pattern daytrade rule discrimination ???

Discussion in 'Trading' started by razor99, Mar 18, 2007.

  1. razor99


    a guy who is a pretty good trader and only has limited funds is exempt from daytrading because he needs 25k according to the rules.this rule is supposed to "protect investors"(bullshit). then you have a guy with absolutely no trading experience but happens to have 30k given to him by his father,confirmation/graduation money ect...this is so unfair it's obscene and in my opinion discrimination.
  2. dinoman


    Well you can always try to take the SEC to court and get it over turned.

    Good luck!

    If he is a good trader tell him to start off with futures then once he makes a ton he can day-trade stocks.
  3. Search function.

    Ad nauseam.
  4. razor99


    the rule was made in order to protect investors..thats utter nonsense..more guys get hit because of the rule. how is a guy with 30k given to him a better trader than a guy who only has 5k to trade with and has been trading for a few years! its ridiculous and goes to show this rule was implememnted just to make it appear the SEC was actually hurts more theory one can file a discrimination suit. of course it would be tough but it would recieve attention. whats next,the SEC is going to require daytraders to have colege degree's or a series 7! what funny is that most successful traders do not have a series 7 and can trade circles around those that do. this 25k rule has got to change it really is discrimination.
  5. Ebo


    Who is being discriminated against, PIKERS such as yourself?

    As the OP suggested, trade futures with your 5 Grand until you get the account up to $25K.

    Do you even know what futures are?

  6. razor99


    yes i do know what the e-mini's are and i have over 5k..i'm talking about the good traders that don't HAVE THE 25K. thanks for the intelligent response EBO,you were a great help to your fellow traders.
  7. Ebo


    "Good" Trader's have over 25K genius.
    I know plenty of undercapitalized traders that are profitable every month.

    Guess what they do, they trade @ a Prop shop and use OPM.
    Have you thought about a college educayshun?

  8. dinoman


    I gave you an out. So, your continuation of crying about the rule will do you no good. You can get in line with the rest of people crying about it.

    It like saying I should'nt have to have auto insurance because I am really good driver and can drive circles around everyone else. The are laws and although many of us might not like them... They are what they are! Either adapt or move on.
  9. dinoman


    Pretty much sums it for me. :D
  10. The logic is that you do not have $25,000 in cash you have probably not been that successful in other endeavors in your life and will probably not be that successful daytrading.

    Why do people think they will be successful trading if they do not have the discipline, key ingredient to being a successful trader, to go out and make $25,000? Get another job or two, work your ass off for a couple of years, you will be a much better trader for it.
    #10     Mar 18, 2007