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If the government really wanted to protect us from ourselves they would limit gambling, which costs poor people a lot and is known to result in unfavorable odds, and they would discontinue the lottery. Instead because the lottery and gambling make the government and big institutions money they are legal. Restricting pattern day trading is, likewise, an attempt to give those with money more leverage over those without money. This law directly discriminates against those without money and it was passed by those with money. The government has essentially passed two sets of laws, one for the rich and one for the poor.
These laws were undemocratically passed by the rich for the rich under the false pretense of protecting the poor. Such is a hallmark of an aristocracy. No nation should have a different set of laws for the rich than for the poor.
The entire Wikipedia article, especially all the criticisms, are worth reading.
FINRA (formerly National Association of Securities Dealers, Inc. or NASD) rule applies to any customer who buys and sells a particular security in the same trading day (day trades), and does this four or more times in any five consecutive business day period; the rule applies to margin accounts, but not to cash accounts. A pattern day trader is subject to special rules. The main rule is that in order to engage in pattern day trading you must maintain an equity balance of at least $25,000 in a margin account.
[...] The SEC believes that people whose account equity is less than $25,000 may represent less-sophisticated traders, who may be less able to handle the losses that may be associated with day trades.
(Score: 1, Insightful) by Anonymous Coward on Sunday May 14 2017, @11:14PM (2 children)
...or allow losers in Las Vegas to write off their loses.
There's really no difference between the 2.
It's simply speculation.
Neither adds to the economy.
-- OriginalOwner_ [soylentnews.org]
(Score: 2, Informative) by Anonymous Coward on Monday May 15 2017, @01:08AM (1 child)
You can deduct gambling losses from gambling winnings when you calculate your taxes.
You can deduct investment losses from investment gains when you calculate your taxes.
It's not very different.
(Score: 4, Informative) by ese002 on Monday May 15 2017, @05:53AM
You can deduct gambling losses from gambling winnings when you calculate your taxes.
You can deduct investment losses from investment gains when you calculate your taxes.
It's not very different.
You can deduct investment losses from non-investment income and even carry it over to later years if you don't have enough income to offset. This is very different from gambling.