Let us suggest what traders actually need from NFA and CFTC as regulatory organizations.
Here is my list:
Here is my list:
- The FIFO rule must be gone as it is handicapping trader's ability of keeping the original position. As a trader, one should be allowed to enter at any time and close at any time, any position. There must not be any restriction in closing the open positions. Leave that to the trader.
- Hedging must be allowed to trade in both directions. If not, at least, the funds must be protected so that the trader can deposit the same capital as in main account and use another account to hedge.
- Either the leverage must be increased Or the safety of funds must be guaranteed like the banks do. With higher margin requirements it is highly unsafe to keep the large sum as capital with a Forex Dealer Broker.
- The liquidity providers(the banks) must be regulated in providing the liquidity. The conditions for not providing liquidity Or the wide spread in providing the liquidity must be informed to the traders through the brokers.
- The brokers must be regulated to find out the spikes to trigger the stops. This can be easily done by comparing quite a few decent ECN brokers.
- If there are not enough brokers in USA, allow the traders to choose from offshore brokers from the places like Australia, UK, New Zealand.
Please add your feedback.
Let us keep this thread as clean as possible so that if any NFA/CFTC people read they will know what we need as Traders.
No mockery or fun making please.
Also please do vote. I will be sending this thread to NFA/CFTC people once it has enough votes to reconsider their decision on Forex Regulations. I don't know if they do it right away Or if they ever do it at all; at least it will make them thinking in a Trader's perspective.
newzTrader