Tell you what to do: go to www.nasdr.com click on 'preform an online search" then put in the names of ALLTECH, HOLD, SUMMIT, MOMMENTUM ect....and have the info delivered.... http://www.stockbroker-fraud.com/daytrading.htm or just look up any security attorney's web site...truthfully, the guy who has lss then 25k has a better chance at winning a suit because it was 'all the money in the world " where as the guy who is liquid for 50k can afford to take more of a loss.
IF that's truly why PDT came about, then blame: 1) individual investors/traders not taking responsibility for their own actions. 2) lawyers representing and fighting for irresponsible people (irresponsibility should not be rewarded). 3) SEC for caving into the pressure, knowing their decision harms RESPONSIBLE traders/investors. 4) not enough complaining about PDT before it was enacted.
ok...i blame them all.... btw: the reason the sec get's involved is that they , along wiht the NASD and the states, get tons of complaint letters and arbitration requests that have to be processed and investigated, thus making it more costly to run the agencies as well.....it's a bad combination all around...but don't worry....futures will be next
decisions should not be based solely on volume of complaints. in a republic, minority rights are supposed to be protected. a responsible trader with less than $25k should not be punished because of morons that make up the majority. as it is now, the minority's rights are getting TRAMPLED ON. government/laws/rules are NOT always right.
Maybe you should give up trading and go to law school. You seem to like arguing more than trading. Just an idea.
give up trading? not happening. i am on the verge of becoming a great trader. btw, i considered becoming a lawyer when i was in high school.
anyone interested in becoming a good human being, should read axeman's posts. i can not praise axeman enough. his chit chat posts are great.
There is a very good reason for the pdt rule and it doesn't have anything to do with protecting anybody but the good ole market makers. This experience actually happened to me and I think that it might have been a good part of the problem that they wanted to eliminate. When I first started daytrading I found a system that actually averaged 5 points a day. The problem with the system was that I could make free trades, only if I utilized market orders and that was a big disadvantage. I was trading the qqq's and I soon found out that the system worked great if I only traded below 50 shares. I tried to trade 100 to 200 shares but my orders were generally screwed up, split, or not filled for a long period of time, resulting in large losses relative to the order size. So I stayed under the "radar" screen" with 40 shares. I sort of convinced myself that there was some rule where they couldn't mess with me if I traded under this number. I still don't know for sure. I had a very high success rate with my system and I was trying to figure out how to trade larger orders when they barred me from trading the security. In my opinion that is kind of what the pdt rule is all about. The rest is just smoke and mirrors. regards