The rout for technology stocks was particularly hard felt by on-line investors who had remained optimistic amid the market tumult of recent weeks.

The study, conducted in June, polled 857 on-line investors.

Since many on-line investors don't use a broker, they get no expert advice when setting up their portfolios.

Trading in initial public offerings has become a sore topic among on-line investors.

Some have quit trading the most popular stocks of on-line investors or shut their automatic trading systems, delaying orders by up to 20 minutes.

But not all on-line investors invest this way.

"They have a cult following among on-line investors."

But on-line investors say most of what Investors Research distributed on the Internet was highly favorable.

The fact is, today's electronic access to stocks requires of on-line investors a heightened responsibility for their own actions.

Some of these rivals offer faster, customized services to powerful institutions and the expanding population of on-line investors.