Coughing up the $25k requirement for Pattern Day Trading

Quote from ElectricSavant:

At the time of the PDT rule and its introduction, there was an increasing "Public" involvement in the "DayTrading Craze". Many folks gambled away their life savings, thus complaining to their congressman that they were drawn into the markets by this wave.
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I don't think there's any law against stupidity.

People who chased the market, with little to no knowledge, were likely focused on greed and wanting to make a quick buck with no "investment" (learning). I don't feel sorry for those kinds of people.

Before anyone ventures into a business opportunity it's up to them to do some research - sizing up the "business", looking at capital requirements, assessing their probability of success and knowing when to cut their losses.
 
Point taken and I agree..There were some advertising practices that were borderline questionable, but that does not erase the "due diligence" required by anybody that is serious...

When the "innocent public" gets involved usually it spoils it...and its time for speculators to move on...

Michael B.


Quote from DHOHHI:

I don't think there's any law against stupidity.

People who chased the market, with little to no knowledge, were likely focused on greed and wanting to make a quick buck with no "investment" (learning). I don't feel sorry for those kinds of people.

Before anyone ventures into a business opportunity it's up to them to do some research - sizing up the "business", looking at capital requirements, assessing their probability of success and knowing when to cut their losses.
More...
 
Quote from ElectricSavant:

Point taken and I agree..There were some advertising practices that were borderline questionable, but that does not erase the "due diligence" required by anybody that is serious...

When the "innocent public" gets involved usually it spoils it...and its time for speculators to move on...

Michael B.
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LOL...let's see, back to the present...."Buy when green, sell when red" -- gee, that doesn't sound too hard, LOL. Or, "take part in the biggest market in the world, control millions of dollars with $500 bucks in your account" "I made $50,000 the first week" ... the unregulated portion of, what could be called, "the industry" hasn't changed their stripes much...if I said any of that, we would be shut down the next day...yet so many of these late night ads still suck the uninitiated into these gawdawful ventures. Serious trading is hard, no matter how you cut it...takes work, money, and time "in the saddle."

(off soapbox now).

Don :p
 
Quote from Don Bright:

LOL...let's see, back to the present...."Buy when green, sell when red" -- gee, that doesn't sound too hard, LOL. Or, "take part in the biggest market in the world, control millions of dollars with $500 bucks in your account" "I made $50,000 the first week" ... the unregulated portion of, what could be called, "the industry" hasn't changed their stripes much...if I said any of that, we would be shut down the next day...yet so many of these late night ads still suck the uninitiated into these gawdawful ventures. Serious trading is hard, no matter how you cut it...takes work, money, and time "in the saddle."

(off soapbox now).

Don :p
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I think we must have seen the same infomercial, judging by the leverage I assume that you are referring to one of those forex trading systems. I was actually going to attend their seminar for fun to see how much they were trying to get people to pay for it. Of course, I have a dim view of forex offerings in Canada to begin with. :)
 
Don has been around the block and if I were to trade equities, I surely would want to watch him trade the opens...once in my life...

I heard of some recent changes that might effect the opens...but I cannot remember what it was...
 
Quote from marketsurfer:

personally, i think the rule is a joke. if you can't trade with 5k how can you expect to trade with 25k? it makes very little sense to me. i am surprised that it has not been challenged and over turned.

best,

surfer
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The rule is a joke. Not only do you have to have 25k min, but how will giving someone 4 to 1 margin help protect them if they can't manage 2 to 1 with under 25k. All this rule did is force undercapitalized traders in to futures which only lets them blow up even faster.
 
but instead of losing 25k they lose 5k five times :) he he is this what they call leverage?...


Quote from volente_00:

The rule is a joke. Not only do you have to have 25k min, but how will giving someone 4 to 1 margin help protect them if they can't manage 2 to 1 with under 25k. All this rule did is force undercapitalized traders in to futures which only lets them blow up even faster.
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All I know is that the PDT rule cost me 8,000 in woulda, coulda, shoulda profits because two or three trades earlier I got whipsawed out...

That's when I left equities for Forex...

And I ain't lookin' back.
 
Quote from sirpangolin:

All I know is that the PDT rule cost me 8,000 in woulda, coulda, shoulda profits because two or three trades earlier I got whipsawed out...

That's when I left equities for Forex...

And I ain't lookin' back.
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And you are the weakest link! Goodbye!
 
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