Death Blow to DayTraders

[tymjr]

Originally posted by Hitman
If you don't feel like crap after a blown out, you are probably not a serious trader.

The reality is the trader IS judged by the size of his account, if you are good at it, you have to have something to show for it, and nothing can replace the cold hard P&L.

I applaud your honesty and dedication, but, Kiddo, you’ve got a lot to learn about life. How you choose to judge other traders is your choice. Passing off your prejudices as reality is just flat out unfair to you and to others.

 

[Tailspin]

Alex,
Thanks for the reply to my post. From what I understand of the ruling though, I think it limits you to 4 round turns in a 5day period, not just 4 trades. You still need to watch the weekend straddle days though, because thursday til wednesday I think will be considered a 5day span.
I hope you are right about the ruling not affecting my cash account. I'm just crossing my fingers in the hopes that IB won't restrict it for some related reason. I've started dabbling in swingtrading with some success recently. I figure I'll adapt no matter what those crazy beaurocrats throw at us! Good luck with your trading.
Tailspin