ANNOUNCEMENT- seeking traders interested in overturning the PDT rule

I hate this rule. I've actually lost profits that I could've made (8K in the last two months) because I got whipsawed out and when I got signalled to get in on the start of a trend, I couldn't.

That trend went on to drop 2 points that would've netted me 6K...

I'm >this< close to switching to Forex or Futures... I can trade trends on any one of those markets...
 
This rule is so ridiculous that I don't even feel the need to validate my statement with any supporting arguments. I support your cause 110%.
 
ice-

with all due respect, this rule is there for a reason.

with derivatives so widely used now, im not so sure how much use the rule is, but....


im really sorry, but i dont think the big wigs are going to pay much attention to a bunch of retail/prop traders from et.

if you could convince the big clearing houses you may have a chance.

having said that, dont let me discourage you. history is full of individuals who had a vision and changed the world in much larger ways than this to achieve their ends - vision, determination & passion is all that is required.

bell, lincoln, ford, augustus, luther-king, hitler, bin-laden.
 
I can trade a 1 million dollars margin with 10k in the forex or futures markets, they are FAR more risky then the stock market :confused:

This rule actually forces low cap traders into these markets where they get have no chance at all, it's a Stupid rule !!!

I think the best way to defeat it is through freedoms and rights lobbying somehow.

Sign me up!!!
 
Although it doesn't bother me now, the PDT rule used to get me really annoyed. I'm in... and if you are going to go against the Patriot Act and out Pres' new spy program then I'm in on that too :-)

-Neo
 
Quote from FredBloggs:

ice-

with all due respect, this rule is there for a reason.

with derivatives so widely used now, im not so sure how much use the rule is, but....


im really sorry, but i don't think the big wigs are going to pay much attention to a bunch of retail/prop traders from et.

if you could convince the big clearing houses you may have a chance.

having said that, don't let me discourage you. history is full of individuals who had a vision and changed the world in much larger ways than this to achieve their ends - vision, determination & passion is all that is required.

bell, lincoln, ford, augustus, luther-king, hitler, bin-laden.
More...

FB thanks for the reply. What is the "reason" it is there, as you see it? I am interested in your take so I look at "both" sides in preparation, and get feedback from smart individuals playing devil's advocate.

Personally, I don't see the overriding public purpose that it serves. It is against everything this country stands for. When someone opens a business there is risk of loss. Yet we can't have government coming in and saying who can and cannot be an entrepreneur etc.

Further IF the powers that be are so concerned about regulating controlling and managing the finances of individual's "for their own good" then when will we the lotteries, casinos, vegas and online poker sites begin having similar rules denying access or active participation to certain individuals under certain criteria? Talk about abuse - hell, those guys encourage people to gamble and play the lottery more often..

When is the last time Vegas cut anyone off from a craps table simply because they played Hard Eight 3 times in 5 rolls. When is the last time the Illinois lottery cut someone off from buying too many lottery tickets in a 5 day period?

Would you be willing to sign a petition and/or email me your contact info so I can include you as a supporter?

IF I didn't think I would prevail- I would not undertake this challenge. When I did litigation many years ago I was always in a David v Goliath scenario. I left law many years ago to trade so I would have time to do some public interest/pro bono cases that I felt could/would serve the greater good.

regards,

:

p.s. appreciate the encouragement
 
On principle this is a dumb rule. Who is to say how much someone needs to daytrade or short term stocks and stock options.

I do not care what the number is 25k, 50k, 500k----or only 5k. The Govt. has no place wasting our tax dollars on this nonsense.

The only things this rule does is hold back small traders and keep dumb traders from loosing their money quickly. I personally do not worry about dumb --traders ==the market takes care of them. Small traders have the right to be left alone.
 
Quote from FredBloggs:



bell, lincoln, ford, augustus, luther-king, hitler, bin-laden.
More...

Fred I get your point but Lincoln and Luther-King should never be used in the same sentance as the last two on your list!!!

Good Trading to you

:)
 
Quote from TGM:

On principle this is a dumb rule. Who is to say how much someone needs to daytrade or short term stocks and stock options.

I do not care what the number is 25k, 50k, 500k----or only 5k.

he Govt. has no place wasting our tax dollars on this nonsense.

The only things this rule does is hold back small traders and keep dumb traders from loosing their money quickly. I personally do not worry about dumb --traders ==the market takes care of them. Small traders have the right to be left alone.
More...

right !

but not only is it that agencies cloaked with governmental powers see fit to establish arbitrary levels on account size and number of trades without so much as any background check on the account holder whatsoever and/or any sound reason that is based upon empirical date therfor -- but then they go ahead and allow anyone to day trade 4/1 margin EVERY day!!

Why is the trader with 25001 allowed unlimited and the trader with 24999 only 3 day trades . What if the trader with 24999 is a former MM or a very experienced trader, and he has several smaller accounts at brokers for whatever reason he chooses - perhaps he is trading some friends' or family money and the speculative amount they choose to give him is 20,000.

Can you PM me your contact info so I can add you as a supporter who wants to stand up and oppose this government b.s.?!
 
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