Hello my name is Tom and I trade Forex in Australia.
I'm with Pepperstone and things have been going well as of late. Unfortunately, today I received news that ASIC (Australian Securities and Investments) are reducing the leverage on major pairs to a maximum of 30:1 as of March 2021 where the normal has been 500:1 ever since I can remember.
This is bad news for many traders as I use a highly effective EA that depends on equity to absorb the draw down. Unfortunately I don't qualify for Pepperstone Pro as I just started trading Forex again in June 2020 after an absence.
What's the motive behind the decrease in leverage? There is no reasonable excuse for the change except to make things more difficult.
I'm with Pepperstone and things have been going well as of late. Unfortunately, today I received news that ASIC (Australian Securities and Investments) are reducing the leverage on major pairs to a maximum of 30:1 as of March 2021 where the normal has been 500:1 ever since I can remember.
This is bad news for many traders as I use a highly effective EA that depends on equity to absorb the draw down. Unfortunately I don't qualify for Pepperstone Pro as I just started trading Forex again in June 2020 after an absence.
What's the motive behind the decrease in leverage? There is no reasonable excuse for the change except to make things more difficult.