ATTENTION: Ever affected by PDT Rule please contact me to join lawsuit and petition FINRA

 
iceman1 said:
Great ideas. Thanks!

Only i am going to file a class action suit. Seeking damages and other remedies. Within 60 days.
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I agree that the PDT rule needs work, but it is unclear to me what legal basis you have for damages and how that will be calculated. FINRA has a mandate to protect the public and they believe this rule is part of that.

You would be better to seek a rule change.
 
Robert Morse said:
I agree that the PDT rule needs work, but it is unclear to me what legal basis you have for damages and how that will be calculated. FINRA has a mandate to protect the public and they believe this rule is part of that.

You would be better to seek a rule change.
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Great we have Bob here. So Bob, why doesn't YOUR firm allow trading accounts under 25k? Zany says it's no skin off your back. You have fancy software to take care of the headaches. You guys to cool for school?
 
vanzandt said:
Thats a weak argument. Its all done with software Mav, this is not 1980. No human hand holding required. The restrictions are already in place for accounts less than 25K anyway. Just tweek the software a bit.
There's no difference in cost giving a $2500 account $10K in margin buying power than a $30K account having $120K buying power from a systems point of view.
Find me a link where the major brokerages are opposed to repeal of this rule.
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Zany, Zany, Zany. Here is what happens, when guys get margin calls at say TD Ameritrade, they flood the support chat asking what the f*ck is going on, why is this happening. You can see the threads on ET when guys bitch about IB's auto liquidate feature and they spend hours on the phone with IB trying to reach someone. You know who is not getting margin calls? Most of the 100k dollar plus accounts. It's the little guys that get caught without enough capital. Yes, I know there is software to "execute" the margin call. But the fun does not stop there. What follows is 100's of harassing phone calls to support or support requests on the online chat service. This costs money to service these complaints. Because you know what these little guys do when they sit on hold for too long? You got it, they bitch even more about how terrible the customer service is. It DOES cost money servicing these small accounts and MAJOR headaches.
 
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Maverick74 said:
Great we have Bob here. So Bob, why doesn't YOUR firm allow trading accounts under 25k? Zany says it's no skin off your back. You have fancy software to take care of the headaches. You guys to cool for school?
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Careful, Mav, only cranks are allowed to post on this thread -- them's the rules!
 
Maverick74 said:
Zany, Zany, Zany. Here is what happens, when guys get margin calls at say TD Ameritrade, they flood the support chat asking what the f*ck is going on, why is this happening. You can see the threads on ET when guys bitch about IB's auto liquidate feature and they spend hours on the phone with IB trying to reach someone. You know who is not getting margin calls? Most of the 100k dollar plus accounts. It's the little guys that get caught without enough capital. Yes, I know there is software to "execute" the margin call. But the fun does not stop there. What follows is 100's of harassing phone calls to support or support requests on the online chat service. This costs money to service these complaints. Because you know what these little guys do when they sit on hold for too long? You got it, they bitch even more about how terrible the customer service is. It DOES cost money servicing these small accounts and MAJOR headaches.
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I can see that, but they can just take a page out of IB's operating manual and not answer the phones for 2 hours. :D
 
vanzandt said:
I can see that, but they can just take a page out of IB's operating manual and not answer the phones for 2 hours. :D
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Yeah that works wonders for online reviews of their customer service. It's a no win situation Zany. Just play with cash.
 
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