I am a semi-retired litigation and trial attorney in Chicago; and have also been involved at various times with the financial markets, since the very early 1980s. Also passed series 7 a few years ago. The PDT rule (promulgated in 2001) is unconscionable, unconstitutional, capricious, harmful and unfair in multiple ways. Moreover, it is the poster-child for the pervasive disparity and inequality in our society between the moneyed-gluttons who have more money than they should ever have or will ever need -and- all other world citizens who want to participate in the financial markets with a level playing field and less unconscionable and capricious regulation. Further there is no way this rule should ever have included options! The gluttons don't want Dodd-Frank or much of any regulation. However they stand by and allow this obscene regulatory rule with little to no purpose to persist and affect those who are not rich and/or who don't always have access to the arbitrary threshold required to be allowed to do more than a few "day" trades. Yet high frequency trading is AOK! Meaning it is allowed by FINRA and SEC and Congress. I have asked many over at TD Ameritrade to forward my objections to their decision-makers who might actually show integrity in asking the brain-dead at FINRA to lose this Rule once and for all. To no avail. Above $25,001 and you can trade unlimited. Devil may care. At $24,999 you can only make 3 weekly round trips before placing your account in jeopardy of being locked. Further if you carry a position overnight and then open the same underlying ETF or equity and/or option series/strike the next day and then close (what you think was the position held overnight) this absurd and intellectually weak PDT rule will designate that as a "day trade" which might result in your account being locked for an EM restriction. Then, IF your account is locked via EM it is not locked for 5 or ten days BUT FOR NINETY DAYS. Yep the corrupt member clown firms at NASD (now FINRA ) back in 2001 passed regulation whereby the less well-off have their accounts locked 90 days for making 4 days trades in a week; while Bear Sterns and Lehmann Bros. were allowed by NASD and SEC, during the same time period and decade, to have unlimited exposure to risk with little to no meaningful regulation. We all know how that ended. It is hard to write this without taking Dramamine since I find this and all similar regulation to be unconscionable in its unjust and unequal treatment of those without large financial reserves. Just like the rich gluttons don't like regulation for, inter alia, its chilling effect on job growth etc. Now, once again the bank and wall street firms are seeking less and less regulation. But do you see FINRA doing anything about an antiquated PDT rule? No of course not. What special interest is going to lobby or petition FINRA and the SEC to repeal. It takes guys like me who will devote significant time and resources for the public good. While wall street pays millions to high-priced lobbyists and contributes to Congress to water down Dodd-Frank and similar regulation! **I am looking for individuals to serve as plaintiffs in a lawsuit and other proceedings before FINRA, the SEC and in state or Federal court**. IF interested in standing up and being counted; in doing something meaningful to oppose this Rule, for yourself and all others who could or might (and have already) been impacted by same, please email me at MSP@mpschicagolaw.com and or text me me at 312.622.7733 with full name and all other pertinent contact information including brief history of if, how and when this PDT rule impacted you or someone you know. Think you can't make a difference? I know people can. This is your chance! It's about principle and keeping the playing field level for all.