I do feel wary about trying to point out the obvious illogics of these rules, for the fear that they might use these points to make even stricter limitations. For instance, it's ridiculous that you can't buy three stocks and sell them the same day, but you can buy 100 different stocks as long as you hold them overnight. But I don't want to point that out to them, for fear that the next thing you know they won't let you do that either. Let's just do our best to jam their mailboxes with letters of protest. Let them know there is a sizable public opposition to these rules. We don't need to give them reasons. Knowing that there is a volume of opposition is all the reason they need to know, and all they really care about anyhow.
Not only that, but I assure you, most likely they will make it much more strict, requiring far more than 25K. It's only a matter of time and I don't think it will take long.
The longer we sit by without protesting, the more they'll push the limits up. The sooner we start complaining the better. If we let it slide, and they increase the restrictions, we'll be lucky just to get things pushed back to where they are now.
Honestly, they won't care. When the rule was put in place, they perfectly knew what riots it could cause (I think they probably expected even more than they saw). What makes you think they will change their minds now? This is how I think they see it: If you have a pet and you think it has some problem, you can't just perform a surgery on the pure animal, you have to take it to someone with sufficient training/resources/experience or obtain such yourself. You don't riot about that and claim it's a violation of liberty and justice for all, do you?
Well they're prescribing horse pills for our little bunny rabbits (who aren't even sick), while letting people keep horses in studio apartments. The bunnies are made sick by these rules, and the studio apartments get trashed.
If they (supposedly with required vet licenses) make those dumb prescriptions etc, what makes you think a self-trained dabbling vet would do better?
The "they" I was referring to was the regulators. Bunny rabbits = cash purchased options horse pills = 3 daytrade limit horse = 4:1 margin allowances
Let's storm NASD at email address pubcom@nasd.com with our opinions on PDT rules. How can we file a dispute resolution against NASD on PDT rules? How can we file a arbitration against NASD on PDT rules? How can we file a classic action law suit against NASD and brokers for the loss incurred by PDT rules? Thank you. ---- If none of civilized behavior works, is salvage inevitable?
Here's an idea...let's all SHUT UP, get more money into our accounts and TRADE PROFITABLY...then we won't have to fill up 20 bazillion pages of "PDT sucks blah blah blah, i only have 2k, i can't get above 25k blah blah blah, SEC sucks they won't let me make money blah blah blah" YOU are the only one holding you back. It is up to YOU to trade well and decide whether or not you have enough money to even have a chance in this business. Well guess what jack, 2k isn't gonna cut it. :eek: