Last year, right after the PDT change, I had opened an account (<25k). I had no idea about this rule (I work in the industry also, but not on compliance side) until after my $$ was in. Needless to say, my account did not last 1 week, due to the intraday violation.
Put it to you like this - I was in a position, did not like the way its going, so I trade out. That trade exceeded the "Limit". Yes, i created a violation. But heck, I have to protect my capital.
I am mad (Still!) that I need the SEC to tell me when I should buy and sell in a week? What F is that? It is my money, and this rule insures I cannot profit based on my stradegy, or, worse yet, creates a conflict when its time for me to buy /sell because I have to make sure I don't violate a rule that has no basis.
Really - explain to me a reasonable cause for this rule? There is none. To protect me from me? Then they should ban alcohol again and gambling in certain states!
Oh, and to all the "Hey, stop crying, live with it" hawks on this site, I have a right to voice my frustrations and share my experience. Find something better to do rather then trying to convince me that my frustrations are unjustified. To all of you, please understand that some peoples goals were affected, and when left in a position of outside control dominating, a forum to express yourself on is theraputic.
Finally, of course, I need to take action, and work this out (The hawks are right in that area - "do something about it"). I am going to open a futures account. There are many good vehicles out there, and my year has been spent devising a Futures strategy. Even if my account ever exceeds 25k, I will NEVER open a stock account or anything that will benifit the SEC(every trade, the SEC sees something off it too). This is my goal for life. Sure, i'm a small guy, but that little decision, for the rest of my life, will affect them small, but it makes me feel better. They lost me as a customer. Like I said, its not a big loss for them, but it comes down to principal.
