October 31, 2008
Dear Sir:
It is imperative that the Securities Exchange Commission pattern daytrading rules be changed so that ETF index funds like SDS,SSO,QLD. ect. are NOT included. The sum of $5000 is all that is needed to open a Futures account and begin trading the S&P Emini (ES), and one can place as many trades as one likes in a single day. Since the ETF index funds track and mimic the S&P, traders should be able to trade this with a $5000 account also and place as many trades as they like. They should NOT need $25,000 to fund a pattern daytrading account. Without the required $25,000 in an account, traders are limitted to only 3 trades within a 4 day period. This is ridiculous and a double standard. Sure, keep the pattern daytrading rules for stocks......but not for index ETF's. Opening ETF's for daytrading like the emini futures will greatly help traders who do not have $25,000 to put into an account and are FORCED to trade the HIGHLY RISKY CME Futures market. This rule has hurt many futures traders. This is a great injustice to all daytraders
I request a response please. Thank You
Kenneth Bednar