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I agree Linda. With 20k you can nearly make a living at trading if you are
good.
The SEC should define exactly who they are trying to slow up. 25k and
Pattern Traders doesn't describe undercapitalized newbie to me. I guess it
is ok for anyone with more than 25k to loose all their money. The system
used to be to simply raise the fed requirement from 50% to 75% or some such
number.
Jimmy
-----Original Message-----
From: Linda Swope [mailto:lswope@xxxxxxxxxxx]
Sent: Tuesday, February 01, 2000 11:48 AM
To: Real Traders; dennis@xxxxxxxxxx
Subject: Re: [RT] Re: SEC New Margin Rule Proposal
Sounds reasonable to me. In this volatile market, I can't imagine any
> responsible broker extending margin to someone with only $2K in his
> account. That could be wiped out in a New York microsecond and the
> broker would be left holding the bag. I'd apply it to ALL traders and
> forget trying to define a "pattern daytrader."
Yes, but what about the trader with $20,000 and 3 years of experience. Why
are you punishing him or her with this rule? Having lots of money in your
account doesn't mean you can make better trading decisions than the little
guy. When I had 6 figures in my account, I made no trading decisions. It
was just a computer game with occasional cash prizes. Study, hard work and
dedication make successful traders, not some arbitrary amount of money.
If the NYSE has this noble need to "protect" traders, let them begin by
restricting margin for new traders, not little traders. But I don't condone
restricting anybody. Trading is just another attempt at self-employment and
we all have that right.
Linda
Swope's Mountain Photography
http://www.swopephoto.com
linda@xxxxxxxxxxxxxx
Climb the mountains & get their glad tidings: Peace will flow into you as
sunshine into flower; the winds will blow their freshness into you & storms
their energy, & cares will drop off you like autumn leaves. John Muir 1838 -
1914
----- Original Message -----
From: Dennis Holverstott <dennis@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, February 01, 2000 7:59 AM
Subject: [RT] Re: SEC New Margin Rule Proposal
> > As you may have heard already, NYSE and NASD are proposing to raise the
> > minimum equity requirements to trade equities on margin from the current
$2K
> > to $25K for "pattern daytraders" - whatever that means.
>
> >
> --
> Dennis
>
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