Dang, this is a long post
and my worst day all month :-(
out 10 FRX @ 38.68 + 1.98
short YM @ 11808
covered YM @ 11831 -23(loss)
took 1 minute....Greece news out...sucks
added 20 AWK @ 28.84
added 20 COST @ 78.00
added 20 MCD @ 81.43
added 20 POL @ 14.38
added 20 PRX @ 32.69
added 20 WBSN @ 24.54
Dow down 178
File #: HO::~00075340~::HO
Description:
August 10th 2010 I purchased shares in the following companies: ALTR, SVR, TIE, VRX, FMS, SWKS,MCRS. I had a profit in all of these purchases.....but the U.S. Securities and Exchange Commission rules would not allow me to sell these securities at a profit. It would make me a pattern day trader, and since I do not have the required 25,000 in capital, it would have frozen my account to take my profits on this day..SO IF I SOLD AT A PROFIT MY ACCOUNT WOULD HAVE BEEN FROZEN BY THE S.E.C. RULES.
Today, August 11th 2010 the market opened down 200 points, now all of those stocks I could not sell yesterday at a profit are down 9 times the profit I had yesterday.
This pattern day trader rule is absolutely absurd. It does nothing to help investors. The market moves wildly, where 200 point Dow moves are the norm. Yet your rule continues to hinder investors from taking a profit or worse, forcing us to hold a losing stock until the next day.
This pattern day trader rule causes more small investors more losses than you can even imagine.
Where else could you be told "you can not sell your investments the same day you bought them, no matter the gain or loss... give us more capital or you can not invest any more for the next 90 days.
Please re-evaluate this "Pattern Day Trader Rule" it is a terrible thing!
When the market moves like this it reminds me it is time to fire off hundreds of emails to the SEC and complain about not being able to day trade and their terrible Pattern Day Trader rule.Today I mailed this copy of an SEC email to FINRA...but....last year....I bothered the SEC so much about it that they don't even answer my emails any more....and when you fill out the form correctly, they are actually required to respond.....but I guess they are too busy watching porn down there. That would be a lot funnier if it wasn't true....AM I RIGHT, MARY SCHAPIRO ?
Did a buy in my other account not listed on here
A little chart stuff:
One of the things that I added are 3 Horizontal lines that show previous High, Low, and Close. I made the thickness larger because a couple of them are the same color as the pivot lines. It is something that was talked about on one Day Trading Radio's night shows where a guest trader was interviewed. After watching these lines work a lot of the times....like hitting the low on this chart above and bouncing, I have now added them to almost all of my charts.
Here is the SPX playing with the Previous Close line
out FRX profit protection
market way down
