PATTERN DAY TRADER RULE IS BAD!

Lets talk about the Pattern Day Trader Rule! PDT as its known has been around since 2000 and has not been questioned since. I think its time that FINRA rethinks this rule and we talk about some of the issues that new traders are facing because of it!

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[conceptsandideas]

This is so true! Everytime I lose money is due to the PDT rule.

[roseviolet]

i can take $5 or $50000 to casino and gamble for days but can't day trade more than 3 times ... makes sense

[jeff]

I completely agree. You can trade futures long and short all day long with far less than 25k, but you cannot trade stocks which from my experience are easier to be more consistently profitable. The PDT rule needs to go.

[foonijani]

PDT rule is there so poor people wont meddle in rich people affairs. A fancy name and rest of the theory is just BS.

[ProfitTradingUSA]

I agree, they should at LEAST give you 10 trades a week (avg 2 a day) at the very least.

[dannyYT]

They give you 3 times per week because it keeps you from learning. 9 out of 10 traders lose. If you could trade as much as you wanted, you could learn so much more. If I told a human he can only drive his car 3 times a week. He's never going to become a great driver. The stock market is simply a vehicle where the market makers transfer money from your pocket to their pocket.

[claypot]

Great explanation of where PDT rule came from. Never knew the reasoning behind it but never liked it.

[gtk]

ive been scratching and crawling my way up from nothing and this stupid rule is holding me back.

[bullettime]

#Patrick Wieland for president make day trading great again

[chrissm]

Patrick, a most interesting video for me. Long story short, I'm 65, trading options since 1977, son-in-law of Joe Granville, hooked on the markets and trading, turned 1k into 35k in 1977, lost it all by Jan'1978, turned $37k to $205k in the 1990's. Since PDT, my trades are always affected by the rule. You're spot on how the rule harms trading decisions to the benefit of the insiders and the detriment of the retail traders. I've despised the PDT rule. I was always trading riskier options to try and build my account up above $25k. And did I EVER learn any money management discipline? No ... I have $1.3m capital loss carry-forwards on my Schedule D tax return. Ironic, now that I hear the IRS and FED are about to go by the boards. NOW, I'm just trading NADEX. I hope to start each week with some funds let over from the prior week, and otherwise add $100 early Monday morning so I can trade that week. I don't trust the exchange so only consider success to be taking withdrawals to reduce the chance that I'll risk too much (every dollar possible!). A successful trading week is when I withdraw more from NADEX than I deposit. Anyway, at this point in my life, I'm about ready to stop. Soon, I'll no longer care about trading financial instruments. How does trading benefit anyone except corrupt insiders and certain pros that learned how to plan the game? Ironically, I think I could write a program to trade for me and suck money out of the market. But would that be moral? I'm convinced it would not be moral. Also, once we have a new gold backed currency, along with a financial reset and arrests of countless corrupt insiders, I believe it'll all be about investing in ventures that benefit humanity. Patrick, I'm not a writer, nor a communicator, but I'd welcome a contact from you as I can see you're a staunch patriot and you are needed to spread a message of hope for a new peace and prosperity around the world. Or, view some videos on qmap.pub under the Videos tab. It's RED OCTOBER and the swamp is about to be drained and evaporated! WWG1WGA, God Bless President Trump and his family, God Bless America!

[jonb]

When my account was small, the PDT rule prevented me from taking profits when they manifested the same day. Often, the profits evaporated when the market opened the next day. The rich got rich, I was prevented from taking profits by this totally dumbass rule.

[Samuel]

There was more than that in 2000. Thousands of small traders flock together into their "club" trading rooms and they were destabilizing NASDAQ small cap stocks. They were tearing them apart. Hundreds percent moves up and down in hour! Market was crazy and big investors didn't like it. They don't like destabilizing forces upon them... So, FINRA cut off small guys out in order to reduce this crazy unreasonable volatility.

[fab]

Amen!🤞 Let's keep talking it to existence.

[SanAndreasFool]

Its to help with risk but yet say if you used up all three day trades up. You buy ABC on the fourth day for a swing trade. ABC falls 10% and you can’t cut losses. It’s down 20% now. HOW DOES THIS HELP YOU??

[daytradingwithchris]

Yeah, doesnt make sense now sense commissions are a lot lower, so it should be able to allow ppl to day trade if they want. This is America, what happened to land of the free?

[MPArmyGDtime]

Patrick: I have been flagged by Etrade as a PDT. When I was first flagged I did not have 25k. I did half ass research and still didn't get the explanation you just shared in this video. Thanks much!

[davidm]

To heck with the PTD Rule. Step 1. Get a real broker (not Robinhood or Webull), Step 2. Open a CASH account (Do not use margin), Step 3. Learn to trade Options (especially low-cost Weeklys ), Step 4. Only trade a total (including commissions) of the value of your account per day. Trade small (especially if you are a beginner) until if/when you become one of the 5% that are consistently profitable. Margin for most beginners is like gasoline and matches for a five-year-old. But hey, it's just my opinion after 7 1/2 years of full-time day trading.

[dalel]

totally agree dude...100%
How can we speed up getting rid of pdp is what we need.

[Elzon]

I have to agree here. Brokers need that additional volume and they're able to better manage their risk now. Let's see how long it takes for the PDT rule to disappear.

[misstinytrader]

If a broker can't cover a loss, then they need to close. CFD trading is dangerous as well. I don't think it adds or decreases liquidity if I'm correct?