I'd like to get a discussion here about the recently passed (2001) legislation restricting those with less than $25,000 from pattern daytrading. It's in my opinion that an adjustment at the least should be made where a waiver or maybe even a test of sorts could be administered in place of this *all-inclusive* rule. My argument is based on the fact that these markets can have alot of chop to them which is induced by several reasons including high FT for which the majority comes from prop and other institutional firms. If you ask me, it's almost a perfect circle for proprietary businesses in that I believe it has a great affect on their churn and burn business models. My focus here, however, isn't on hft as there are many reasons for choppy markets, but they do have an influence. If I place a trade with an intention of holding for a longer period than a day, and the market turns against me, naturally I'm going to want to minimize a loss so I will close out to avoid. This doesn't mean that I wouldn't want to get in again that same day which I will do once it appears settled, but now, I have a *daytrade* racked up on the 5 day period. With the ultra-low commissions nowadays and the changed landscape from the late 90s, this regulation doesn't protect me as it originally was intended and makes it difficult to trade responsibly. Does anyone else feel this way, and is there a possibility that this could get amended?