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Hi,
Hey. Those 25K "pattern-trader rules" are a built-in structure, designed to protect you from yourself.
You might ask 6 people over the age of 50 that you really respect, what they might think of your overall plans.
Why not spend $400 to $500 acquiring every decent trading text ever written, and spend 1 year reading all of them?
Read about how millions of others have failed.
It seems you are busy arranging a very big 'forced awareness' experience for yourself.
Maybe you will read the books of Mark Douglas to learn more.
The chosen words and tone in your post seem to spell "total disaster".
Maybe take the self-assess test at
www.traderscalm.com and see for yourself.
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Now, when a trader doesnt understand market behavior well enough to know what he is going to do and under what market conditions he is going to do it-
-and, at the same time, he is very attracted to the action and opportunities he knows exists and if he is also impatient with the learning process-
--his impatience and attraction will make him feel compelled to do something, even if he doesnt know what to he should do. How do you think the typical trader will resolve this dilemma?
He will play follow the leader, rationalizing that everybody else is doing something and furthermore, all these people can't be as afraid and unknowing as himself, so they must know what they are doing, or at least know more than him.
--Mark Douglas, THE DISCIPLINED TRADER, page 50
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Nice post. I have 2 people over 50.. my parents.. and they hate the idea. Then again they hated the idea of me quiting college to do my lawn business full time and that has worked out really well for me. I feel like I am a born entrepreneur and im going to do what an entrepreneur does, take on risk to reap great rewards. Just faxed in the required info for my loan a few minutes ago.. the gold is getting closer!
Also.. the ameritrade guy also told me the same thing about the 25k rule being there to protect myself. Just because a buncha idiots lost there houses in the 90's daytrading doesn't mean they should need to make a law to try and protect the idiots. I think this is complete BS. Who in the hell has the right to do that. Why don't they have a cut-off loss at casinos. I'm sure more people have lost their homes in the casinos. I think there is an ulterior motive for putting that 25k lock on.
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As one of the Ameritrade "guys," why should we have to loan you anything? Regular margin buying power gives you 2x your SRO, while day trading buying power gives you 4x your SRO. This is quite a bit more risk. Ameritrade has a legal duty to protect its clients. Realize that we have given someone margin and then they have defaulted on the loan, taken us to arbitration, argued we shouldn't have extended credit, and won.