what I meant is -- when will the Vegas Gaming Board do this and/or the Illinois General Assembly in the case of the Illinois Lottery? etc. etc.
I just looked at the rule. I do not daytrade stocks so I have never paid attn to this. I assumed that you cannot daytrade at all with 10k. You can ---just not more than a few times in a period. That is dumb! What happens if someone does 5 daytrades in 5 days? Do they actually put you in a penalty box? What happens if on the 5th trade your accoun goes over the 25k? Do you get a cookie? This is idiotic and protects NO ONE.
Some brokers have built-in rules that will just reject your trade if you try to open a trade and it could be your 4th round trip. So even if you try, you can't. That's a good thing, because if you do open that 4th trade in 5 days, you can't trade for 90 days. Brokers know this and not coding in built-in mechanisms to limit you would limit their commissions for 90 days. My mentor says that this rule was established because new traders were losing all their money and putting firms at risk because they were heavily margined, would then owe this massive debt and then couldn't pay it back... He agrees -- it's a very bad rule, because what about guys like myself who don't trade recklessly, actually have a plan, and are very very limited by this rule?
Uh-- ask your "mentor" why then did the same enactment allow a day trader with 25001 to trade 4/1 leverage in a retail account regardless of whether he was new or less experienced or skillful!? At least if he puts in 5000 and day trades more than 3 in a week - and loses - it's only 5000. But these guys who passed this rule allow this same guy who scrounges up 25001 from his piggy-bank to now lose it FOUR times faster. Further they require no training, proof of experience or track record etc. to open a 25001 account and "day" trade more than THREE trades in 5 days. Nope --- all the naive idealists who think agencies like NYSE- NASD - SEC are on their side- have a lot to still learn about how the greed-infested USA really works for the decent honorable USA citizen/human who actually plays by the Rules. These guys don't play by the Rules- they think they have special entitlements due solely to having more dough in the bank. It was the same way when I was in Law practice. All these borderline ethical lawyers thinking they were "entitled" and could rip people off simply by virtue of a degree and license whether they had competence or not. p.s. but thanks for your reply and input - just read your post over -- and I see your "mentor" is on the same page --- so bravo to him/her !
newestmember if you haven't already- please PM me with contact info and an email - IF you want to make a difference! thank you
Neo did you PM or email me your name and contact/email info? I will keep you advised on status thereafter. thank you
I have a dream that there will be fewer low intellect bureaucrats in US government agencies equipped with questionable competence, little demonstrable empathy for the honorable everyday citizen and limited skills of how to govern the populace yet retain an even playing field. I have a dream they will soon STOP enacting countless unnecesary rules regulations amendments enactments promulgations all the while wasting huge tax dollars to do so and enforce! I have a dream they will keep their hands out of our pockets once and for all unless and until THEY rid the USA of waste, corruption and pilferage we too often find in our bloated out-of-control government bureaucracy and war machine! I have a dream that ARBITRARY rules like PDT will be wiped from our midst, and once again persons -- privliedged to live in the best democracy on this planet -- will regain the RIGHT to make their own individual decisions about how to invest THEIR capital in the US markets, how often to do so and by what means or style they will participate without mindless bureacrats passing rules interfering with such inherent democratic freedoms. FREE at Last! Power to the PEOPLE! icE "I have a dream that one day this nation will rise up and live out the true meaning of its creed: "We hold these truths to be self-evident: that all men are created equal." I have a dream that one day on the red hills of Georgia the sons of former slaves and the sons of former slaveowners will be able to sit down together at a table of brotherhood. I have a dream that one day even the state of Mississippi, a desert state, sweltering with the heat of injustice and oppression, will be transformed into an oasis of freedom and justice. I have a dream that my four children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. I have a dream today. I have a dream that one day the state of Alabama, whose governor's lips are presently dripping with the words of interposition and nullification, will be transformed into a situation where little black boys and black girls will be able to join hands with little white boys and white girls and walk together as sisters and brothers. I have a dream today. I have a dream that one day every valley shall be exalted, every hill and mountain shall be made low, the rough places will be made plain, and the crooked places will be made straight, and the glory of the Lord shall be revealed, and all flesh shall see it together. This is our hope. This is the faith with which I return to the South. With this faith we will be able to hew out of the mountain of despair a stone of hope. With this faith we will be able to transform the jangling discords of our nation into a beautiful symphony of brotherhood. With this faith we will be able to work together, to pray together, to struggle together, to go to jail together, to stand up for freedom together, knowing that we will be free one day. This will be the day when all of God's children will be able to sing with a new meaning: "My country, 'tis of thee, sweet land of liberty, of thee I sing. Land where my fathers died, land of the pilgrim's pride, from every mountainside, let freedom ring." And if America is to be a great nation, this must become true. So let freedom ring from the prodigious hilltops of New Hampshire. Let freedom ring from the mighty mountains of New York. Let freedom ring from the heightening Alleghenies of Pennsylvania! Let freedom ring from the snowcapped Rockies of Colorado! Let freedom ring from the curvaceous peaks of California! But not only that; let freedom ring from Stone Mountain of Georgia! Let freedom ring from Lookout Mountain of Tennessee! Let freedom ring from every hill and every molehill of Mississippi. From every mountainside, let freedom ring. When we let freedom ring, when we let it ring from every village and every hamlet, from every state and every city, we will be able to speed up that day when all of God's children, black men and white men, Jews and Gentiles, Protestants and Catholics, will be able to join hands and sing in the words of the old Negro spiritual "Free at last! free at last! thank God Almighty, we are free at last!"
........... but, to speak practically and as a citizen, unlike those who call themselves no-government men, I ask for, not at once no government, but at once a better government. Let every man make known what kind of government would command his respect, and that will be one step toward obtaining it. After all, the practical reason why, when the power is once in the hands of the people, a majority are permitted, and for a long period continue, to rule is not because they are most likely to be in the right, nor because this seems fairest to the minority, but because they are physically the strongest. But a government in which the majority rule in all cases can not be based on justice, even as far as men understand it. Can there not be a government in which the majorities do not virtually decide right and wrong, but conscience?--in which majorities decide only those questions to which the rule of expediency is applicable? Must the citizen ever for a moment, or in the least degree, resign his conscience to the legislator? Why has every man a conscience then? I think that we should be men first, and subjects afterward. It is not desirable to cultivate a respect for the law, so much as for the right. The only obligation which I have a right to assume is to do at any time what I think right. It is truly enough said that a corporation has no conscience; but a corporation of conscientious men is a corporation with a conscience....... Unjust laws exist: shall we be content to obey them, or shall we endeavor to amend them, and obey them until we have succeeded, or shall we transgress them at once? Men, generally, under such a government as this think that they ought to wait until they have persuaded the majority to alter them. They think that, if they should resist, the remedy would be worse than the evil. But it is the fault of the government itself that the remedy is worse than the evil. It makes it worse. Why is it not more apt to anticipate and provide for reform? Why does it not cherish its wise minority? Why does it cry and resist before it is hurt? Why does it not encourage its citizens to put out its faults, and do better than it would have them? Henry David Thoereau On the Duty of Civil Disobedience