Wrong. Gambling is Trading. Trading is gambling. I'd like to inform you that there exist individuals who list, on their tax return, their occupation as "professional gambler." This is a bonafide IRS designation that meets the requirements of professional business activity in gambling...
This is really the gist of the whole rule. JSOP is a little off about 25K cash account, but he is correct about the reasoning of the rule. Fat cats say its to "protect" the investor or trader. This is patently false. Maverick74 says its to protect the firm from having to service the little...