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posted by n1 on Sunday May 14 2017, @11:08PM   Printer-friendly
from the SEC dept.

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.


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  • (Score: 0) by Anonymous Coward on Monday May 15 2017, @08:57AM (4 children)

    by Anonymous Coward on Monday May 15 2017, @08:57AM (#509865)

    A question this daft shows blatant shilling intent.

    The money High Frequency Traders collect comes directly out of the pockets of other traders who would have gained more (both profit and loss) if not for the illegal HFT scam. Do you comprehend "zero sum"?

  • (Score: 1) by khallow on Monday May 15 2017, @09:38AM (3 children)

    by khallow (3766) Subscriber Badge on Monday May 15 2017, @09:38AM (#509896) Journal

    The money High Frequency Traders collect comes directly out of the pockets of other traders who would have gained more (both profit and loss) if not for the illegal HFT scam.

    I specifically asked for harm not privileges that no longer apply. Am I harmed because you refuse to buy my used toilet paper for a million USD per sheet? Then why are "other traders" harmed by not getting as high a price as they would like?

    Do you comprehend "zero sum"?

    You do realize that trade is a positive sum game, right?

    • (Score: 0) by Anonymous Coward on Monday May 15 2017, @09:49AM (2 children)

      by Anonymous Coward on Monday May 15 2017, @09:49AM (#509903)

      I see your point now, thank you. You view yourself as entitled to the contents of other peoples' pocketbooks.

      • (Score: 1) by khallow on Monday May 15 2017, @10:04AM (1 child)

        by khallow (3766) Subscriber Badge on Monday May 15 2017, @10:04AM (#509913) Journal
        Does this concession speech mean you'll fuck off until you get actual evidence to back your claims?
        • (Score: 0) by Anonymous Coward on Monday May 15 2017, @10:16AM

          by Anonymous Coward on Monday May 15 2017, @10:16AM (#509922)

          According to you, when market price moves, both the long and the short win!

          The only evidence you seem primed to accept is of the caliber of the moon being made of cheese.