the PDT rule needs to go

G

Gordon Gekko

well, i just read this thread:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=10618&perpage=6&pagenumber=1

it's really just sad. the PDT rule has got to be one of the most annoying things i know of..except for maybe the united states tax code.

the PDT rule is fucking everything up for the little guy. it's no secret a lot of the little guys are trading the e-minis to get around the PDT rule. now ib is changing their margin requirements. i really can't blame ib...they have a business to run. however, i can blame the fucking SEC and whoever let the PDT rules come into play.

something like QQQ would be perfect for little guys to learn how to trade, not a leveraged instrument like ES or NQ, which is what a lot of little guys are trading now. when you don't know what you're doing, you don't play with leveraged money. it's a joke...

i know there is an army of followers who agree with me on this. what can we do? i put something in my signature, but really, what are a bunch of emails going to do? what can us little guys do that might actually help to get rid of these ridiculous PDT rules?

trading is hard enough as it is. little guys like me don't need additional rules to tie a hand behind our backs. the same rules should apply to all; it shouldn't matter if you have $25k or not. "...with liberty and justice for all." bullfuckingshit.
 
Maybe...u should consider going prop.....That rule will be in place for quite some time ( just an opinion ).....good luck
 
Originally posted by Gordon Gekko
what can we do? i put something in my signature, but really, what are a bunch of emails going to do? what can us little guys do that might actually help to get rid of these ridiculous PDT rules?
More...

Contact the SEC (and they will ignore you). Contact your representative and your senators - they will forward your concerns to the SEC (and they will again ignore you). So nothing will come of this but you will have done all you can do (short of rioting).

Carl
 
Originally posted by CarlErikson


Contact the SEC (and they will ignore you). Contact your representative and your senators - they will forward your concerns to the SEC (and they will again ignore you). So nothing will come of this but you will have done all you can do (short of rioting).

Carl
More...
i feel like rioting..but i'd just get arrested.
 
I agree it is a stupid rule. I wonder who started it? Give that guy a thump on the head!
There is no way to get around it. Tradestation makes me have a minumum of 25k in the futures account too because I daytrade. I think that Emini loophole has closed already. Drat!!!!:mad:
 
Originally posted by CarlErikson


Contact the SEC (and they will ignore you). Contact your representative and your senators - they will forward your concerns to the SEC (and they will again ignore you). So nothing will come of this but you will have done all you can do (short of rioting).

Carl
More...

This is what makes me say that...GG...like I said its just my opinion....Good Luck though...
 
The SEC is not going to change that rule. They may modify though and that would be better solution...Instead of requiring the 25k equity in the account, you could require the trader/investor to sign an affidavit affirming his net worth, experience and liquidity.....
 
Originally posted by bobcathy1
I agree it is a stupid rule. I wonder who started it? Give that guy a thump on the head!
More...

Maybe Harvey Pitt started it? He's gotten his thump on the head.

Anyhow, with Pitt leaving this may be the time to act on this
 
Originally posted by Gordon Gekko
i know there is an army of followers who agree with me on this. what can we do? i put something in my signature, but really, what are a bunch of emails going to do? what can us little guys do that might actually help to get rid of these ridiculous PDT rules?
More...
Join us! www.groups.yahoo.com/group/DaytradersUnite/
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We should send a petition to the SEC to repeal or amend daytrading regulations

http://www.sec.gov/rules/petitions.shtml

For now, send e-mails to marketreg@sec.com I sent them one on sunday, and got this reply from them on monday:

The Division of Market Regulation, U.S. Securities and Exchange Commission, has received your Internet e-mail message. We would be pleased to speak with you. We ask that you provide us with your telephone number and approximate hours of availability so that we may better serve you. You may also reach us at 202/942-0069.
Sincerely,
Office of Interpretation and Guidance
Division of Market Regulation

Also write to pubcom@nasd.com and ombuds@nasd.com to object to NASD's recent application of daytrading restrictions to stock options, which did not go through the SEC's regulatory process.
 
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