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  • #161
  • Feb 4, 2018 12:35pm Feb 4, 2018 12:35pm
Quoting Mingary
{quote} Given your glib and flippant reply, seems to me you work for the "casino"

But at the end of the day, though you talk a lot about financial spreadbetting, you've no direct personal experience in this have you?

Happy to hear if I might be wrong.
  • #162
  • Feb 4, 2018 12:43pm Feb 4, 2018 12:43pm
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"...
I don't believe you should pull up the ladder after you in life. You choose to believe ladders don't exist and spend your free time telling everyone so. Way to go.
  • #163
  • Feb 4, 2018 12:44pm Feb 4, 2018 12:44pm
Quoting tomorton
{quote} 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....
What else can I say if you are in favor of an operation that is infamous for its constant scamming of its customers.
  • #164
  • Feb 4, 2018 12:45pm Feb 4, 2018 12:45pm
Quoting Spreadbetter
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...
Is that really all you've learnt in 15 years? You've not found ANY cause and effect in FX whatsoever? Seriously? I'd be pissed as well but this explains a lot.
  • #165
  • Feb 4, 2018 12:47pm Feb 4, 2018 12:47pm
Quoting triphop
{quote} I don't believe you should pull up the ladder after you in life. You choose to believe ladders don't exist and spend your free time telling everyone so. Way to go.
You can probably guess what my feedback to the ESMA is going to be ..
  • #166
  • Feb 4, 2018 12:50pm Feb 4, 2018 12:50pm
Quoting Mingary
{quote} What else can I say if you are in favor of an operation that is infamous for its constant scamming of its customers.

You don't have to admit you don't know what you're talking about, its been obvious all along. You've never had an SB account, you've never done a SB, you've no personal experience with SB.

Why should anyone listen to you on this?
  • #167
  • Feb 4, 2018 1:04pm Feb 4, 2018 1:04pm
Quoting tomorton
{quote} You don't have to admit you don't know what you're talking about, its been obvious all along. You've never had an SB account, you've never done a SB, you've no personal experience with SB. Why should anyone listen to you on this?
And how would you know ?
You are trying very hard to dismiss the issue with your insane comments.

I am providing my feedback to the ESMA .. in a few words: Retail forex / Spread Betting are misery makers with no benefit to society same as gambling and drug abuse. Already banned in several countries this trend needs to continue.
  • #168
  • Feb 4, 2018 1:07pm Feb 4, 2018 1:07pm
Quoting Mingary
{quote} And how would you know ? You are trying very hard to dismiss the issue with your insane comments. I am providing my feedback to the ESMA .. in a few words: Retail forex / Spread Betting are misery makers with no benefit to society same as gambling and drug abuse. Already banned in several countries this trend needs to continue.

If you don't have any experience with UK financial spreadbetting, its no crime to just go ahead and admit it. Its just arrogant to pretend you're an expert in something in which you have zero experience and stupid to think anyone would give you any credence in the subject.
  • #169
  • Feb 4, 2018 1:09pm Feb 4, 2018 1:09pm
Quoting tomorton
{quote} If you don't have any experience with UK financial spreadbetting, its no crime to just go ahead and admit it. Its just arrogant to pretend you're an expert in something in which you have zero experience and stupid to think anyone would give you any credence in the subject.
You are the ASS in "assume"
  • #170
  • Feb 4, 2018 1:14pm Feb 4, 2018 1:14pm
Ladies and gents - the deadline for feedback is tomorrow.

For those still to do so, either use the post on the front page, or the survey posted in here - anything to ensure that you've made your mark.

Just one thing to note. I reckon we've got around 10 years of trading left. For some, the end can't come soon enough clearly. For others, it should focus your minds. This will not be around forever. The destination is inevitable but the speed of change we can - maybe - affect.

You will see all trading avenues shutting down over time, the barriers will get bigger and bigger. This is a combination of AI and the inevitable pushback from the banks on the increasing levels of transparency across all financial markets. If you can work through FTI's fairly heavily veiled thread in the first 100 pages it should shed some light, should you care.

No-one really gives a monkey about retail trading, except those with a neoliberal agenda that does not want any form of scrutiny on where the real money is being made. Remember that.

But then ... I know absolutely nothing.

Trade well all and don't let the naysayers dictate your future.
  • #171
  • Edited Feb 5, 2018 3:52am Feb 4, 2018 4:11pm | Edited Feb 5, 2018 3:52am
It's possible Mingary lost all his entire life savings to Forex. And so wishes to sow the seed of pessimism in the hearts of all traders. If you lost your life's savings, please take heart and move on
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #172
  • Feb 4, 2018 4:24pm Feb 4, 2018 4:24pm
Quoting Mingary
{quote} You are the ASS in "assume"

Well there you go. Your book must read, "When you can't win an argument, resort to name-calling."
  • #173
  • Feb 4, 2018 4:40pm Feb 4, 2018 4:40pm
Quoting Mingary
{quote} And how would you know ? You are trying very hard to dismiss the issue with your insane comments. I am providing my feedback to the ESMA .. in a few words: Retail forex / Spread Betting are misery makers with no benefit to society same as gambling and drug abuse. Already banned in several countries this trend needs to continue.

PS: Whether I'm insane is a question I have to leave open to an on-going diagnosis.

But even if I am insane, I'm certainly making a good deal of money out of spreadbetting. He said, laughing crazily on the way to the bank!

Have a great week.
  • #174
  • Feb 4, 2018 4:50pm Feb 4, 2018 4:50pm
Guys, it is not 1:5 all across the board exactly. Instead, it is 1:30 for majors, 1:20 for minor currencies, gold and major indices, 1:10 for other commodities and 1:5 for cryptos.
  • #175
  • Feb 4, 2018 4:59pm Feb 4, 2018 4:59pm
And also, beware of this:

Publication of responses
All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.
  • #176
  • Feb 4, 2018 5:03pm Feb 4, 2018 5:03pm
Quoting tomorton
{quote} PS: Whether I'm insane is a question I have to leave open to an on-going diagnosis. But even if I am insane, I'm certainly making a good deal of money out of spreadbetting. He said, laughing crazily on the way to the bank! Have a great week.

Do you see some uk spread betting firms closing down?

How long have you been a pro trader?

Kind regards,

Goose
  • #177
  • Feb 4, 2018 5:40pm Feb 4, 2018 5:40pm
Quoting goose4
{quote} Do you see some uk spread betting firms closing down? How long have you been a pro trader? Kind regards, Goose

If this goes through I see maybe 2 or 3 big firms taking whichever 10% of clients that are still in the game, all the rest close their SB/CFD services or go off-shore.

Don't know what you mean by pro trader, I have had SB accounts since March 2003.
  • #178
  • Edited 7:58pm Feb 4, 2018 7:32pm | Edited 7:58pm
Quoting Mingary
I would like a retail forex enthusiast to explain to me why retail forex should not be banned ?..
Even retailed forex is an insignificant part of total forex market. Probably around 6% to 8% of the total. It still has tremendous value to society. It provides both price discovery and liquidity to everyone. The more participants in a market, the less volatile and the more liquidity and the more accurate the price is.

Without the retailed forex market, everyone will pay a cost 6.0% or more when they do the financial transactions. Imagine when you travel abroad, you convert your money to other currency. Let say you convert 10,000 USD to EURO. It is costing you 6% or more, rough $600 to $800. Most companies nowadays import and export raw materials like iron, coffee beans, cocoa, etc.. and products like laptops, cellular phones, etc.. from other countries. When they do the financial transactions across nations, they will pay extra 6% or more. Let say you buy hundred thousand barrels of crude oil from Middle East. You pay $1,000,000 USD. The less accurate price will cost you $60,000 USD just for this transaction. If you do it a lot each year, it is going to eat into the profits. It will cost millions and millions of dollars each year.

All in all, it will drive up the cost of everyone doing business by at least 6%. The poorer will get poorer because as a customer they they have to pay 10% or more every time they buy things. It is like an additional tax on everyone. We have already pay a lot of sales tax on things we buy. Imagine if merchants add an extra 10% or more to the sales tax we have already paid. Remember 6% price cost is for producers and wholesalers. When they will move the cost to the customers, the cost is going to multiplier to 10% or more for products to recuperate their cost. We are not going to be a happy camper.
  • #179
  • Feb 4, 2018 8:48pm Feb 4, 2018 8:48pm
More market participants is better than less market participants. Taking that to the extremes makes that clear.
  • #180
  • Feb 5, 2018 1:56am Feb 5, 2018 1:56am
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"...
There is that thing called 'freedom', as in 'personal freedom', or 'freedom of choice'.

Tobacco, alcohol etc. are not banned. They are regulated and that is a fundamental difference.
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