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Americans : Whatcha Gonna Do About No More Mini Accounts?

  • #1
  • First Post: Jul 4, 2009 1:13pm Jul 4, 2009 1:13pm
With your new rules coming up,anything over 100:1 is banned.

So how are all the newbs gonna throw a few hundred into an account and learn how to trade live with $1 pips??
The harder I work,the luckier I get.
  • #2
  • Jul 4, 2009 1:22pm Jul 4, 2009 1:22pm
Quoting Skippy
With your new rules coming up,anything over 100:1 is banned.

So how are all the newbs gonna throw a few hundred into an account and learn how to trade live with $1 pips??
I imagine they will just use foreign brokers and spoof their IP addresses if they need too.
  • #3
  • Jul 4, 2009 1:42pm Jul 4, 2009 1:42pm
Quoting Skippy
With your new rules coming up,anything over 100:1 is banned.

So how are all the newbs gonna throw a few hundred into an account and learn how to trade live with $1 pips??
You can still trade mini's at 100:1 leverage, if a trader wants to adhere to a strict mm with limited funds, they can choose a broke r that offers micro's.

The question doesn't make sense....
  • #4
  • Jul 4, 2009 2:21pm Jul 4, 2009 2:21pm
Quoting Skippy
With your new rules coming up,anything over 100:1 is banned.

So how are all the newbs gonna throw a few hundred into an account and learn how to trade live with $1 pips??
Skippy,
The rule is not here as of now. It is on the pipeline. It may become a rule or it may not.

For newbies, this could be a blessing in disguise. Trying to make $$ with $100 deposit, trading mini lots and blowing the ac, they could actually trade micro or nano lots.

Hey, its 4th of July and I am pissed off at people putting down USA.
  • #5
  • Jul 4, 2009 3:25pm Jul 4, 2009 3:25pm
the overseas broker are licking there lips at all these new rules
  • #6
  • Jul 4, 2009 4:51pm Jul 4, 2009 4:51pm
Quoting denverdude
Skippy,
The rule is not here as of now. It is on the pipeline. It may become a rule or it may not.

For newbies, this could be a blessing in disguise. Trying to make $$ with $100 deposit, trading mini lots and blowing the ac, they could actually trade micro or nano lots.

Hey, its 4th of July and I am pissed off at people putting down USA.
Hello Denver: Sir, I hope you and yours are well. The problem with the United States of America is that it no longer occurs. When it was around the USA was a beautiful and desirable republic. I mourn for its passing. However, since the USA can only occur as a common law republic with constitutionally limited government, then anything else cannot be the United States of America. That is because A=A and A =/= (not-A). The current body politic that occupies much of North America is a unified nationalist-socialist empire with unlimited and despotic powers. This situation is in direct contradiction to the only way the United States of America can occur as stipulated by the Constitution of the United States of America. If a body politic conforms to the specifications for the United States of America as written in the Constitution of the United States of America, then it is the United States of America. In contradistinction, any body politic that does not conform to the specifications listed in the Constitution of the United States of America cannot occur as and in fact cannot be the United States of America. (This is because the United States of America does not exist independent of the Constitution.) Sadly and regrettably this later situation prevails in the case of the unified nationalist-socialist empire that styles itself as the "United States." The "United States" has illegally and wrongfully usurped the position and authority of the rightful body politic associated with the compact, league, or federation of States constituted by the Constitution of the United States of America.

My hope is that the common law republic, United States of America, will someday be restored. Most likely, however, that will never happen. I think the most probable course of events is that the nationalist-socialist empire, "United States" will continue to circumvent the rule of law while lustily debasing the Federal Reserve Note dollar. What consequences that may have, I can only speculate.

Best Wishes for Your Continued Success
  • #7
  • Jul 4, 2009 5:55pm Jul 4, 2009 5:55pm
Quoting rbumbalough
Hello Denver: Sir, I hope you and yours are well. The problem with the United States of America is that it no longer occurs. When it was around the USA was a beautiful and desirable republic. I mourn for its passing. However, since the USA can only occur as a common law republic with constitutionally limited government, then anything else cannot be the United States of America. That is because A=A and A =/= (not-A)....

Very true that the United States is careening down the socialist road...however there are a multitude of conservative thinkers like me that are brimming with rage at the state of things. The US will never be gone, and we'll keep going down this socialist path until people wake up. Look at Carter. He was a horrible president...and very similar in practices to Obama. The country eventually woke up and voted in Reagan.

The same will be true for us again. There's a reason why socialism hasn't work for any country...because it DOESN'T work. People are smart, there's just such a large majority that don't pay attention. But eventually they will. Its just the process to get there that will hurt the most.
  • #8
  • Jul 4, 2009 6:07pm Jul 4, 2009 6:07pm
Quoting virtecs
Very true that the United States is careening down the socialist road...however there are a multitude of conservative thinkers like me that are brimming with rage at the state of things. The US will never be gone, and we'll keep going down this socialist path until people wake up. Look at Carter. He was a horrible president...and very similar in practices to Obama. The country eventually woke up and voted in Reagan.

The same will be true for us again. There's a reason why socialism hasn't work for any country...because it DOESN'T work. People are...
Virtecs, the unfortunate part is that all those on the right side of the political spectrum are no Reagan. They seem to be Obama lite. That is the sad part, maybe a new leader will emerge and lead the country in the right direction. They had 12 years in power in the congress and 8 years of Presidency and they squandered it, also the average person seems to be sold on smoke and mirrors.
  • #9
  • Jul 4, 2009 11:29pm Jul 4, 2009 11:29pm
Quoting Skippy
With your new rules coming up,anything over 100:1 is banned.

So how are all the newbs gonna throw a few hundred into an account and learn how to trade live with $1 pips??
How will this matter? Is there a way that using over 100:1 helps newbs learn to trade? Or are you asking this tongue-in-cheek? A few hundred bucks shouldn't be traded at $1 a pip anyway. It should be in a micro account. At low leverage. Just sayin'.
  • #10
  • Jul 6, 2009 1:03pm Jul 6, 2009 1:03pm
denverdude:
Are you that insecure you think I'm insulting you/your country??
Grow up.

As for the question,well the article I read briefly indicated there was to be nothing other than full 100k lots traded.

And I have better things to do than waste 30 minutes searching out other articles for info that doesn't apply to me.
The harder I work,the luckier I get.
  • #11
  • Jul 6, 2009 1:20pm Jul 6, 2009 1:20pm
Quoting Skippy
denverdude:
Are you that insecure you think I'm insulting you/your country??
Grow up.

As for the question,well the article I read briefly indicated there was to be nothing other than full 100k lots traded.

And I have better things to do than waste 30 minutes searching out other articles for info that doesn't apply to me.
http://www.nfa.futures.org/news/news...ArticleID=2273

Pending NFA rule limits leverage to 100:1 on majors, 25:1 on minors. No where have I seen anything relating to limitation of order size. Also, NFA rules do not carry the force of law. Check with your broker because there is a lot of difference about how NFA rules apply.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #12
  • Jul 6, 2009 2:03pm Jul 6, 2009 2:03pm
I have a US broker and my leverage was already 100:1, and I can still hedge from 5:01 PM EST to 4:30 PM EST the next day.
  • #13
  • Jul 7, 2009 11:51am Jul 7, 2009 11:51am
Quoting Skippy
denverdude:
Are you that insecure you think I'm insulting you/your country??
Grow up.

As for the question,well the article I read briefly indicated there was to be nothing other than full 100k lots traded.

And I have better things to do than waste 30 minutes searching out other articles for info that doesn't apply to me.

if it doesn't apply to you and it's a waste of time, why did you bring it up in the first place? and denver has a legitimate point. people have been putting down america a lot lately. you were just the butterfly that landed on the pile.

secondly, there was no need to tell him to grow up when he never said that you were insulting him or his country. all his responses to you were directly related to your subject. you coming in and telling him to grow up when he made a general observation is childish.

you remind me of the kid on the playground trying to start a fight and then saying, "i didnt do anything. just minding my own business."

anyways, as mentioned before, this wont destroy the mini account. it just destroys leverage. and it is incredibly stupid on the NFA/CFTC's part. they are trying to save people form themselves. they think this will endear people to them and give them more support. support in their mind equals taxes. in reality, it's going to push people to trade with brokers outside the US and to open accounts in other countries. this is how capitalism works.

when the government comes in to try and regulate something or to make more revenue, they end up with a more unstable system and even less revenue. just how the system works. they are goign to keep doing this until there is no one left to pay their salaries.
  • #14
  • Jul 7, 2009 1:01pm Jul 7, 2009 1:01pm
Black:

My post and reply took a minute or two,a far cry from wasting 1/2 hour looking up crap that doesn't apply to me.

I didn't realize it was so offensive to be curious about how traders (or in this case,non traders) who lived in an area were going to respond to laws possibly enacted in that area.


So now I'm the big schoolyard bully??

Geez
The harder I work,the luckier I get.
  • #15
  • Jul 7, 2009 1:03pm Jul 7, 2009 1:03pm
Quoting Skippy
With your new rules coming up,anything over 100:1 is banned.

So how are all the newbs gonna throw a few hundred into an account and learn how to trade live with $1 pips??
oanda can trade 1 unit with 1$ acc and leverage 10:1...

the transaction history help you calc pips to 0.01 cent=1pip haha
  • #16
  • Jul 9, 2009 2:57am Jul 9, 2009 2:57am
Skippy,

Trading with more than 1:100 is plain stupid anyways, especially for newbies.

No better way for a newbie to burn money and make brokers rich by following the carrot of high leverage and the promise to make a million of a $1000 in no time.
Like somebody already said: That question doesn't make sense.

And if the whole "crap" (as you said) doesnt apply to you why bother?

It seems like you realised you didn't really think through the point you wanted to make and now some people confront you with arguments that unravel your standpoint and you are like "Oh, thats crap anyways".

It takes some maturity to say "Ok, I didn't think about that" think about it.

As for the leverage rule being in the pipeline by the NFA I think its a great thing and I agree on that one with the NFA (not necessarily with other of their rules). The U.S. is on that point taking a lead in promoting healthy business practices that do protect consumers i.e. newbies from their own lack of knowledge which they inevatibaly have when entring this arena for the first time.

Here it comes to my mind that big ECNs who require large deposit amounts of cash to trade with them and therefore attracts mainly traders who know what they do (i.e. actually make money) only allow for max leverages of 50:1.
Why?

Why would brokers who have knowledgable clients allow only up to 50:1 leverage and brokers who have bleedin newbies allow 400:1?

That's a nobrainer to me.
Be like a post stamp! Stick to it until you get there!
  • #17
  • Jul 9, 2009 11:31am Jul 9, 2009 11:31am
Quoting virtecs
Very true that the United States is careening down the socialist road...however there are a multitude of conservative thinkers like me that are brimming with rage at the state of things. The US will never be gone, and we'll keep going down this socialist path until people wake up. Look at Carter. He was a horrible president...and very similar in practices to Obama. The country eventually woke up and voted in Reagan.

The same will be true for us again. There's a reason why socialism hasn't work for any country...because it DOESN'T work. People...
The best countries in the world ('best' defined as having the happiest, healthiest, and safest populations) are all quasi-socialist/capitalist.

The cognitive dissonance that has to occur to deny that countries which have more 'socialist' aspects to them are happier, healthier countries (see: UHC, unemployment benefits, and other things traditionally considered 'socialist') than the United States is amazing. This is coming from an American btw.

http://en.wikipedia.org/wiki/Quality-of-life_index

Would you be surprised to see that the US is 13th on the list, and with the exception of Singapore & Australia, every country on there is European and more 'socialist' than the US? I'm not, but I've had the opportunity to actually experience living in some of these places, so I don't have just talking points about how the US is so much better than the rest of the world without having actually experienced it.
  • #18
  • Jul 11, 2009 5:42am Jul 11, 2009 5:42am
Quoting virtecs
There's a reason why socialism hasn't work for any country...because it DOESN'T work.
Are you sure that capitalism works?
  • #19
  • Jul 11, 2009 11:59am Jul 11, 2009 11:59am
Mary...it's not for me, it's for the newbies and beginners-a little info for them to ponder.

Does not apply to me in the slightest,so therefore it's a waste of my time.
As my time is worth thousands of dollars an hour,why is it so hard to understand?

I've been trading FX live and profiting very nicely for almost 6 years now. Excepting holidays, anywhere from 10 to 16 hours a day with multiple 100k lots.

Did you profit 740 pips in four days this week?

Are you going to write me a check to spend half an hour looking up useless,to me, info?

Looking at your last 2 posts,I don't think so.
The harder I work,the luckier I get.
  • #20
  • Jul 12, 2009 7:39am Jul 12, 2009 7:39am
Quote
As for the question,well the article I read briefly indicated there was to be nothing other than full 100k lots traded.
Since you are the one that mentioned this, the onus is on you to link the readers to that article. Don't hide behind how worthy your hour/min is.

Quote
And I have better things to do than waste 30 minutes searching out other articles for info that doesn't apply to me
Since you are only trading 100K lots, making 750 pips/week, in what way/shape/form does that article apply to you?
Ok, you realized that only after wasting like 2 min reading that article? Why not spend an additional 5 seconds to post a link to that article here and leave the rest for mini lot traders to decide?

If what you are saying is true (only 100K lots with reduced leverage), then let it be. Those traders in US who can't afford to trade after these rules, let them flip burgers or add to the long lines at unemployment benefit offices.
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