(This is a reply to a message on IB forum, as their forum has ridiculous restriction that you cannot post 1.2K messages. I do not want to split my message. I also feel people here may be willing to listen to my story.
http://www.interactivebrokers.com/discus/messages/4/4793.html?1037115567
Thank you.)
Re: Mission Impossible,
You are so arbitrary. You just want to apply what you think to others. First of all, you and I have different standard for a living. Do not give me you assumption as it does not suitable for me. What kind of living I want to make is my choice. Whether I can make MY living by trading less than 25K is my challenge.
As for my account, let me give you my story on what had happened. Since I joined IB, I traded profitably for about 5% and 10% per month. And then this PDT rules on stock options suddenly came in in the option expiration week of October. My day trade counter was zero and I had positions with only time value. I SHOULD close them as I already feel what the change meant to me. However, I was not able to buy it back even on the next day. Because IB not only started to apply the rules but also started it at a point with old counter before any notification (even now) and to forbid opening positions on that week. Of course, ultimately it was my fault to take chance by not closing the positions. But that is because I was taken advantage by non-market factors. To make the story short, I lost all of my positions in less than a week. In court of morality, IB should take the full responsibility.
When my day trade counter resumes, I thought I could get round. Again in a short story, I almost destroy the account because I had so many pin-and-kill cases. When I buy, it goes with me but I cannot sell. The next day, it drops either because of underlying movement, time decay, or volatility drop. When I cut loss, it goes with me but I cannot buy it back. The next day, it rocks. You see, how the rules affect the trading of options. I did not even use any margin. Of course I made mistakes of taking profit in winning trades too soon.
You see, I am honest with you and give you a lot of hints (probably advice). And I do think your understanding and support for getting rid of this PDT rules (on stock options) is appreciated.
Thank you.
http://www.interactivebrokers.com/discus/messages/4/4793.html?1037115567
Thank you.)
Re: Mission Impossible,
You are so arbitrary. You just want to apply what you think to others. First of all, you and I have different standard for a living. Do not give me you assumption as it does not suitable for me. What kind of living I want to make is my choice. Whether I can make MY living by trading less than 25K is my challenge.
As for my account, let me give you my story on what had happened. Since I joined IB, I traded profitably for about 5% and 10% per month. And then this PDT rules on stock options suddenly came in in the option expiration week of October. My day trade counter was zero and I had positions with only time value. I SHOULD close them as I already feel what the change meant to me. However, I was not able to buy it back even on the next day. Because IB not only started to apply the rules but also started it at a point with old counter before any notification (even now) and to forbid opening positions on that week. Of course, ultimately it was my fault to take chance by not closing the positions. But that is because I was taken advantage by non-market factors. To make the story short, I lost all of my positions in less than a week. In court of morality, IB should take the full responsibility.
When my day trade counter resumes, I thought I could get round. Again in a short story, I almost destroy the account because I had so many pin-and-kill cases. When I buy, it goes with me but I cannot sell. The next day, it drops either because of underlying movement, time decay, or volatility drop. When I cut loss, it goes with me but I cannot buy it back. The next day, it rocks. You see, how the rules affect the trading of options. I did not even use any margin. Of course I made mistakes of taking profit in winning trades too soon.
You see, I am honest with you and give you a lot of hints (probably advice). And I do think your understanding and support for getting rid of this PDT rules (on stock options) is appreciated.
Thank you.
At least with options you can limit risk;glad I paid all home loans off.
