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  • First Post: Sep 21, 2010 1:26pm Sep 21, 2010 1:26pm
It's a done deal .....and our accts are not welcome at FxSol(Aust) or IBFX(Aust) or FXCM-UK. What do we do now? I'd like to know what our options are.....
Quoting go4pips
It's a done deal .....and our accts are not welcome at FxSol(Aust) or IBFX(Aust) or FXCM-UK. What do we do now? I'd like to know what our options are.....
US citizens elect a different government next time.
why worry about brokers? this is what i don't get. some good banks do offer retail accounts and if you don't scalp (which you shouldn't be trying to do on a retail account anyways, it's an oxymoron) you'll be fine. i know deutsche bank offers retail accounts at 5000.00 and 25000.00 it's .10 lots minimum with them on either type fo account. if you dont have that then just trade up to tha point and get one of those.

Or go to dukascopy. I know they offer 1000.00 minimun and .01 lots minimum form what i know. no mt4 yet but you can just use a mt4 for signals then enter trades with dukas. i have broco and my money has never been messed with nor have my trades despite what other people think about it and I'm U.S. too. the spreads aren't for scalping but i have never had any trades hang up. besides, it's not permanant. i will go to a bank eventually under an LLC entity. they can't touch you then. this only effects retail traders without a coprerate entity.
Quoting go4pips
It's a done deal .....and our accts are not welcome at FxSol(Aust) or IBFX(Aust) or FXCM-UK. What do we do now? I'd like to know what our options are.....
MOVE!REVOLT! or (like most) just quietly bitch about the worlds most inept government and it's Blacksuite bandits we allow to ruin our lives? How hard is it to become a Canadian anyway?
FF = Forex Faggots
Quoting go4pips
It's a done deal .....and our accts are not welcome at FxSol(Aust) or IBFX(Aust) or FXCM-UK. What do we do now? I'd like to know what our options are.....
My friend from the usa just switched his fxcm usa account to UK, can usa citizens no longer do this?
Quoting hazelj80
why worry about brokers?...
Dukascopy is no longer accepting US clients.
GoMarkets is still accepting US clients, however, they have posted this notice on their account opening page:

"Applicants from outside Australia, especially the United States of America must check their local laws and regulations before applying for an account with GO Markets"
Seems like its still a gray area, in terms of what we can and cannot do. The regs themselves are for US brokerages. I'll have to go back and read the ruling, but I don't believe there was anything in it prohibiting US citizens from opening accounts overseas. Then again, I could always just form an LLC and trade through it, couldn't I?
Disregard all prognostications.
So, here is the press release from the CFTC site. I don't see anything here that refers to either the rights of traders to choose a broker outside their jurisdiction, or anything that would impact the rights of brokers that operate outside of the U.S. Essentially, this should only impact broker's who are located in the U.S or have U.S. offices. Of course, the other companies don't want to open themselves to unnecessary legal liabilities, which might be why some have started to refuse new U.S. accounts.

http://www.cftc.gov/PressRoom/PressR...pr5883-10.html
Disregard all prognostications.
Pidgeon, more info in the following posts:

http://www.forexfactory.com/showpost...&postcount=406
http://www.forexfactory.com/showpost...2&postcount=50

It's not just CFTC rules, but also what the Frank-Dodd financial "reform" law says. According to the CFTC letter in the second post, the law will prohibit (for US traders) foreign banks from being FX counterparties, effective July of 2011. I don't know how that affects non-bank brokers like GoMarkets, time will tell.
At the end of the day this is just about taking away freedoms through regulations and giving more money and power to the CFTC. They are to regulate not necessarily "protect" investors. Just like the SEC rules they tie the hands of the investor and never really protect. Some regulations are needed but not the ones that leave the investor at a disadvantage.

I am done with the soapbox for now, who wants it next.
Quoting BostonForex
Dukascopy is no longer accepting US clients.
what documents say this on their website? I don't see it. this is why you need to get away from trading as an individual and turn it into a coprorate entity. otherwise, you'll be just spinning your wheels
I have not done my google dd on this so forgive me but if I form an LLC in the US as I am a US citizen how does that enable me to work around this?

Quoting hazelj80
what documents say this on their website? I don't see it. this is why you need to get away from trading as an individual and turn it into a coprorate entity. otherwise, you'll be just spinning your wheels
because when you sign up as a coporation, you are no longer considered retail, you are institutional. that's what you want. you can do way more as a coporation. they won't outlaw that ever. if they did, all the guys who have been doing it for yrs now will be toast too. not gonna happen
As 99% of trades LOSE money you could argue the government is doing a public service here, personally I'm all for the dumb giving there money to the smart but hey!!

It'll simply mean they need to double the min amount they have in there account to continue trading, better than 10:1 and 10x's.

And whats wrong with Scalping the only people making money are well scalpers, forex is to volatile for anything else, trade Stocks if you want longer than 5min holds.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Oh, there's nothing wrong with scalping. but retail and scalping don't ever go in the same sentence. if anyone thinks they do now, they won't be for long. period. j16, nial fuller, trader101 (julius) and a few scant others don't really scalp and they make money consistantly. Phillip Nel is another that comes to mind on these boards here. if you can't correlate what other markets are doing in regards to each other than just forex, then no one should be trading. it doesn't even matter the leverage. i need the leverage beacsue i trade baskets.
Thanks for the info, going to be doing that for sure. The regulating bodies always leave away for those persistent enough to succeed

Quoting hazelj80
because when you sign up as a coporation, you are no longer considered retail, you are institutional. that's what you want. you can do way more as a coporation. they won't outlaw that ever. if they did, all the guys who have been doing it for yrs now will be toast too. not gonna happen
Doesn't signing up as an institutional trader require higher deposits with FX brokers?
YEP! so you got 2 options:

Trade like youve never traded before and get there.

Raise or borrow the money.

most are like 25-50k now. not the 250k although some still require that much.
Quoting hazelj80
Oh, there's nothing wrong with scalping....

don't most of them, sell there services ?? ever consider they are lying to you to sell you there service ?? bad selection to quote there IMHO.

I strongly disagree, The Fool for instance, Scalper and 1 of a very few making good money from trading I just don't see anyone else making more than a few % per year, I'm not in it for 2% per year, I want 50% per month.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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