So what have all the locals been doing in the pit for the last 20/30 years?
I would never describe myself as a day trader but seeing as I do trade in and out of positions maybe a hundred times a day that just semantics isn't it?
as long as any market has been open there have been 'daytraders.'
in the usa had to get a membership to exchanges in ny/chicago/ to get 'member' rates otherwise commissions/slippage too big to overcome. also 1970's commission's discounted - schwab popped up- allow more upstair traders to trade off the floor and made it's way to the public w/ cheaper and growing technology.