any broker with no pattern day trading rules
- Thread starter Reymond
- Start date
- How does the PDT rule protect anyone?
- Why is opening and closing a trade in one day considered more risky than holding overnight?
- Why is a less-than $25,000 account considered more risky than a greater-than $25,000 account?
No business trading anything with less than 25k. You need at least a disposable 50k to even justify the research and time relative to profit potential. You'll learn it the hard way like most do.
- How does the PDT rule protect anyone?
- Why is opening and closing a trade in one day considered more risky than holding overnight?
- Why is a less-than $25,000 account considered more risky than a greater-than $25,000 account?
Stupidest most dangerous rule of all time. I've seen traders not be able to take a profit because they were up against 3 daytrade rule and lose everything overnight.
In this day and age, if someone wants to gamble with $1000 and burn up commissions going in and out, then by god they should be allowed to.
I don't see a PDT rule at the Casino's craps table. Its BS
Whatever happened to survival of the fittest?
Fucking nanny-state.
Kind of agree there. Let the fool and his money part. That's capitalism
I fodn
I've never had to deal with the issue but your saying once it's triggered you can't even close a position?
http://www.finra.org/investors/day-trading-margin-requirements-know-rules
The rules there from what I can see is there is a few steps before your tagged as a pattern day trader.
That sounds ridiculous though if your account is froze (can't close positions) until you get the cash in the account. From what I read they half your margin first.
Like I said though I've never dealt with the issue before.
I've never had to deal with the issue but your saying once it's triggered you can't even close a position?
http://www.finra.org/investors/day-trading-margin-requirements-know-rules
The rules there from what I can see is there is a few steps before your tagged as a pattern day trader.
That sounds ridiculous though if your account is froze (can't close positions) until you get the cash in the account. From what I read they half your margin first.
Like I said though I've never dealt with the issue before.
I think he was saying they would voluntarily not close a position in order to avoid going over the limit.
I think the PDT is outdated. Because the type of person who will try to get around it is the same type of person who will turn to buying options (an even faster way to lose money than trading stock) or look for a zero interest for 12 month credit card to cash advance to get the 25k on high interest loan. And again, blowing all your money (or preferably social security check) in a casino is fine with the government. At least that way, you won't be able to deduct the losses.
While I agree with much of what you said, however wanted to note that the PDT rule applies to options as well.