August 26, 2008
I just wanted to ask what is the reason the SEC instituted the pattern day trading rule, which only allows a person to pattern day trade with atleast $25,000? I do not think this is a fair rule, because I would like to day trade, but I am not able to, just because I do not have $25,0000. This is suppose to be a free marketplace isn't it? Isn't this a hinderance to free market trading? I can only make 3 day trades per 5 day period, and this is seriously hindering my ability to trade effectively. Is there any possibility that this law could be reversed, or atleast modified to a lower dollar amount? Thank You.