Repeal the Pattern Day Trader rule
This petition had 1,345 supporters
The Pattern Day Trader rule (PDT) is an unconstitutional law which states any person with under $25,000 may not place more than 3 day trades per week when purchasing stock while using a margin account. This rule's supposed intent was to prevent new traders from losing their money, however, it had cost thousands of traders immense amounts of money by not allowing multiple entry's and exits as needed to trade, not allowing flagged traders to sell a stock when it is going down, and forcing traders to trade riskier securities such as futures or open an offshore brokerage account. There is no government mandated limit on scratch tickets, casino gambling, or horse races - if an American citizen wants to use their brokerage as a gambling account it should be their right to spend their money in any way they see fit. Pattern day trade is entirely discriminatory towards lower class individuals who do not have $25,000 available for trading. This unconstitutional and illogical law needs to be repealed to protect consumers who make money with trading strategies which involve multiple entries and exits, individuals who want to sell a losing stock, and to keep individuals from trading in offshore accounts or with futures. Lastly, discount brokers are forced to pay to ensure compliance with the rule and prevent their customers from placing orders as they wish.
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