Yep, the end of retail fx is here. Regulators want us to buy stocks..
- | Joined May 2018 | Status: Member | 634 Posts
life is a reflection of what we allow ourselves to see
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Disliked{quote} there is negotiation. draft a letter with your concerns from a retail client's pov and send it to [email protected] ("[email protected]") ASIC is making decisions from data collected from brokers and AFCA. would be good if they heard from word on the street about legitimate concerns on execution/manipulation/au brokers move clients offshore etcIgnored
Disliked{quote} There is no negotiation with this proposal, 20:1 is the new max fx leverage in Aus. The question now is when does it commence?.....before the year is out is my guess! I've already switched my account to 20:1. May as well get used to it.Ignored
Disliked{quote} Simply ask your brokers.....and please, keep it quiet! Let's not alert the regulators anymore. Because ALL of these ridiculous regulations are coming as a direct result from thousands of complaints of dumb and incompetent retail traders that lost their money because they don't know what they are doing. You see, here is the problem - the traders demanded from the regulators to do something and to save them from their own stupidity.Ignored
DislikedStay calm guys. You can always get high leverage! The only difference is that in the future the brokers will not be able to advertise officially the high leverage option they offer. You just have to negotiate privately. Many brokers will be happy to do business with you especially if you are high volume scalper. You see, there is small difference. Now you get the high leverage by default. In the future you will have to request the high leverage.Ignored
Disliked{quote} Just keep it quiet and no one will ever know ya reckon. those ASIC fines $$$$$$$.....they are for everyone else not me!!Ignored
Disliked{quote} Look, right now the maximum leverage in USA is 50:1, in EU it's 30:1 and in Japan it's 25:1. And you know what? In all of these places, right now you can easily get 100:1 and in some cases even up to 500:1 if you know where, who and what to ask. But indeed, maybe I should stop talking about this.....and keep it quiet.Ignored
Disliked{quote} Look, right now the maximum leverage in USA is 50:1, in EU it's 30:1 and in Japan it's 25:1. And you know what? In all of these places, right now you can easily get 100:1 and in some cases even up to 500:1 if you know where, who and what to ask. But indeed, maybe I should stop talking about this.....and keep it quiet.Ignored
Disliked{quote} I am confident ASIC has made their decision, and it wont be changing. The speed with which they produced this paper so soon after the close of the "consultation" period ended tells me the decision has already been made; and likely made well before the end of the "consultation" period. Plus, ASIC is an IOSCO member ,......when you are a club member you do what the other...Ignored
Disliked{quote} I'm not taking anything lying down. The margin changes make little difference to me. I am merely pointing out why it is very likely 20:1 is here to stay. Regarding your letter, it may make you feel better to send it, but I suspect it will have little effect. ASIC is interested in statistically significant findings undertaken by qualified researchers to support their decision. ....Refer item 174 onwards of "Product intervention: OTC binary options and CFDs". That said, one angle that ASIC may be swayed by is to present the argument that "competent"...Ignored