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Other players make their living as full-time traders, scrupulous or otherwise.
Interviews this week with a variety of traders, from people who manage their own retirement money to full-time traders to big-time money managers, show how Cisco's news was anticipated and processed and at times even disregarded.
To that end, Morgan Stanley hired a TIPS research specialist away from Barclays last year and now has full-time traders devoted to the Treasury securities and inflation derivatives.
People often think that full-time traders only work for investment banks, with advanced degrees and a high pedigree.
Some exchanges are better suited to less experienced traders and retail investors, while some are geared towards institutions or full-time traders.
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"What is risk in life?" asked Gene Bonnano, who worked for I.B.M. for 22 years before becoming a full-time trader three years ago.
But now they have been joined by people like Mr. Krayenhagen, a former mechanical engineer who has worked for the last four years as a full-time trader to support his wife, Carol, and 2-year-old daughter, Rachael.
It is important to be aware of some of these realities before you attempt to enter into a life as a full-time trader.
So Keith Smith became a full-time market trader and later founded a wholesale business supplying other traders like him.
At the same time, he obtained a master's in finance, and, in 2001, he quit real estate to be a full-time stock trader.
Buster H., a full-time day trader, has dumped his shares of priceline.com and is loading up on stocks like audubon.org and sierraclub.org.
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