Pattern Daytrading poll

Quote from vladiator:

It's like not letting people under certain age drive. Certainly, there are some 10 year olds that drive much better than an average 30 year old, but allowing everyone who thinks he or she can drive to drive (which is an equivalent of what you are plugging in trading) wouldn't be such a good idea would it? In other words, some decisions are best left centrally imposed, as much as those 10 year olds who think they can drive may dislike it...

Secondly, the analogy with drivers does hold if you consider that the reason they don't let ten year olds drive is not only to protect the public from them but only to protect them from their own actions. If you ignore the former, the analogy is straightforward
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The daytrading restrictions are like not letting anyone in a 4-seat car make more than 3 right turns per 50 miles of road.

Doesn't matter how old you are, how long you've been driving, how skilled you are at driving. If your car is a 4-seater, you're restricted to three right turns per 50 miles. If you try to make a fourth right turn within 50 miles of road, you will be pulled over and have "the boot" put on your wheels for a week.

However, all cars that seat 6 or larger are allowed to make as many turns as they want. Doesn't matter how old the driver is, how skilled the driver is, how long they've been driving.
Not only that, but we're going to increase the speed limit to 100 miles per hour during the day. At sunset, the speed limit goes back to 55 m.p.h.

Is this rule done to protect the driver of the small car? Or does it in fact make it much more dangerous for the 4-seater to get on the road.

1. Are they going to be having many more serious collisions with 10-year-old drivers behind 6-seaters, and 100 m.p.h. speed limits?*
2. Have they made the roads safer for the experienced driver who happens to be in a 4-seat vehicle?*

If the daytrading rules are made to protect inexperienced traders, then let the rule be applied equally to all new traders, regardless of account size.
Experienced traders should not be subjected to the daytrading rule. Regardless of account size.

* Answers: 1. Yes 2. No
 
...since this has become a driver's ed class let me ask a question as the devil's advocate.....who pays more car insurance premiums...the owner of a Hyundai or the owner of a Bentley?

It may not be fair but that's life...and Im so sick and tired of hearing about the so called "little guy"...because these are the same people who went running to a lawyer and sued the crap out of their firms because the "little guy" lost money daytrading...We have no one to blame but ourselves...When Leavit was having his hearings, he didn't have complaints from some millionaire who lost his fortune...95 % of the complaints were from daytraders who lost their life savings utilizing their own free will to trade.....AND THEN THEY SUED!!!...because like everything else in this country, IT'S NOT MY FAULT!...."i didn't know" " i should have been warned" "they should have saved me from myself"....here's my favorite..."you had a responsibility to prevent my client from committing financial suicide, even though he signed all the risk acknowledgements and disclosures"

Blame the little guy and the attorneys
 
Please keep on letting NASD/SEC know your opinions on this issue. It takes no more than a few keystroke or mouse click to send your email periodically.

Thanks. :p

Quote from hii a_ooiioo_a:

You agree that these rules are "crazy".
I posted this poll because surprisingly enough there are a number of people on these boards who have argued in favor of the daytrading rules. You will see by the results of this poll that there are some who will vote for choice #6 or choice #7.

I have been advocating that we should rant rave and whine to NASD and SEC from my very first posting on these boards. I will post again the addresses I have given in several of my previous posts:

pubcom@nasd.com
ombuds@nasd.com
marketreg@sec.gov

Anyone else from the choir who would like to join a larger chorus is welcome to join us here: www.groups.yahoo.com/group/DaytradersUnite/

Thank you
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Who hired lawyers to file lawsuits against brokers? The little guys with $2,000 who are trying to trade a few options contracts in the hope of reaching $3,000? No.

The ones who go out and hire lawyers are the ones who are playing with more than $25,000.

And what kind of lawsuits do you think are going to start popping up from these $25,000 litigation guys when they get wiped out twice (or is it four times) as fast with 4:1 margin?

You definitely got screwed when people lost their money and blamed you for their own actions.
But those of us who do not blame others for our own actions, and don't have the resources to hire lawyers even if we wanted to, are getting screwed by these restrictions. We're the ones these rules are limiting, not the sue-happy guys.
 
How many lawsuits do you handle? Do you read the papers? listen to the radio? watch T.V? The lawyers run ads that ask people to contact them and they ONLY GET PAID IF THEY WIN...so there is no out of pocket costs to the 3000 client...then they want punitive. I can tell you in all honesty it's the guy who lost 5k trading i fear the most...They always claim they have a sick uncle, no job and are in total despair....and most of the time they will get their Money back because the judge/arbitrator feels sorry for them...the rich guy? F* em, he knew what he was getting into plus he can always make more...remember this: The SEC would not have gotten involved if they didn't receive so many complaints. Same thing with the NASD....so all these poor little free will people lost money utilizing their free will and then sued because they should have been stopped!!! Now everyone is paying the price....It's a nasty cycle ...just like the other walks of life..why do you think hospitals and doctors cost so much? every body sues them so they get malpractice insurance and pass the charge onto us..and now we are pissed about the high cost of insurance..
 
Quote from TM_Direct:

How many lawsuits do you handle?
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I am no surprised someone is really annoyed by lawsuits.

Increase commissions and suicide if you want.

:p
 
Quote from hii a_ooiioo_a:

Who hired lawyers to file lawsuits against brokers? The little guys with $2,000 who are trying to trade a few options contracts in the hope of reaching $3,000? No.

The ones who go out and hire lawyers are the ones who are playing with more than $25,000.

And what kind of lawsuits do you think are going to start popping up from these $25,000 litigation guys when they get wiped out twice (or is it four times) as fast with 4:1 margin?

You definitely got screwed when people lost their money and blamed you for their own actions.
But those of us who do not blame others for our own actions, and don't have the resources to hire lawyers even if we wanted to, are getting screwed by these restrictions. We're the ones these rules are limiting, not the sue-happy guys.
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I wonder when you finally have $25,000 to daytrade will you still have this crusade to have the PDT rule eliminated?
Quit whinning, save up $25,000, then you're on your way

HAHAHA
 
When I have $25,000 I will not suddenly think that this rule is sensible and fair. And I will continue to state that any time I am asked for my opinion on this issue.
 
increase commissions and suicide?

Ok I give up? What does that mean? BTW, Im not saying you and Hio don't have valid arguments, im just pointing out that it's becuase of the so called little guy that we have this new rule
 
Would either of you be willing to sign a risk letter and acknowledgement in which you hereby and forever waive your right to sue in any capacity as a result of your trading losses?......now before you answer, call up any attorney you know and ask him if you should sign it.
 
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