Things are much different now, with major changes in brokers and with the use of computers as a tool for investing. For example, Norm now uses a Discount Broker and makes his own investing decisions. He uses computer software both to help him make those decisions and to keep track of the progress of his investments. Every night he pulls down a database of changes during the day and can tell immediately what movement has occurred in his portfolios. If he wants to, he can get updates with as little as a 15 minute delay. That was impossible to do just a few years ago. If a person trades often, a stock could move significantly in just a few minutes — perhaps several hundred dollars in value.

Norm told me, however, that this is a two-sided coin. Gamblers, or simply emotion based decisions will sometimes cause a loss of significant amounts of money. He says that there's a gradation, from investor to trader to gambler. To Norm, a true trader is an investor, he simply moves in or out of a stock more often. A true trader will make decisions based on experience, research and logic. He knows that good or bad timing can make or lose him money. A gambler, on the other hand, is moved by emotion and rumor, neither of which is a good quality for sound investments and money management. Traders and Day Traders sometimes wander over into actually gambling rather than investing. It happens all too easily.

Norm also said the IRS looks at the three differently, and makes a distinction between investors, traders and gamblers in relation to taxes and deductions.

The Financial SIG has changed its focus recently, from talking about indicators and stock charts, to skilled stock selection (from market close 8 days BEFORE the meeting). That way it is a learning process — showing performance and potential — but not giving advice on which stocks to buy (which requires a license).

Norm's full-time career, however, was in another area. He was trained in medical technology and pharmacy and spent 30 years in the Air Force in the medical field, retiring as a full colonel. His first computer was a Radio Shack Model III, with a 24 pin dot matrix printer. He now has 3 fairly current computers, including a Dell laptop specifically for watching the market while on trips. Here's a man in the know, who makes sure he stays in touch with the market and with his own investments.