I agree. But, individual brokerages can just have an in house rule; no daytrading below ****. Let some Silicon Valley start-up market to the sub-25K crowd. Robinhood or whoever that free broker is.
How do hedge funds get into a conversation about the PDT Rule. Thanks for the reply. You may be correct. Damages, we are still loking into that. The complaint I have started drafting will have multiple counts and alternative prayers for relief. However there is no doubt that the PDT rule costs investors and traders. Will the law support damages. That remains to be seen. Administrative remedies versus a lawsuit. We will connect those dots, soon. Just need plaintiff's/petitioners right now. You know of any you can forward this post/thread to at your firm? lol Also thinking of communicating with /Kudlow/Kushner/Trump about an executive order on PDT. He might just listen. [/QUOTE]
We require $25K to start for all DMA software but you can open a smaller account with $10K with Web Trader, IMO, and just IMO, if I were to write a rule that protects the clients, I would allow margin accounts with DT at all levels of equity but allow no leverage below $25,000 and to get 4X I would require more than $25K. The recycling of BP should not be an equity issues. If iceman1 believes an account with $5000 should get to get 2X or 4X, I would not agree. I do not get a vote at FINRA or LS.
Listen, as @maverick told you there's no restriction on day-trading at any account level, just not in a margin account. If you can't put together a cohesive explanation as to why anyone is entitled to margin day-trading, then you've got no case. It's clear from your rant that you are doing just that, ranting. There are plenty of folks here who have far far more experience in financial markets than you ever will. It says a-lot about you and your chance of success that you'd willfully ignore that because you with your series 7 and law degree know everything there is to know. I wouldn't go to court without a lawyer, why do you think you can go up against the financial industry without the advice of someone who is a financial professional?
ANYONE? Why was the PDT Rule enacted in 2001. Just for the record, I was trading two accounts with total of approx 846,000 dollars in 1996-2001. I'm serious. Lived in Lincolnwood Towers. Remember the SOES bandits? So, anyone? WHY was it promulgated?
So sorry, I just can't help myself being an iconoclast - SIG. You just do not sound very smart. Sorry but true. At least when it comes to logic. But that's OK; my astrologer tells me some people can't use that part of their brain. You know Sig, the one that deals with reason and rational thought and understanding of others, besides themselves. But keep making money. That's what's life's all about. Right. D'accord? regards,
QUOTE="Maverick74, post: 4645877, member: 10126"]This is EXACTLY what he is asking for. Prepare your lawyers![/QUOTE] What exactly is your interest in this thread, maverick 74??!! Huh? What is your stake in this matter? !! Do you have any skin in the game. Further, that (2xs, 4xs on 5K) is exactly NOT WHAT I AM ASKING FOR. It's all b.s under a bulls-t Rule. This is my last reply to the uninformed I'll save my energy for court and/or adminisrative hearings. This matter is being brought for the public good. Meanwhile, you stick with the only thing you know anything about: options unless you want to help me in this litigation.
As you know Murray, I RAN a prop firm in Chicago and dealt with this very issue. Furthermore, you TRADED remotely out of my office. I think we should disclose that here. I have a lot of evidence of the success rates as well as the pain it is dealing with small leveraged accounts.
What does that have to do with the PDT rule ?It's rude to have people reply to a thread that has nothing to do with them and they have zero legal knowledge.