Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: UnBelievable who wrote (22079)	11/21/2001 4:05:19 PM
From: Doo	Read Replies (2) \| Respond to of 209892

I don't think the SEC's "pattern day trader" definition has anything to do with the IRS definition and application of the "wash sale" rule. You trade the QQQ 12 consecutive months a year and you've got trouble in the "wash sale" area. Unless you declare "trader status", the wash sale rule will catch you unless you take 31 days off during the year from trading that vehicle. Neither rule applies to the futures, however, as you say.

To: UnBelievable who wrote (22079)	11/21/2001 4:18:39 PM
From: At_The_Ask	Read Replies (1) \| Respond to of 209892

Minimum is now 25k for daytraders. You get 4x your nyse excess compared with 2x before. The rules are designed imo to cripple the little guys. They discourage use of stop losses and other "good practice" trading techniques. Little guys are the meat and potatos of MM's and specialists so I dont think they want them to be too precise. It encourages guys too hold bad trades longer. A note to anyone that reads this NEVER exceed your daytrading buying power! You will get fragged for "overdaytrading". Your margin ability will be taken away "indefinitely". I know because I held a short overnight, sold it and thought I was free to trade the funds that would be gained from the sale. WRONG! In one of my accounts now I have to trade with only cleared funds and with a broker paying full commission. Ouch!