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

[Sig]

THEN LET US DAYTRADE OPTIONS WHERE THERE IS NO BORROWING INVOLVED! WHAT, YOU WORRIED THE OCC WON'T CLEAR THE TRADES, IS THE THE SO CALLED BIG RISK?? WHOLE THING IS A SCAM.

While you were screaming in all caps you managed to completely miss my entire point which had nothing to do with clearing. Chillax a bit, maybe reread what I wrote if you're genuinely interested in thinking about this rather than just ranting, and then we can chat. Sound reasonable?

 

[vanzandt]

THEN LET US DAYTRADE OPTIONS WHERE THERE IS NO BORROWING INVOLVED! WHAT, YOU WORRIED THE OCC WON'T CLEAR THE TRADES, IS THE THE SO CALLED BIG RISK?? WHOLE THING IS A SCAM.

I hate to tell ya brother... but you ARE allowed to trade options. All day long. And do it the next day. As long as you don't exceed the cash in your account that day.

Edit:
Here, I explained this to someone else.

Ok here's what you do....
Leave $4000 in the IB account and have them remove the margin feature. That's important. Remove margin from the account. I'll explain why later.



In the IB account, you will be able to trade day-trade options, as many round trips as you want.... as long as your total spending for the day doesn't exceed $4k. Options are cash settled and your account resets the next day. You can literally do 2 or 3 decent sized SPY option trades everyday. You trade unfettered. For example, earlier today you could have bought 10 of the 10/23 SPY $300 puts for $1.15 ($1150) .... 30 minutes later they were at $1.65. That's $500. An incredible return. You can also lose that much obviously if you're wrong. Either way, you could do this trade or some variation thereof 3 times in one day ($1150 X 3 is less than $4K). Then do the same thing tomorrow. Its the best way to circumvent the PDT. But you need the IB account to be a cash account and not a margin account. That takes one phone call.

Scalping options on the SPY can be quite invigorating lol to say the least. The spread is a penny on these things. 2 pennies at the most usually so its a great vehicle to do this with. IWM works too, as does QQQ. .

 

[kapproveb]

Hi. I have lost close to $200k over the course of 15 years as a reslut of the PDA rule. My account will be up 30% but because of the PDT I am forced t sit on it only to see it open the following morning at a lost. THis rule makes me sick. It literally does the opposite of what they claim it's designed to do. Protect the little guy?!! Yeah, maybe.. from becoming a wealthy asshat. Please let me know how I can get involved.

I am a semi-retired litigation and trial attorney in Chicago; and have also been involved at various times with the financial markets, since the very early 1980s. Also passed series 7 a few years ago.

The PDT rule (promulgated in 2001) is unconscionable, unconstitutional, capricious, harmful and unfair in multiple ways. Moreover, it is the poster-child for the pervasive disparity and inequality in our society between the moneyed-gluttons who have more money than they should ever have or will ever need -and- all other world citizens who want to participate in the financial markets with a level playing field and less unconscionable and capricious regulation. Further there is no way this rule should ever have included options!

The gluttons don't want Dodd-Frank or much of any regulation. However they stand by and allow this obscene regulatory rule with little to no purpose to persist and affect those who are not rich and/or who don't always have access to the arbitrary threshold required to be allowed to do more than a few "day" trades. Yet high frequency trading is AOK! Meaning it is allowed by FINRA and SEC and Congress.

I have asked many over at TD Ameritrade to forward my objections to their decision-makers who might actually show integrity in asking the brain-dead at FINRA to lose this Rule once and for all. To no avail.

Above $25,001 and you can trade unlimited. Devil may care. At $24,999 you can only make 3 weekly round trips before placing your account in jeopardy of being locked. Further if you carry a position overnight and then open the same underlying ETF or equity and/or option series/strike the next day and then close (what you think was the position held overnight) this absurd and intellectually weak PDT rule will designate that as a "day trade" which might result in your account being locked for an EM restriction. Then, IF your account is locked via EM it is not locked for 5 or ten days BUT FOR NINETY DAYS.

Yep the corrupt member clown firms at NASD (now FINRA ) back in 2001 passed regulation whereby the less well-off have their accounts locked 90 days for making 4 days trades in a week; while Bear Sterns and Lehmann Bros. were allowed by NASD and SEC, during the same time period and decade, to have unlimited exposure to risk with little to no meaningful regulation. We all know how that ended.

It is hard to write this without taking Dramamine since I find this and all similar regulation to be unconscionable in its unjust and unequal treatment of those without large financial reserves. Just like the rich gluttons don't like regulation for, inter alia, its chilling effect on job growth etc. Now, once again the bank and wall street firms are seeking less and less regulation. But do you see FINRA doing anything about an antiquated PDT rule? No of course not. What special interest is going to lobby or petition FINRA and the SEC to repeal. It takes guys like me who will devote significant time and resources for the public good. While wall street pays millions to high-priced lobbyists and contributes to Congress to water down Dodd-Frank and similar regulation!

**I am looking for individuals to serve as plaintiffs in a lawsuit and other proceedings before FINRA, the SEC and in state or Federal court**.

IF interested in standing up and being counted; in doing something meaningful to oppose this Rule, for yourself and all others who could or might (and have already) been impacted by same, please email me at MSP@mpschicagolaw.com and or text me me at 312.622.7733 with full name and all other pertinent contact information including brief history of if, how and when this PDT rule impacted you or someone you know.

Think you can't make a difference? I know people can. This is your chance! It's about principle and keeping the playing field level for all.

PLEASE: reply to this thread IF you have been impacted by the PDT Rule and/OR can serve as a plaintiff.

All you other genius pundits and brilliant stock and options traders stick to other forums where you can continue to impress people with your market saavy and intellect.

I will have Judges, ALJs and/or, if necessary, appeal(s) courst decide, not a bunch of market wizards guys on ET.

Thanks.


best regards,

 

[Sig]

Hi. I have lost close to $200k over the course of 15 years as a reslut of the PDA rule. My account will be up 30% but because of the PDT I am forced t sit on it only to see it open the following morning at a lost. THis rule makes me sick. It literally does the opposite of what they claim it's designed to do. Protect the little guy?!! Yeah, maybe.. from becoming a wealthy asshat. Please let me know how I can get involved.

Maybe learn how the PDT actually works? You can always close a position you're in, you just can't open another one. So there's no way you could have lost money because you were "forced t sit on it only to see it open the following morning at a lost."

 

[iceman1]

Hi. I have lost close to $200k over the course of 15 years as a reslut of the PDA rule. My account will be up 30% but because of the PDT I am forced t sit on it only to see it open the following morning at a lost. THis rule makes me sick. It literally does the opposite of what they claim it's designed to do. Protect the little guy?!! Yeah, maybe.. from becoming a wealthy asshat. Please let me know how I can get involved.

I don't know whether you are legit or not; however if it is true you have been financially impacted by said PDT rule - send me an private message with your name and contact info --> ONLY IF you are willing to do something other than merely complain on some message board and would be willing to be a plaintiff in a class action, federal court lawsuit. I have 3 other plaintiffs but I want to name 8-10. Thanks.

 

[Sig]

I don't know whether you are legit or not; however if it is true you have been financially impacted by said PDT rule - send me an private message with your name and contact info --> ONLY IF you are willing to do something other than merely complain on some message board and would be willing to be a plaintiff in a class action, federal court lawsuit. I have 3 other plaintiffs but I want to name 8-10. Thanks.

Putting the cart before the horse buddy. You need an attorney, and you aren't going to get one on contingency for this so you'll need to pay the big bucks up front. Which clearly you don't have or else you wouldn't be complaining about this specific issue. Lucky if you can get one at all, this would be a completely idiotic case.

 

[iceman1]

Ever since I was in college I had one recurring question; How do some MFs like you presume to think you actually have a brain!

I am an attorney you mother-fker

 

[iceman1]

Putting the cart before the horse buddy. You need an attorney, and you aren't going to get one on contingency for this so you'll need to pay the big bucks up front. Which clearly you don't have or else you wouldn't be complaining about this specific issue. Lucky if you can get one at all, this would be a completely idiotic case.

Get the F-k off this thread. Seriously, Baron, can you remove this guy. Have some courtesy and class that apparently your parents failed to instill in you.Why do you give a flying F about the PDT rule??! You are some hotshot who has mistaken a bull market for brains. Right. You're not smart; but then I/ no one can argue with stupid. Why don't you let me know your real name? I'd like to find out what your background is slick.

Do you care about the PDT rule??? If not get lost.

 

[Sig]

Ever since I was in college I had one recurring question; How do some MFs like you presume to think you actually have a brain!

I am an attorney you mother-fker

You're an attorney? Interesting. So what grounds do you plan to argue this lawsuit on, specifically?

 

[iceman1]

Get the F-k off this thread. Seriously, Baron, can you remove this guy. Have some courtesy and class that apparently your parents failed to instill in you.Why do you give a flying F about the PDT rule??! You are some hotshot who has mistaken a bull market for brains. Right. You're not smart; but then I/ no one can argue with stupid. Why don't you let me know your real name? I'd like to find out what your background is slick.

Do you care about the PDT rule??? If not get lost.

Putting the cart before the horse buddy. You need an attorney, and you aren't going to get one on contingency for this so you'll need to pay the big bucks up front. Which clearly you don't have or else you wouldn't be complaining about this specific issue. Lucky if you can get one at all, this would be a completely idiotic case.

One more question "SIG"

Have you ever done ANYTHING for anyone else in your entire worthless life? Or do yo just sit on message boards in your white wife beater shirt, and post crap that is none of your fing business? Let us know what your claim to fame is slick.

Oh wait, You made a few bucks. Is that how you define your small, self-absorbed life, by the dough in your bank account.

SIG, do you look down on people who are subject to the PDT rule. Are you better than them? FYI: PDT is a totally corrupt rule contrary to multiple legal principles that guys like you don't have a clue; or possess any moral compass to understand.

And I am going to use my Northwestern education to see that it goes away into the garbage bin.