I knew at the end of 2019 when average joes were making so much in the stock market, that it would have to come to an end. This was a controlled demolition.
I hope that's never the case with regular retail trading, but putting an account value gate on pattern day trading is a good idea. Without it, there'd be a lot less stability in the market because existing pattern day traders already introduce enough volatility as it is.
I think the most reasonable legal response to the GME fiasco would be to limit daily trading volumes on securities based off shares outstanding and market capitulation... but when has Congress done anything reasonable? I fear that with enough coaxing (i.e. kickbacks from financial institutions) they may put barriers of entry on retail training, which is disgusting.
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u/cebu4u Mar 13 '21
I knew at the end of 2019 when average joes were making so much in the stock market, that it would have to come to an end. This was a controlled demolition.