Back End of a Brokerage w/ IB

Discussion in 'Trading' started by Andre, Sep 8, 2003.

  1. Andre

    Andre

    Yeah, I could go on and on about the daytrader rule. I talked with Steve after the chat as well, and we talked about it. The day trader rule is widely misunderstood.

    My gripe is, why wouldn't Mutual Funds count towards an account balance? Mutual funds are made up of equities which would count, for crying out loud! It's nuts.

    In fact, if the SEC is so worried about protecting the little guy from himself, I'd think a better way, rather than the PDT rule, would be to require saaay... 50% of accounts (regardless of size) to be in some combination Mutuals and bonds or CDs or something.

    Thanks to Steve for joining us.

    André

    http://www.elitetrader.com/ch/transcripts/ib_chat.cfm
     
    #11     Sep 12, 2003
  2. i disagree with that. they should stay out of people's business, period. people should be able to do what they want with their money. i should not be forced to have x% of my account in anything.

    my opinion is, the SEC should not implement things that will hurt profitable traders because of traders that can't trade. if people lose their money, that's their problem. people should be responsible for themselves and stop f****** things up for everyone else who does take responsibility for themselves.

    but i agree, PDT sucks and should not exist im america.
     
    #12     Sep 12, 2003
  3. Andre

    Andre

    they should stay out of people's business, period. people should be able to do what they want with their money. i should not be forced to have x% of my account in anything.

    Well, of course I generally have a problem with "Nanny State" rules and regulations. I'm generally a Libertarian. However, we'll never be able to eliminate the efforts of those who want to limit the foibles of humane nature through legislation and regulation. Many feel that government and social policy can, no should address these foibles.

    My thought is that yes we can address some of them, for example, tax incentives to save. Where I separate from the left in my social beliefs is that I believe there's a limit to what we can do to keep people from hurting themselves. Responsibility ultimately rests on the shoulders of the individual.

    Still, we create incentives in social policy, because there are people who can be duped and because, well... shit happens. If individual investors losing money in the market is such a problem that it requires these restrictions, I offer the percentage weighting as a better solution, especially in retirement accounts.

    André
     
    #13     Sep 12, 2003