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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) by khallow on Monday May 15 2017, @10:00AM (3 children)
(Score: 0) by Anonymous Coward on Monday May 15 2017, @10:11AM (2 children)
khallow sez, "Why is my hand in your pocket? I'm cheapening price discovery! Don't worry about why I have more of your money now than before I stuck my hand in your pants - that's just your ignorance talking! That 97% of market volume being nothing but robots was totally shown to be just normal idiots ordering millions of instant-cancelled trades! I'm sure that phantom liquidity (from normal human daytraders, yessiree!) won't ever cause more flash-crashes like they have consistently in the past - after all, past performance is not indicative of future results!"
(Score: 1) by khallow on Monday May 15 2017, @11:58AM (1 child)
(Score: 0) by Anonymous Coward on Monday May 15 2017, @04:53PM
I bet you say that to all the girls.
"Stop raping you? Wow, I get that you're emotional, but you need evidence. That's not my penis violating your bodily orifice, it's a perfectly legitimate action on my part that you willingly participated in by walking near to the entrance to the dark alley near your home. The 97% of the other girls that escape me unscathed just show that everything is working just fine - in fact, I'm surprised at the success rate, myself!"