Pattern Daytrading poll

Discussion in 'Trading' started by hii a_ooiioo_a, Nov 16, 2002.

  1. In certain cases, the government does have a right to restrict uses of money that are deemed detrimental to society, e.g. even though it's YOUR money, you can't go and spend it on drugs or prostitutes legally :D
    #31     Nov 17, 2002
  2. smokey_mcPaat

    smokey_mcPaat Guest

    if you cant get $25K together by trading profitably, then you won't make it......thats really attainable if you have a profitable system and are disciplined in implementing it.......if you can't find that, you shouldn't be in this game.....too many people here think that trading is easy and the money will "materialize" but fail to realize the stressful, demanding, agonizing labor that one endures on the path to being successful. it takes guts. lost money and fortitude, but once you have it dialed in......there is not a job in the world that you/I would rather have.......

    #32     Nov 17, 2002
  3. The pattern daytrading restrictions make it much much harder to get $25K by trading profitably.

    If your system is so good that you can work around the three daytrade restriction, then let's have these restrictions placed on all traders, regardless of size of account.
    Then at least it would be fair, and us small potatoes accounts wouldn't have the excuse to complain it's not a fair rule.

    But if the PDT rules were universally applied, there would be a lot more complaining ["rant rave whining"] about it, and it would be coming the loudest from the very same people who are currently telling the under $25k traders that they have no good reason to complain about these restrictions
    #33     Nov 17, 2002
  4. qdz


    Are you telling me that government has rights to apply the restriction differently by looking at how much money is involved, as an example you given, in business such as weapon, narcotics, and prostitution?

    #34     Nov 17, 2002
  5. qdz


    vladiator, when will you become sophisticated enough to see this is a baloney. One simple tip to you, market or nonmarket risks are introduced by and applied to large accounts. Why the heck don't they use PDT rules in all cases?
    #35     Nov 17, 2002
  6. qdz


    Why didn't they state this in the document? What they said these measures are used to protect brokers.

    #36     Nov 17, 2002
  7. Try trading options and being told you can't sell the ones you bought today. That's increasing the risk.

    These rules were indeed put in place to make sure small traders do not daytrade.

    The purported reason it was done is similar to why gambling is restricted in most states.
    The real reason it was done is similar to why gambling, while being restricted in most states, is offically conducted on a large-scale basis by the same government that pretends to be wanting to protect the people from losing their shirts.
    Restrictions on spending your money on drugs and prostitutes legally are that drugs and prostitutes are illegal. The restrictions are placed on the activities, not the money spent on them. The government does restrict the use of money made from those activities. Again, those restrictions on that money are due to the fact that the activities themselves are illegal.

    The only way the rules are likely to change soon will be to require much more than 25G. They will do it to "make sure small traders DO NOT day trade". They will simply redefine the word "small trader" to include many more of you with over $25,000.

    Suddenly the rules won't seem so well-intentioned and sensibly formulated when you find them being applied to yourselves.
    #37     Nov 17, 2002
  8. Next week I might have 25k, so I can then buy all the drugs and prostitutes I want. This week I only have 20k so I can only buy 3 a week......LMAO :D
    #38     Nov 17, 2002
  9. qdz


    What is a "LMAO"? Thanks.

    #39     Nov 17, 2002
  10. The PDT rule is there to protect under capitalized newbies from getting wiped out. It's a good rule.
    #40     Nov 17, 2002