Please take this for what it is worth, a sincere attempt to help. I have consistantly seen many at elitetrader focusing on what they cannot control, believing that if only they could change this law, or that regulation that everything would be different. This only wastes your precious time. There are ALWAYS more than one way to skin a cat. If you really want to trade, figure out what you can do right now, today, that you control, that can get you moving in the direction you desire. Use no more than 5% of your time on the problem, 95% of the time on the solution. Total freedom is achieved when you stop worrying about controling what you can't. I used to do that. When I stopped, you wouldn't believe what a relief it was, and how quickly I became very productive.
Focusing on what I can do in the present, I got my account ready for SingleStockFutures trading, and opened a new cash-only account for trading options from (which should allow "daytrading" options). Once I had done that, and thinking about how many more traders must feel exactly the same about the SEC rules, then I started the little Yahoo group. And I joined EliteTrader. A volume of objection, through e-mail, as well as on the phone, and through regular mail, is likely to have some impact, certainly more than thousands of us all grumbling to ourselves but not sending any feedback the regulators. There is a movement here just waiting to be ignited, if we just get ourselves organized and make ourselves heard.
bingo again. grant me the abilty to change what I can the strength to endure what I can't change and the wisdom to know the difference.
We can endure this. But we can also have an effect if we make ourselves heard. Which has never been easier than in this age of e-mail and internet. And if we don't raise our voices, they will keep hacking us down lower and lower with new regulations.
What has the best chance? a) change the PDT rule. b) go prop. c) raise more money. b is the easy way out, very attainable. c takes less effort to acomplish than a ( hard but not as hard) a may very well happen with enough pressure.........good luck though
Since everybody is quoting famous passages, I though i'd add an original one... "Everybody believes in something......I believe I'll have another Beer" .................me at a 1983 keg party
i don't really disagree with anyone here. for me, the solution is to raise more money AND complain about the rule. i will proceed to trade any way i can, but i will also bitch about the PDT rule.
Let's do all three! Join prop firms, to help raise more money, while fighting the daytrading regulations.