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FX Trading in Europe under threat - act now

  • #141
  • Feb 3, 2018 1:36am Feb 3, 2018 1:36am
we should ban war first, invasions, oil and gas
  • #142
  • Feb 3, 2018 3:45am Feb 3, 2018 3:45am
Quoting Spreadbetter
still full of know nothing, clueless blowhards. {quote}
Amen brother!
  • #143
  • Feb 3, 2018 4:02am Feb 3, 2018 4:02am
It's a bad idea to try and regulate a complicated system with a simple system. That's common sense but not only that, there are real life examples after examples of how imposing will or regulation has mostly turned into disaster for the thing they were trying to protect in the first place. Let nature take its course, is what I say.
  • #144
  • Feb 3, 2018 4:33am Feb 3, 2018 4:33am
None whatsoever. It should be regarded as punters having an alternative to walking into the bookies and placing a fiver on a race, or for United to win, a bit of fun. In some bookies you’ll see guys who spend a couple of hours in there on a Saturday when the match is on, they’ll spend a fiver, they get to see the match, free coffee or tea, not a bad way to spend the afternoon if you’re an old bloke, who doesn’t drink/want to go to the pub. That’s how retail FX should be regarded, a bit of fun to have a fifty fifty bet; will price go up, will it go down?

Anyone at retail level thinking they can make/take a reasonable living out of it is a deluded weapon.


Quoting Mingary
I would like a retail forex enthusiast to explain to me why retail forex should not be banned ? 1) It was created as a bucket shop in the early 90's using the sports betting model. 2) It serves NO beneficial economic purpose to society 3) its users are addicted, lose money, lives are destroyed If as a society we try to protect ouserlves against other's harmful activities such as tobacco, prostitution, fire arms, drugs, alcohol, etc ... would it not be wise to ban Retail Forex from the face of the earth ? Or at least smack a heavy, heavy "sin tax"...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #145
  • Feb 3, 2018 5:47am Feb 3, 2018 5:47am
Quoting Mingary
I would like a retail forex enthusiast to explain to me why retail forex should not be banned ? 1) It was created as a bucket shop in the early 90's using the sports betting model. 2) It serves NO beneficial economic purpose to society 3) its users are addicted, lose money, lives are destroyed If as a society we try to protect ouserlves against other's harmful activities such as tobacco, prostitution, fire arms, drugs, alcohol, etc ... would it not be wise to ban Retail Forex from the face of the earth ? Or at least smack a heavy, heavy "sin tax"...

What is your experience in this field please? Specifically, as it is financial spreadbetting that is under consideration by the ESMA, what's your experience with UK SB firms?
  • #146
  • Feb 3, 2018 6:04am Feb 3, 2018 6:04am
Quoting Mingary
I would like a retail forex enthusiast to explain to me why retail forex should not be banned ? 1) It was created as a bucket shop in the early 90's using the sports betting model. 2) It serves NO beneficial economic purpose to society 3) its users are addicted, lose money, lives are destroyed If as a society we try to protect ouserlves against other's harmful activities such as tobacco, prostitution, fire arms, drugs, alcohol, etc ... would it not be wise to ban Retail Forex from the face of the earth ? Or at least smack a heavy, heavy "sin tax"...
1) This is no reason to ban FX in my opinion.

2) Spending money is beneficial for the economy. If you win, you can spend money. If you lose someone else spends the money. Who decides what is beneficial for society?

3) You somehow imply that life is very important. How can something be very important if it is not lasting forever and if it is replaceable? There are only 'problems' because of the thought that life is very important, I haven't seen any proof of that assumption in my life.

If I die, I die, and then? Presumably nothing. Retail Forex does not destroy lifes, taking life too serious destroys lifes and societies. But it doesn't matter, and I don't blame you because everything is relative. And because everything is relative; retail forex should not be banned.
  • #147
  • Feb 3, 2018 5:54pm Feb 3, 2018 5:54pm
Quoting Spreadbetter
Delusional bollox, once again making me realise that this forum hasn’t changed, during the circa 15 years I’ve known it; still chokka full of know nothing, clueless blowhards. {quote}

What is your experience with UK spreadbetting?
  • #148
  • Feb 3, 2018 5:55pm Feb 3, 2018 5:55pm
Quoting Mingary
I would like a retail forex enthusiast to explain to me why retail forex should not be banned ? 1) It was created as a bucket shop in the early 90's using the sports betting model. 2) It serves NO beneficial economic purpose to society 3) its users are addicted, lose money, lives are destroyed If as a society we try to protect ouserlves against other's harmful activities such as tobacco, prostitution, fire arms, drugs, alcohol, etc ... would it not be wise to ban Retail Forex from the face of the earth ? Or at least smack a heavy, heavy "sin tax"...

What's your experience with UK retail forex trading? Spreadbetting specifically.
  • #149
  • Feb 3, 2018 5:56pm Feb 3, 2018 5:56pm
Quoting Quantum3
{quote} buck·et shop ˈbəkət ˌSHäp/ noun informal derogatory plural noun: bucket shops an unauthorized office for speculating in stocks or currency using the funds of unwitting investors. merriam webster dictionary Does it take an owner or client to know what is a bucket shop? You just got triggered because you clearly have a conflict of interest with retail traders or either too ignorant to understand what is 'incentive1= volume/size incentive (spread +commission) and incentive2=taking the other side incentive OTC (Gain + finance)....

What is your experience with UK financial spreadbetting?
  • #150
  • Feb 4, 2018 2:04am Feb 4, 2018 2:04am
Quoting tomorton
{quote} What's your experience with UK retail forex trading? Spreadbetting specifically.
Enough to know that Retail Forex was created in the early 90's. Someone had the bright idea to apply the sports betting model to the financial market and thus the modern bucket shop was born.
Absolute scam back then with companies like FXCM leading the pack. The "Wild West got civilized" after a while and most of the broker shenanigans are now still in effect with brokers operating outside out of the more solid regulations. In countries where for instance the FX brokerage can be operated by the Russian Mafia like in Cyprus or by your average criminals in other places.

The most important issue is that retail forex serves no economic purpose except to provide jobs for brokers and vendors.
Financial instruments that serve an economic purpose like Stocks, futures are a benefit to society
Retail forex should be considered a "money game" like you find in casinos and should be regulated as such.

The correct analogy for "FX trading under threat" is as follows

Prostitution Vs Retail Forex

1) Proliferation of the "street walking" phase of retail forex
2) The damage caused called for increased regulation (confine retail forex to "red light districts" as a stopgap measure)
3) Current phase: confine retail forex to well regulated "institutions" like brothels and casinos.
  • #151
  • Feb 4, 2018 6:47am Feb 4, 2018 6:47am
Quoting Mingary
{quote} Enough to know that Retail Forex was created in the early 90's. Someone had the bright idea to apply the sports betting model to the financial market and thus the modern bucket shop was born. Absolute scam back then with companies like FXCM leading the pack. The "Wild West got civilized" after a while and most of the broker shenanigans are now still in effect with brokers operating outside out of the more solid regulations. In countries where for instance the FX brokerage can be operated by the Russian Mafia like in Cyprus or by your average...

So your short answer to my short question, "What's your experience with UK retail forex trading? Spreadbetting specifically", would be - NONE.
  • #152
  • Feb 4, 2018 7:18am Feb 4, 2018 7:18am
And what about you guys, Spreadbetter and Quantum3? Still no replies to pretty much the same question, what's your experience with UK financial spreadbetting?
  • #153
  • Edited 8:48am Feb 4, 2018 8:34am | Edited 8:48am
Quoting Mingary
{quote} Enough to know that Retail Forex was created in the early 90's. Someone had the bright idea to apply the sports betting model to the financial market and thus the modern bucket shop was born. Absolute scam back then with companies like FXCM leading the pack. The "Wild West got civilized" after a while and most of the broker shenanigans are now still in effect with brokers operating outside out of the more solid regulations. In countries where for instance the FX brokerage can be operated by the Russian Mafia like in Cyprus or by your average...
No economic purpose? Honestly, retail trading forex is actually doing more good to the real economy than so many other products created by the financial sector. Subrime mortgages, credit default swaps, countries that are so far in debt that they need to get another loan, just to pay off the first debt. The whole financial sector is a mess. Yet you complain about retail forex not contributing to the economy. You obviously are not able to put things in a bigger perspective anymore Mingary...

Oh, and by the way, retail forex can very well be used to diversify risk, indirectly contributing to your economy. And who says that i wont invest parts of the profit made through forex on green startups?
  • #154
  • Edited 12:22pm Feb 4, 2018 11:45am | Edited 12:22pm
Quoting tomorton
{quote} So your short answer to my short question, "What's your experience with UK retail forex trading? Spreadbetting specifically", would be - NONE.
Given your glib and flippant reply, seems to me you work for the "casino"
  • #155
  • Edited 12:37pm Feb 4, 2018 11:49am | Edited 12:37pm
Quoting Robertk
{quote} No economic purpose? Honestly, retail trading forex is actually doing more good to the real economy than so many other products created by the financial sector. Subrime mortgages, credit default swaps, countries that are so far in debt that they need to get another loan, just to pay off the first debt. The whole financial sector is a mess. Yet you complain about retail forex not contributing to the economy. You obviously are not able to put things in a bigger perspective anymore Mingary... Oh, and by the way, retail forex can very well be...
It is doing some good to the real economy in the sense that customer funds become broker revenue. Over time ALL the funds in ALL the customer accounts are wasted away in transaction cost.
The ONE and ONLY economic purpose is to provide jobs for brokers and trading related product vendors.
  • #156
  • Feb 4, 2018 12:03pm Feb 4, 2018 12:03pm
Quoting Mingary
{quote} There is no way retail forex can be doing any good for the economy since over time ALL the funds in ALL the customer accounts are wasted away in transaction cost. The ONe and ONLY economic purpose is to provides jobs for brokers and trading related product vendors.
So there is an economic purpose. Live and let live, is what I say.
  • #157
  • Feb 4, 2018 12:08pm Feb 4, 2018 12:08pm
Quoting Mingary
{quote} There is no way retail forex can be doing any good for the economy since over time ALL the funds in ALL the customer accounts are wasted away in transaction cost. The ONe and ONLY economic purpose is to provides jobs for brokers and trading related product vendors.
You sound like a bitter person that just cant make it in the trading world.. guess what? there is TONS of "retail" traders that live from this and make money out of it consistently every month

Dont pass your PERSONAL feelings and experience to everyone as a rule, get over it (that was a free tip btw)
  • #158
  • Edited 12:33pm Feb 4, 2018 12:20pm | Edited 12:33pm
Quoting havo
{quote} You sound like a bitter person that just cant make it in the trading world.. guess what? there is TONS of "retail" traders that live from this and make money out of it consistently every month Dont pass your PERSONAL feelings and experience to everyone as a rule, get over it (that was a free tip btw)
"there is TONS of "retail" traders that live from this and make money out of it consistently every month"

Wrong. Unless your TON is floating in outer space where it weighs NOTHING

But seriously, no one makes money in retail forex, and certainly no one makes a living at it. Those who claim otherwise are either scammers, brokers, dumb and gullible or they are selling something which is where the money is --- not in the trading.

Society will be better off when it's banned for good.
  • #159
  • Feb 4, 2018 12:28pm Feb 4, 2018 12:28pm
Quoting todor113
{quote} As far as I know margin call is not close of trade. They close at pre set percentages of margin , not always 100%Your draw down can be bigger than your account , thats called negative balance.... /swissi ?/
Well it used to be a phone call back in the day - thus a margin call asking you to stump up extra margin for your position, but nowadays they'll close it, although there might well be a buffer of a a few percent.

The negative balance happens when there's zero liquidity. With the swissy, brokers got caught short and couldn't even zero out their own books. Positions thus stopped way outside normal bounds, stops and margin call triggers, leaving punters with positions filled hundreds of stops away from where you'd expect. Not common but pretty when it happens.
  • #160
  • Feb 4, 2018 12:34pm Feb 4, 2018 12:34pm
Quoting Mingary
{quote} Given your glib and flippant reply, seems to me you work for the "casino"

This is a joke, but very predictable, I've been accused of being a paid stooge before.

What I reply is that paid stooges don't exist for UK-based and FCA-regulated SB companies. I don't receive any remuneration from any SB firm (or any firm of any kind) and never have. I have no connections with them not even as a shareholder, except for my SB account.

What I would suggest is to prove paid SB stooges exist, you contact any and all the firms as described that you wish and offer your services for remuneration. In fact, offer them for free. You'll get nowhere. Your stupid accusation is the dimmest idea ever if you really think unnamed firms would pay me to boost the reputation of the sector on trader forums.

Good luck in life, you're going to find it hard, being so stupid and all.
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