Recent content by YngvaiMalmsteve

Hence the hypocrisy in the rule. There are no rules limiting me how many times I can go to the horse track or Vegas and gamble my life savings away. Second, I can just as easily lose 30K jumping in and out 20 times a day as I can 5K. I think a loss limit per day or week is better than a...

My whole argument is more against the rule's implementation rather than the idea of trying to limit risk in small account traders. While I understand the intent of the rule (and it's difficult to put forth a solid argument against the intent other than personal freedom), its implementation is...

Then they could simply change the rule. Change it so that you're cut off from trading for a week and all your positions are liquidated when your account drops by a certain % in a day. This would fulfill the intent of stopping people from blowing out their accounts in a short period of time...

Nice blanket statement, but if you're going to make such a claim, you should show why they are speculative. For example, it is a distinct possibility that a position trader could get stopped out of 4 positions the same day he enters them on an unexpected market turn. If you don't think that...

I gave a number of solid logical reasons why it's bad in my SEC letter that I posted in this thread. To sum them up: 1. Increases risk of account suspension in position traders taking multiple positions in the same day; to avoid this risk, position traders can't place appropriate stops on...

Why? So far people here that say the rule is good have yet to give a solid logical reason why it's good. Sorry buddy, I have a job, and I also have a life with other things that I need to pay for this year (house remodeling, wedding) which precludes me putting 25K in my account.

Broker was Thinkorswim. Their software automatically rejects sell orders when you're out of day trades. And their offices were closed during the after-hours tank so there was nobody to call.

I didn't trigger the PDT. My point was I couldn't exit without triggering it. The stock had showed a trend of closing strongly and gapping up the next day. It was closing strongly so I bought it right before the close. The entire intent was a swing trade. However, there was unanticipated...

Ummm, no, the entire reason I entered the trade right before the close was because I was planning on holding overnight. I had a rule to never enter trades in the middle of the day when I was out of day trades. So, yes, I had done my "due diligence".

But that's not effectively a stop loss. If anything, it's the opposite. One of my worst trading losses came when I bought a position near the close, intending to hold overnight. Then I saw the position move against me dramatically after-hours. I couldn't get out because of the PDT. I ended...

But the risk is no different when holding things overnight. If anything, with the way the market has been the past 6 months or so, holding things overnight is more risky than holding things during the day. But there are no rules against holding things overnight. If the government is going...

I apologize for bringing up an old thread, but I came across this thread when doing some searches, and wanted to offer my opinion. There are numerous problems with this rule. First, it actually increases risk, and not just in the sense that it encourages traders to go into riskier markets...

I'm currently looking into joining Cy Group. However, I am new to the whole prop trading firm business (I am with Interactive Brokers right now, and was with Thinkorswim in the past). I read about the whole situation of what happened with Tuco Trading. Is Cy Group a similar type of business...