PDT (pattern day trading) rule is UNAMERICAN

FasterPussycat · Aug 19, 2003

Quote from AbbyNormal:

quit crying ....bitches

yeah what she said!

Rod Shaft · Aug 19, 2003

Quote from sixthbeast:

STRONGLY DISAGREE

MORE COMPETITION = LESS EDGE.

LESS COMPETITION = MORE EDGE.

Think about it.

Whether or not there's more of an edge for you or me or whoever as a result of the PDT rule is irrelevant. The SEC should create rules that are fair to everyone, without influence from special interest groups or large corporations.

P.S. The uptick rule and reserve size suck too!

Maureen Dowd · Aug 20, 2003

Quote from Rod Shaft:

Whether or not there's more of an edge for you or me or whoever as a result of the PDT rule is irrelevant. The SEC should create rules that are fair to everyone, without influence from special interest groups or large corporations.

P.S. The uptick rule and reserve size suck too!

What is "reverse size?"

nyc-hotshot · Aug 21, 2003

You can write as many petitions as you want, but you're being delusional if you think that will make them change or repeal this rule. Seriously, the SEC/NASD couldnât care less about some online petition.

I agree that this rule is total BS, but the best you can do is try to work within the rule as best you can. For example some firms allow you to trade the same stock multiple times in one day (on the same side of the market) and it only counts as 1 trade against you on the PDT rule. They cost average the buys and sells at the end of the day and load them as 1 buy and 1 sell. This way you can really day trade 3 out of 5 business days.

PM me if you want to know more about this "loophole" to the crappy PDT rule.

TM_Direct · Aug 21, 2003

Quote from nyc-hotshot:

You can write as many petitions as you want, but you're being delusional if you think that will make them change or repeal this rule. Seriously, the SEC/NASD couldn'tât care less about some online petition.

I agree that this rule is total BS, but the best you can do is try to work within the rule as best you can. For example some firms allow you to trade the same stock multiple times in one day (on the same side of the market) and it only counts as 1 trade against you on the PDT rule. They cost average the buys and sells at the end of the day and load them as 1 buy and 1 sell. This way you can really day trade 3 out of 5 business days.

PM me if you want to know more about this "loophole" to the crappy PDT rule.

Yeah.....it's called SWIFT TRADE....but all you are doing is replacing one set of obstacles with another.....and ANY firm that will let you do this on a non-prop basis with less then 25k is going to go Down

mdl060374 · Aug 21, 2003

Quote from sixthbeast:

STRONGLY DISAGREE

MORE COMPETITION = LESS EDGE.

LESS COMPETITION = MORE EDGE.

Think about it.

not quite. It all depends on how smart your competition is!!!!! Less competition more edge, more DUMB competition evern MORE edge!!!

nyc-hotshot · Aug 21, 2003

Quote from TM_Direct:

Yeah.....it's called SWIFT TRADE....but all you are doing is replacing one set of obstacles with another.....and ANY firm that will let you do this on a non-prop basis with less then 25k is going to go Down

Actually I know a firm that has done it that way since the rule came out and it is not who you mentioned. Maybe you should rethink your position, because it's a fact.

I really don't care to argue about it. I have far more than $25k so it doesn't really matter to me anyway. I just thought some people below $25k may want to know about it.

mdl060374 · Aug 21, 2003

the whole point of the rule Itihnk was to reduce the number of people who blow themselves up. With the E-mini leverage, this instument allows them to trade anyway, a much more volatile instrument and blow themselves up quicker....

it makes no sense...

Besides, things are only "American" if the fit into the SEC and the NYSE's plans....

ChrisM · Aug 21, 2003

Quote from nyc-hotshot:

You can write as many petitions as you want, but you're being delusional if you think that will make them change or repeal this rule. Seriously, the SEC/NASD couldnât care less about some online petition.

I agree that this rule is total BS, but the best you can do is try to work within the rule as best you can. For example some firms allow you to trade the same stock multiple times in one day (on the same side of the market) and it only counts as 1 trade against you on the PDT rule. They cost average the buys and sells at the end of the day and load them as 1 buy and 1 sell. This way you can really day trade 3 out of 5 business days.

PM me if you want to know more about this "loophole" to the crappy PDT rule.

Agree,

looking for perfect democracy here is a time waste, so it is better to learn how to deal with non-perfect world.
BTW I don`t think day trading is the only way to make money in this biz.