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Actually, the new margin rules will apply to trading on the AMEX as well. To be specific, the new margin rules are amendments to Rule 431 of the New York Stock Exchange, Inc. (NYSE) and to Rule 2520 of the National Association of Securities Dealers, Inc. (NASD), and the NASD is the parent...

truthfultrader: This will be my last post on this thread, as I will heed my own advice to not waste time thinking about this subject. First of all, you keep referring to this new margin rule as a law that somehow limits a person from selling his property. I've already explained in a...

Wet: I've been known to be wrong before, and I will be again, but you should try actually reading the law before you start mistaking your ignorance for knowledge. Get a copy of the Federal Register (March 6, 2001) and read the actual regulation. Why is this so hard? I am not giving legal...

truthfultrader: Evidently you misunderstood the point of that sentence. But I take some blame for your confusion. It would have been clearer for me to say "It doesn't take a constitutional lawyer . . . ." In any case, let me return the favor by quoting you. Let's deal with reality...

Filing a lawsuit or even talking about filing a lawsuit is a waste of time and energy. Anyone who cannot come up with $25,000 risk capital might be better advised to use his time studying the markets and save his money for trading rather than spending it on a legal action that will likely go...

I have no experience with any of Pristine's services, but out of curiosity I went to Pristine's website, and I see that under the heading of "Pristine Private Mentorship Programs" they tell visitors that "If you are truly serious about trading stocks for a living, one of the first things you...

TraderJimR, You evidently misunderstood the intent of my post. I'm not here to discourage anyone from considering these firms, and I will disclose that I am currently studying for the Series 7 exam in preparation for trading at the office of one of them. The purpose of my post was to...

I don't mean to be a party-pooper in this celebration of proprietary firms but you should be aware of the risk of becoming a "member" of these firms as Sniper points out. These firms are not SIPC insured. In case of bankruptcy, members have the same priority shareholders would have if the...

Once single stock futures begin to trade around the end of this year, these "bullets" may be shooting blanks. For those unfamiliar with trading in futures, there is no prohibition on shorting with regard to tick direction. Although liquidity may be an issue in the beginning, I believe that...

zboy2854A: Spamming ought not be tolerated. Neither should defamatory comments. However, I for one would encourage you to not be too quick to exercise your powers of censorship.

mjt, You are mistaken. While it is true that long-term capital gains are taxed at a maximum rate of 28%, short-term capital gains are subject to the same rates as ordinary income. Thus, short-term capital gains could be subject to the 39% rate if one's taxable income is high enough...

The new proposed margin rules will change the definition of a day trade which currently includes the closing of an overnight position and a re-initiation of another position in the same stock. Consequently, such transactions currently have the possibility of triggering a Reg. T margin call...

Specialists have a monopoly on the most critical information and yet are allowed to trade for their own accounts in the name of keeping an "orderly" market in their stock. It's not too difficult to see the conflict of interest inherent in this system. Someone stated that specialists should...

The new proposed margin rules apply only to "pattern day traders." For those not fitting the definition of a pattern day trader, the margin rules are unchanged.

WarEagle, Glad you enjoyed the post. I've enjoyed reading many posts on this board and decided to come out of the shadows and try to contribute. Cheers.

Although it is within securities firms' power to impose their own house margin rules for daytraders that are more stringent than those proposed by the NYSE and NASD, this is unlikely to happen in my opinion. In fact, the Senate subcommittee weighing in on the proposed daytrading margin rules...

Here is what I've been able to find out about the status of the proposed margin rule changes. On March 1, 2001, the SEC approved the proposed margin rule changes and granted accelerated approval to the amendments to each proposed rule change submitted by the NYSE (SR-NYSE-99-47) and the NASD...

I haven't tracked down a final version of the new margin rules, but if it contains the same definition of a "pattern day trader" as in the proposed version, then the new rule's reach may not be avoidable by limiting the number of day trades within a given period, as suggested on this board...