There has been over 80% of people polled against the PDT rules for a verity of reasons. The more people you poll, the more truth and opinion we will see on these rules. Please continue voting. Thanks.
Any member of this community who finds 35 posts by a certain person annoying, ought to do the grown-up thing for themself and add that person to their Ignore List. I find a number of people in this community annoying, and I have added several to my Ignore List. I hope those that have found my posts to be annoying have put me on their Ignore Lists. It's a very simple and satisfactory solution. What prompts me to put a person on Ignore is not the quantity of their posts, it's the quality. A single rude message can be enough to convince me. I usually wait until I've seen two or three rude messages from the same person. After that there is no doubt that they belong on Ignore. Any time I have peaked at a message from someone on my Ignore list has confirmed that I made the right decision to put them on it. Anyone who is annoyed by this thread should simply avoid reading it. Anyone who is annoyed by another person's posts should put them on Ignore. People who choose instead to enter threads they have no interest in, just to personally insult the person who is expressing his sincere and quite justified concerns on the topic of that thread, are being far more childish than the person they are insulting.
You can thank the PDT rule for giving us more time to grumble and gripe and fuss. When three trades from a margin account freezes our ability to buy any stocks or options for up to a week, or when closing positions from a cash account freezes our funds for 1 day for options and 3 days for stocks. They place hurdle after hurdle in front of us to prevent us from trading. It reaches the point where trying to do your best to work within the framework of the rules becomes nearly entirely futile. So if we're not trading, because our accounts have been frozen by the applications of the PDT rules, posting our objections to those rules may be the best we can do while we wait 1-5 days for our accounts to be functional again. We would much rather spend our energy trading. The PDT rules obstruct our ability to do this, and give us more time to spend complaining. So here we are.
Magna, I think you're right. We've beat this dead horse long enough. When the PDT rule first started, I called them and voiced my objections; later I e-mailed them; and, more recently, I e-mailed them again and talked to them on a return phone call. Still, nothing has changed, and they told me it was not going to be changed. Therefore, I have resolved within myself that I have got to adapt to the new rules of the game and move on. Don't take me wrong, I think we should voice our objections to this ridiculous rule-- after all, it is another freedom that has been taken away from us. But, once said, I think the best solution is to refocus that energy and try to come up with a way to get $25000 together.
guys, exactly... if you don't like the posts someone makes, DON'T READ THEIR POSTS OR PUT THEM ON IGNORE! everyone knows this thread is about the PDT rules! read the damn subject title!! if you're not interested, DON'T CLICK ON THIS THREAD! understand, magna?! i can't stand when people ruin things for other people just because THEY are not interested. if you don't like a band on the radio, CHANGE THE STATION!!! don't bitch that the band should not be allowed to make their music. that's exactly what's happening here. i don't have anyone on my ignore list. i know enough to not read the threads i'm not interested in.
why are you people so black and white? obviously, people under $25k should try to get more money. that doesn't mean we can't AT THE SAME TIME complain about these bullshit rules! i can chew gum and walk at the same time...i don't know about some of you guys....
Gordon, The only thing that is black and white is the PDT rule itself. I understand your's and everybody else's frustration about this ridiculous PDT rule. What I have suggested is what I am trying to do myself-- I, too, don't have the 25K. I am also not saying not to speak out in opposition, and this thread is a great place to do it-- second only to e-mailing or calling the exchanges. I'm simply saying that once you vent your frustrations, ( and there is a cutting off point to anything) I think you have to move on. Frustration and anger can and will effect the results of your trading.
there's another side to the coin..... it's not just about venting frustrations. by these threads existing, maybe people will read them and be like, "hey, these rules are unfair, i'll email my representatives and let them know." just maybe if enough people complain, some representative somewhere with balls might just try to do something about it. is it likely? probably not. however, keeping these threads alive doesn't hurt; it only helps our cause.
Traders complained about the uptick rules 70 years ago. We are still complaining about that and others; nothing has changed ...
metooxx, I thought you were a scholar. But are you sure the uptick rule was imposed 70 years ago? I thought it started after '87 crash. Anyway for a rough comparision, unlike the PDT rule, at least the uptick rule apply to everyone.