In 1983, a dentist in Michigan executed the world’s first online trade from his home computer, sending an order through Trade Plus—a precursor to E*Trade. At a time when individual investing meant calling a broker during business hours and relying on their recommendations, this simple transaction marked a radical departure. Overnight, technology shifted the balance of power from institutions to individuals, permanently reshaping how the world would interact with markets.
Merrill Lynch’s chairman Daniel Tully captured the establishment’s reaction: “The do-it-yourself model of investing, centered on Internet trading, should be regarded as a serious threat to Americans’ financial lives.” Some of the skepticism proved well-founded. But by and large, people embraced these new tools and transformed both the market and their financial futures.
