Hmmm... I don't get it. IMHO - I may be over simplifying this, but why don't people who don't have enough cash in the account to meet PDT requirements just lengthen their time horizon so that they don't get screwed? I figure that even with a drawdown that brings a trader below 25,000 shouldn't be much of a problem. If the person changes the time horizon to day to day instead of minute to minute or hour to hour, he or she should be back above the limit and be back to daytrading in short time.
Thanks all, like hii, reitberg, tech for your kind words. Shame on those who bash a trader as little as I am.
It's most likely because you have hardly done a thing to endear yourself to anybody at all. Nearly every post you have is a complaint about PDT. It just gets tiring after a while. What did you expect people to do? I might also add you that you don't appear too resourceful. There are certainly other ways to trade that don't require you to have $25k. If you have your heart set on being a daytrader (and I can't understand why!), why not look into joining a prop firm? Whatever you do, do something positive, that will get you closer to being a trader, like working and saving the money, for example. Further posting about your PDT problems on these boards certainly isn't going to be of much use. Good luck.
What do you mean it was a joke? I converted all my trading strategies over to Keltner Channels and got wiped out. Now you tell me it was a joke! By the way have you seen the post by Dumtom? Do you still have those poker chips? Perhaps Dumtom would like to learn to play poker, you have those chips and I have some "Special" playing cards. We could replenish our trading accounts and give it another go.
qdz, i know it sucks, but you really do need to: 1) either get more money or find another way of trading with the rules. 2) STILL continue to complain if you don't like the rules.
QDZ I am against this PDT rule. But if you have a profitable strategy, why don't you trade futures? Futures offer you volatility, liquidity and leverage (you can have 25k pretty quickly if you are a good trader) Otherwise, why don't you paper trade for a while?
Last year, right after the PDT change, I had opened an account (<25k). I had no idea about this rule (I work in the industry also, but not on compliance side) until after my $$ was in. Needless to say, my account did not last 1 week, due to the intraday violation. Put it to you like this - I was in a position, did not like the way its going, so I trade out. That trade exceeded the "Limit". Yes, i created a violation. But heck, I have to protect my capital. I am mad (Still!) that I need the SEC to tell me when I should buy and sell in a week? What F is that? It is my money, and this rule insures I cannot profit based on my stradegy, or, worse yet, creates a conflict when its time for me to buy /sell because I have to make sure I don't violate a rule that has no basis. Really - explain to me a reasonable cause for this rule? There is none. To protect me from me? Then they should ban alcohol again and gambling in certain states! Oh, and to all the "Hey, stop crying, live with it" hawks on this site, I have a right to voice my frustrations and share my experience. Find something better to do rather then trying to convince me that my frustrations are unjustified. To all of you, please understand that some peoples goals were affected, and when left in a position of outside control dominating, a forum to express yourself on is theraputic. Finally, of course, I need to take action, and work this out (The hawks are right in that area - "do something about it"). I am going to open a futures account. There are many good vehicles out there, and my year has been spent devising a Futures strategy. Even if my account ever exceeds 25k, I will NEVER open a stock account or anything that will benifit the SEC(every trade, the SEC sees something off it too). This is my goal for life. Sure, i'm a small guy, but that little decision, for the rest of my life, will affect them small, but it makes me feel better. They lost me as a customer. Like I said, its not a big loss for them, but it comes down to principal.
Are you implying that you are getting bashed because you are a little trader? I do not think it has anything to do with your physical stature. : ) Although, I guess if you were open outcry pit trading, size might become an issue. Besides, how is it bashing if we state the fact that no one forced you to trade? You are entitled to your opinion, just as I am entitled to mine. Most people that reply negatively to your situation are not personally attacking you, or your character. However, I guess since you are the "victim" in this situation, you could not possibly even be partially at fault?
Another question. I was under the impression that PDT rules just stopped you from opening new positions when you are in violation. Am I wrong? If this is the case then people should be able to take losses/profits etc. on open positions and account values should become stable when their stops are hit. This would mean that the only thing that <25000 people would be missing out on is opportunities. How can you get destroyed preserving capital. Much appreciated if someone could fill me in. Thanks, DTK