is the patter day trader rule made to make small trader really difficult to make money? yes, probably it is. sec and the goverment are really the most powerful mafia. how can anybody swing trade with that STUPID and ARROGANT law, that if you don't have 25k you must be stay there praying the good lord instead of acting on opportunities... i made +30% on my account today. obviuosly now i'm on a forced vacation because of 3 day trades in 5 days... oh my, 3 day trades in 5 days, i'm really overtrading, please government save me...from myself ! i'm going to take my money outside of the US. where you can trade US stocks and being treated like a trader, not like an idiot.
that's what i did in the past, because i fell under 25k... and the SEC said "bad boy!, we're going to protect you now". and trading futures my account plunged... it was totally MY fault and MY responsability, but it's a good example of how effective are institutions in helping people... now i'm back doing what i'm good at.
i already found where i'm moving to: it's a good broker in luxembourg i used in the past for both forex and stocks. higher commissions but still reasonable, and if you're not a day trader it doesn't really matter. for those not in the US or Canada and allergic to the SEC. check out the mini-account . http://www.whselfinvest.com/en/direct_retail_investors.php
What a ripoff! Might as well hand your money over to charity 'cause these jokers will eat you alive with commish and other BS fees.
yes, you're right very pricy... but for european standards commissions are average. you can find lower commission (down to 15$) but without 2X margin for multiday on every US stock. i'm still looking around... but for me it's still a good deal. it gives me the FREEDOM to trade. and as far as commission are concerned, i usually don't make more the a couple of trades per day...
Why the government equates wealth with knowledge I'll never know. If the government really wanted to ensure people knew the risks of day trading there should be an educational requirement, not a monetary one. No one can say for sure if the gov't is trying to keep the little guy down but if they are not then their efforts are misguided. There is a solution however ---->>>> Futures. If you want to day trade there simply isn't a better market, imo.
well, thanks... i don't mind irony. just to satisfy your curiosity i made 840$ out of 2200$ wich is actually + 38.18% in one day, only trading stocks. CSIQ, EJ i have 10k USD more that i will add to the account and 25K will be a matter of a few months.