I didn't see a PDT petition on that site, but while I was there I signed the "Put The Star Wars Kid in Episode III" petition. If there ever was a deserving petition, its that one...
PDT (pattern day trading) rule is UNAMERICAN
- Thread starter Koros
- Start date
IMO it's like a lot of liberal "feel good" regulations. The SEC was concerned about the number of "common folk" who blew out day trading in 2000 and thought a demarcation point between taxi driving day trader and professional market wizard was 25k. They didn't think this out any better than a lot of other crap laws though. Now you have under capitalized day traders in futures- a far more leveraged instrument than stocks, you have guys who have bumped from 10k up to 25k trading at the new 4x and now really can't afford to lose, and you have prop shops.
Kind of reminds me of the duplicity of seat belt laws. Some guy in a Volvo surrounded by 6 airbags can get ticketed for being unstrapped, but a school bus full of kids can ride around without belts. Gee, glad big brother's looking out for me!
Good point. So who is going to take the responsibility to create a petition at www.petitiononline.com ? I wouldn't even know how to go about starting the petition. Someone step up to the plate.
changed the rules on PDT ?
it used to be one would wait 5 days until being allowed to trade stocks again if the account size fell below $25 K
I am starting to believe that one must wait a longer time
or even cannot trade stocks at all if classifed as a PDT
until one's account is back above the 25 K level
it used to be one would wait 5 days until being allowed to trade stocks again if the account size fell below $25 K
I am starting to believe that one must wait a longer time
or even cannot trade stocks at all if classifed as a PDT
until one's account is back above the 25 K level
STRONGLY DISAGREE
MORE COMPETITION = LESS EDGE.
LESS COMPETITION = MORE EDGE.
Think about it.
MORE COMPETITION = LESS EDGE.
LESS COMPETITION = MORE EDGE.
Think about it.
Let this be about daytrading and PDT rules.
Go to the website (Petitiononline) given at the first post, and select "Start your own free petition today". Do the petition and get it off to the U.S. Congress. Include the SEC rule # and title for PDT in your petition. Place the PDT rule # and title on ET if you know what it is. Keep the thread going. Restate the subject (see my earlier post) and restate the SEC's PDT rule # and title.
Go to the website (Petitiononline) given at the first post, and select "Start your own free petition today". Do the petition and get it off to the U.S. Congress. Include the SEC rule # and title for PDT in your petition. Place the PDT rule # and title on ET if you know what it is. Keep the thread going. Restate the subject (see my earlier post) and restate the SEC's PDT rule # and title.
Quote from SethArb:
changed the rules on PDT ?
it used to be one would wait 5 days until being allowed to trade stocks again if the account size fell below $25 K
I am starting to believe that one must wait a longer time
or even cannot trade stocks at all if classifed as a PDT
until one's account is back above the 25 K level
Yes, they have. It happened to me. Now you must wait for 90 days before you can open new positions.
agree ... good points ...
Also I'm seeing a lot of my traders wanting to trade e-minis and cheap stocks, eg $10-$20 stocks (poorer-odds) -- instead of the better volatility/trading stocks in the $30-$60 range which is optimum.
I still think the best plays are in stocks priced $30-$60 with avg intraday ranges of 2-3 pts on volume of 2M+ shares/day .. not in eminis, not in cheap stocks..
I hope we can get the pdt to a more reasonable 10k or whatever.. 25k is too high for many, and like the point was made, artificially 'moves' undercapitalized traders into what are lower-probability trading instruments.
quit crying ....bitches