Remove the Pattern Day Trading Rulle - Vote

TraderSU · Mar 10, 2009

Interesting site dedicated to PDT http://nopdt.com ; Recently launched, please feel free to contribute there

We should make a big petition and start sending to SEC. I don't see any MERIT in PDT rule.

Cheers,

phissith · Jun 11, 2014

PDT is a bad judgement on SEC part. One should encourage to buy and sell on the same day to minimize holding overnight as that is a sure way to loose money! Or do away with Margin account for PDT with less than $25k would make more sense in protecting small timer than tying Margin with PDT and slap them with $25k minimum!

phissith · Jun 11, 2014

Where is the perceived risks coming from? For me the real risk for amateur trader would be able to buy/sell stock with leverage (margin). Also another risk is from not getting out of a bad trade asap = holding overnight!!

dealmaker · Jun 11, 2014

Joab said:
I think we need to start a petition (list of names) to submit to the powers that be that we want the Pattern Day Trading Rule - REMOVED.

This is a stupid rule that was enacted after the 2000 crash and is not relevant in todays market.

As a Canadian I have no rights in the US but I think we should all band together and form some sort of consortium or lobby group or list of names or something to get this STUPID law removed.

As professional traders we MUST stick together.

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Don't they have similar rules in Canada?

Grandluxe · Jun 11, 2014

Maybe it's a stupid rule but 25k simply isn't a lot of money.....so nobody will actually care.

phissith · Jun 11, 2014

YngvaiMalmsteve said:
Hence the hypocrisy in the rule. There are no rules limiting me how many times I can go to the horse track or Vegas and gamble my life savings away.

Second, I can just as easily lose 30K jumping in and out 20 times a day as I can 5K.

I think a loss limit per day or week is better than a day trade limit. Thus, the a trader who goes on a losing streak of a certain size is forced to take a "time-out" from trading for a specified period of time, while the winning trader is allowed to continue.

A loss limit helps teach risk management. A day trade limit doesn't.
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Great idea! Sec with PDT is only help the clearing house, not to help us. Limit the loss not how many trades i can do with my own money. Maybe when each commission fee was like $30 for each trade yes but now it less than $3.00

phissith · Jun 11, 2014

So what if i dont want to get a real job? How are you to tell me not to? Like those professional trader that too big to fail bank that we average citizen have to bail you out? Those to choose to trade with 100:1 ratio of leverage?