PDT Rule & Prop Firms

[nyxtrader]

Quote from TradEStar:

So what is your plan NY, time to start a fund!

How was the vacation? Hope you had a BLAST!!!

I closed my account with Assent. Have been trading futures mostly. The vacation was a blast. The wedding is right around the corner, getting nervous.

What about yourself? How is everything on your end?

 

[Maverick74]

Quote from Agassi:



Also, if the PDT rules apply to both licensed and non-licensed day traders then whats the benefit of getting these 7, 55, 63 etc? can some one enlighten me?

I used to have all these back in 2003 and later decided not to renew my licenses. Now it seems that the SEC doesn't want any one getting more than 4 to 1 leverage period. This really doesn't make any sense.

I'll try to say this one more time. The SEC doesn't care if you have a series 7. The series 7 has nothing to do with anything.

The SEC cares that you are registered and a member of an exchange. That's it!!!!!!!

Please, stop confusing having a series 7 with being a member of an exchange. All it does is confuse more people.

 

[ratboy88]

Quote from Maverick74:

I'll try to say this one more time. The SEC doesn't care if you have a series 7. The series 7 has nothing to do with anything.

The SEC cares that you are registered and a member of an exchange. That's it!!!!!!!

Please, stop confusing having a series 7 with being a member of an exchange. All it does is confuse more people.

the SEC does what the banks tell them to do.. it's not really important what they care about. lets care about the law.

where is the law that allows them to ruin the industry? 1934? has nothing to do with trading. sect 15?

this has to do with sales brokers calling on clients interstate with devices and mail and "inducing" them and lying to profit.

SEC does not make law.

they are using sect 15 and it doesn't apply.


go thru the complaint and cite the law and apply it to tuco... IT DOESN'T FIT!!!!!!!!!

PEOPLE WAKE UP!!!!!

DO YOU EVEN UNDERSTAND WHAT EXCESSIVE COMMISSION MEANS?

 

[TradEStar]

Quote from nyxtrader:

I closed my account with Assent. Have been trading futures mostly. The vacation was a blast. The wedding is right around the corner, getting nervous.

What about yourself? How is everything on your end?

Just got back from a vacation/opportunity exploration trip myself..had a great time and ready to hit it hard this week. Tonight has started off with a bang..these are wild times before us. :eek:

Glad to see all is well and that you had a great time..too bad you had to come back to the prop life thrown for a loop.

 

[nyxtrader]

Quote from TradEStar:

Just got back from a vacation/opportunity exploration trip myself..had a great time and ready to hit it hard this week. Tonight has started off with a bang..these are wild times before us. :eek:

Glad to see all is well and that you had a great time..too bad you had to come back to the prop life thrown for a loop.

Thanks man. Haven't seen you online much. Hit me up. Always looking to trade with quality peeps.

 

[Joab]

Quote from Maverick74:

I'll try to say this one more time. The SEC doesn't care if you have a series 7. The series 7 has nothing to do with anything.

The SEC cares that you are registered and a member of an exchange. That's it!!!!!!!

Please, stop confusing having a series 7 with being a member of an exchange. All it does is confuse more people.

Mav,

I completely agree but I'm a little confused when you say they want "me" to be a member of an exchange ???

or do you mean the firm I trade through ?

and how exactly does that work ?

 

[trump-baja]

Joab,


I know a guy at Bright.

Bright is a member of the Chicago Stock Exchange, if I remember our conversation correctly.

My friend has to pay $500 or $600 a year to the exchange (not to Bright) to be included under Bright's membership "umbrella."

Obviously this $500 or $600 a year does not allow anyone to go on to the Chicago Stock Exchange floor to buy and sell IBM or whatever. But it apparently gives Bright the right to freely allocate the buying power granted to Bright by the exchange amongst its members as it sees fit.

On certain exchange floors, you can buy "full memberships" which allow you to trade any pit - or "partial memberships" which allow you to only trade in a few of the pits that the exchange has.

I guess the yearly fee to the exchange is sort of a "partial membership" which shields you from getting hassled regarding your leverage vs. a true retail customer. Hopefully it shall remain this way.


If any of this is not correct, I would expect Mr. Don Bright to appear with a correction - and I would defer to whatever he says since this is his business and this is just my 2 cents.

 

[Joab]

Quote from trump-baja:

Joab,


I know a guy at Bright.

Bright is a member of the Chicago Stock Exchange, if I remember our conversation correctly.

My friend has to pay $500 or $600 a year to the exchange (not to Bright) to be included under Bright's membership "umbrella."

Obviously this $500 or $600 a year does not allow anyone to go on to the Chicago Stock Exchange floor to buy and sell IBM or whatever. But it apparently gives Bright the right to freely allocate the buying power granted to Bright by the exchange amongst its members as it sees fit.

On certain exchange floors, you can buy "full memberships" which allow you to trade any pit - or "partial memberships" which allow you to only trade in a few of the pits that the exchange has.

I guess the yearly fee to the exchange is sort of a "partial membership" which shields you from getting hassled regarding your leverage vs. a true retail customer. Hopefully it shall remain this way.


If any of this is not correct, I would expect Mr. Don Bright to appear with a correction - and I would defer to whatever he says since this is his business and this is just my 2 cents.

Trump

Thanks very interesting so perhaps the answer will be something as simple as paying a sub membership fee.

I would have no problem with that assuming that they didn't want too much personal information.

 

[Don Bright]

(I can't believe I just read 20 pages in a row, has to be a record, eyes are sore, LOL).

Our traders pay $500 annual fee to the Exchange. License is required by Exchange. That's it. No sub-llic's.

Don

 

[ratboy88]

Quote from Don Bright:

(I can't believe I just read 20 pages in a row, has to be a record, eyes are sore, LOL).

Our traders pay $500 annual fee to the Exchange. License is required by Exchange. That's it. No sub-llic's.

Don

we call this extortion. no wonder the SEC is trying to force reg joe's to pay this crap.


people go read the complaint... its one big rico festival.