May. 03, 2019
Hello my name is Joseph Palmer. I am 27 years old from Michigan, and have been trading for almost 6 years on and off. I have lost lots of money in the market due the Pattern Day Trade Rule and not having the ability to exit very time sensitive trades same day. At one time, I had account of greater than 25k, but I was young, naive and took on too much risk. I was eaten up by commissions, and emotions. I am writing to you today to urge you to consider amending the Pattern Day Trade Rule, so that young active persistent investors such as myself can have more of a fair opportunity in the present day market. I know in my heart I will become a profitable Day Trader if only this PDT rule was lifted. I do not believe it is constitutional. This is my last resort. I only have about 10k left to trade with, (this includes my personal savings) and I am finally about to give up. It is almost impossible to compete with players who can enter and exit trades as they please, while i am forced to sit on the sidelines once my 3 trades are used. I find myself stuck in trades I would have exited 90% of the time because of the PDT rule. It is incredibly frustrating. I understand the you are always allowed to exit a position no matter what, but the fundamental underlying psychology of "saving" some of those day trades is emotionally harmful, and down right unfair. I'm not passionate about politics. I don't vote, and I never will. I hardly ever speak out on anything, but I thought maybe somehow my message in a bottle could find it's way to people who could change this antiquated rule. This rule was designed in the 1990s when people picked up the phone to buy stocks. Now a days, there are brokers with commission free trades. It feels like society wants everyone to trade, and get more millennials involved the the stock market, but it's rules like that that prevent thousands of young aspiring financial wiz kids from cropping up. I think I have lost over 75k in the market since I have been trading possibly more, but I am still young and I am not going to give up. I do not know of anyone my age who has lost this much or traded anywhere close to much exposure I have had in equities. This is my last resort, I pray someone important reads this. I love you guys, I hope you guys can do something about this. - Joseph T Palmer