the PDT rule needs to go

[qdz]

This must be on top priority.

I cannot live one more day with the idea that I am trading in an environment where I am a lamb to be slaughtered because of stupid rules.

 

[Katrina Johns]

i can tell you were born a lamb and you deserved to get the shear...bend over here it comes heh heh (oh shut up you're used to it)

 

[stockerup]

Quote from hii a_ooiioo_a:


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.

I think this is about all we can do now. I e-mailed them yesterday, and as before, when I complained, I have not got a response back. When this PDT rule first came into place, I called them and talked to a represenative on the phone, who told me that we had our chance to speak out against the rule before it went into force, the only thing , which I told him was that I had never heard of it and I had been trading for quite a while. Needless to say, I was hung up on.

It appears that it is a done deal, however, I think more people should e-mail them with complaints. Just think about Jack in "One flew Over The Coo Coo Nest", the impossible never becomes possible until somebody starts trying.

 

[qdz]

How come there is no one bringing this up today? Shall we have a poll to decide if we need to get rid of this topic?

Never.

 

[stockerup]

I can hardly believe it. I got a call back from one of the NASD representatives today. He told me that the PDT rule was not being changed, however, they would post it on their web site when ever it is changed. Now isn't that profound.

 

[Mister X]

Quote from qdz:

Go to the hell whoever supports PDT margin rules. Look at this market. How can we play better than they do?

I don't know dude, I read your stuff, and it seems to me that you are...

 

[xpstrader]

Could someone put together a list of all ET members that are opposed to the PDT rule.

 

[qdz]

Yawn....

Right on, let's have an opinion poll!



weekend is golden time for elite nonprofessionals in this forum.

 

[Fohat]

Quote from taodr:

LOIS

Just out of interest Ameritrade is opening for business in Toronto on Monday. With them and IB bringing rates down, I wonder how long they will last before the banks squash them ...

Their new website is http://www.ameritradecanada.com , but there's not much details, except contact information. I suppose they'll keep the same rates as IB Canada did.

 

[qdz]

The PDT rules need to go away. They are illogical (especially their application on stock options). They represent special interests. They are not fair.