10 Reasons Why The Incompetent SEC Places Restrictions On Day Trading
Posted by Timothy Sykes on Wed 4th of Mar, 2009 08:20:11 AM
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This goes out to every poor person who doesn’t have the $25,000–the magical minimum as divined by the SEC–required to day trade freely or else you fall under the Pattern Day Trader Rule, limiting you to 3 day traders/week…you’re gonna like this list:
1. Why allow poor people to day trade stocks, there aren’t any restrictions on trading infinitely riskier financial instruments like forex! and there you can do use 50-1 and even 100-1 leverage…yeah! (sarcasm)
2. Most day traders–think 90-95% lose $, the SEC is right to try to save poor people from becoming another statistic (true)
3. The vast majority of instructional trading DVDs and trading gurus are outright frauds…they don’t show their number and most, if not all, of their testimonials are staged. Poor people shouldn’t be subject to such misinformation, they’re so poor, desperate, gullible, they actually fall for this shit! (true) (I don’t even have to brag about my numbers, transparency and experience)
4. Trading is tough, it’s counterintuitive, most poor people don’t have the brainpower/know how to think outside the box (debatable).
5. The SEC is too tiny/underfunded to truly police this mammoth joke of an industry so they must use antiquated/oppressive rules to put the fear of Big Brother in people (true true true).
6. Trading is a form of gambling, it’s addictive, most who do it full-time are degenerates–poor people shouldn’t be subjected to these powerful forces, let them spend time with their families…ignorance is bliss (true).
7. Day trading involves Short Selling which is the devil’s work, it’s unpatriotic and it ruins healthy companies (guess).
8. Value investing is so much safer, that’s why value investors get all the mainstream press, are allowed to advertise freely and have such good returns (laughable, they’re enjoying 50-70% losses right now, but they’re invested in solid companies, just like Bear! And Fannie! Pathetic really)
9. Risk-taking and the free use of leverage is dangerous, look what happened to the joke of a finance industry, poor people are already on the verge of suicide, don’t give them the bullets and gun too! (debatable).
10. This is America, freedom is a myth (sadly truer ever day).
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View All| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| Nov 6 | QXM | $4.31 | $4.80 | $1936 |
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| Nov 4 | QXM | $4.61 | $4.89 | $822 |
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| Oct 29 | CTDC | $4.00 | $4.42 | $781 |
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| Oct 23 | RODM | $5.27 | $5.23 | $301 |
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| Oct 22 | USEG | $6.12 | $6.09 | $85 |
| Oct 20 | CBOU | $8.93 | $9.06 | $243 |
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| Oct 13 | YONG | $11.05 | $11.66 | $1202 |
| Oct 13 | NPHC | $0.59 | $0.71 | $583 |
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| Oct 1 | NPHC | $0.70 | $0.85 | $1482 |
Total: $92,304 (644%)
