Wright Ragen, Rich was a trader with Ragen MacKenzie, Merrill Lynch and Charles
Schwab.
Rich Fong was introduced by McAdams Wright Ragen (MWR) President and CEO, Scott McAdams. Scott co-founded
McAdams Wright Ragen with Brooks Ragen in 1998 and has overseen its rapid growth over the past five years.
While brokerages, one after the other, left Seattle, McAdams Wright Ragen has quietly emerged as one
of the largest regional broker dealers. It opened a full-service NASDAQ trading desk in November of 2001
and, at the time, it was the only trading desk in Seattle. Today MWR is a full service broker-dealer and
investment advisor with 38 employees and over $1.5 billion under management.
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