Disliked{quote} So as I understand you correctly a broker will decline an application from your company unless the director of the company makes a written statement that his company is liable for a possible negative account balance and the Director is ready and willing to give up his personal assets to cover these costs? I wonder why retail forex exsistsat all. I was trading for so long and basically never thought of a possibility of going broke because my broker says so. It is a one way street of some sort, isn't it? The more you write about the subject...Ignored
Personally, I think you may have got caught up in some of the hype caused by sections of the media, commentators with undisclosed interests and some on this site that are clearly out of their depth. I am unaware,but may be proved wrong, of any Australian account holder with Australian brokers being caught up in this. Some smaller "shopfronts" that farm their trades out may be, but I think the broking industry here has it covered. Certainly I , nor any of the other traders with whom I network, have changed in any way the way we trade or operate because of this. In fact, I think most have moved on and not given it a second thought. If trading is how you make your bread and is your passion, please, take a break, clear your head a bit and get back into it...with a reputable Australian broker. I don't know if you have lost anything in this debacle, but given how it's playing out it looks increasingly likely that a few big houses are going to get the responsibility for it all and you will be a good chance to get recompense, particularly if you are an Australian account holder with a local broker. Before anyone has a crack at me, I have no interest in any broking or banking business, just been doing this in various forms for over 20 years.
No Cold Chisel puns this time, just serious encouragement to get back on the horse...if that is what you want to do. It's Friday, go for a long lunch, have a few laughs, enjoy the weekend, get some fresh air and get back into it next week. There is likely to be a few pips to be had locally next week, don't get caught up in the quagmire of self pity and conspiracy we are seeing from some online, hopefully it hasn't mortally wounded your account, take it as a loss, move on chin up, there are new trades every day.