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FX Trading in Europe under threat - act now

  • #241
  • Feb 6, 2018 1:45am Feb 6, 2018 1:45am
Quoting Mingary
Anyhow. All very predictable. Bottom line truth is: Retail forex does some real damage, it serves no purpose except that it provides jobs for brokers and forex related product vendors. It is an industry that feeds on its customers while the customer aggregate gets "no value for money" in return and whose business practices are infamously "dodgy". It should be banned (preferred choice), or heavily regulated as some sort of "glorified casino" This is my vote on this issue.

It shouldn't be banned because I am making money from it. There is no business venture on earth that has a 100% success rate, most new restaurants fail faster than you can say stop-loss, yet strangely no ignorant busy-bodies want them banned.
  • #242
  • Feb 6, 2018 2:12am Feb 6, 2018 2:12am
Quoting tomorton
{quote} It shouldn't be banned because I am making money from it. There is no business venture on earth that has a 100% success rate, most new restaurants fail faster than you can say stop-loss, yet strangely no ignorant busy-bodies want them banned.

@Mingary wants it banned, because he is a loser. Imagine an ugly woman - or a man, for that matter - who wants to ban all the beauty contests around the world, because he/she will never stand a chance of winning one. Imagine an uneducated guy, who wants to ban Nobel Prize, The Fields Medal and all scientific research just because he/she is unable to get one, or participate in one.
  • #243
  • Feb 6, 2018 2:29am Feb 6, 2018 2:29am
Appropriately just as this thread derails into one man's crusade against his reflection, the feedback window is now closed. Be back in a few weeks when we know the outcome. I didn't want to agree with whoever it was who posted it at the time, but I suspect it *IS* a done deal. However, it's always worth putting up a fight because you never know 100% for sure.

Cheers to everyone for feeding back and keeping this thread going over the period.

Now let's keep our fingers firmly crossed.
  • #244
  • Feb 6, 2018 2:35am Feb 6, 2018 2:35am
Quoting 9jatrader
{quote} Mingary is bored in life and just want to hang out with anti-retail comments. Maybe we have to sympathize with him in his boredom. Be your brother's keepers
Wise words
  • #245
  • Feb 6, 2018 2:48am Feb 6, 2018 2:48am
Great work by the 13,000+ people who responded to the ESMA consultation, 98% of whom were negative.

Good work by IG in helping publicise the proposals and organise opposition.

Bad work by LCG who didn't do this.

Strangely energetic activity by posters who vehemently wanted SB, CFD's and binary options banned. Yet none could point to any direct personal experience they had in any of these fields. In fact, none were very forthcoming with information and suggestions about the advantages of alternative means of access to the markets.

I don't understand these guys: they say they don't want new traders to get fleeced, but they sit back and avoid helping them navigate their way to a better approach. All it would take would be a few posts of a few paragraphs each, but nothing came from them.
  • #246
  • Edited 3:39am Feb 6, 2018 3:21am | Edited 3:39am
Greedy brokers.
  • #247
  • Feb 6, 2018 4:38am Feb 6, 2018 4:38am
Quoting tomorton
Great work by the 13,000+ people who responded to the ESMA consultation, 98% of whom were negative. Good work by IG in helping publicise the proposals and organise opposition. Bad work by LCG who didn't do this. Strangely energetic activity by posters who vehemently wanted SB, CFD's and binary options banned. Yet none could point to any direct personal experience they had in any of these fields. In fact, none were very forthcoming with information and suggestions about the advantages of alternative means of access to the markets. I don't understand...
yup. am using a broker that's IG's subsid. They keep reminding clients to respond to the consultation even they seem to be supportive on ESMA's proposal.
IG's trading platform is rather complicated though. Not receiving info. regarding ESMA's move from other brokers.
  • #248
  • Feb 6, 2018 4:43am Feb 6, 2018 4:43am
Quoting tomorton
{quote} It shouldn't be banned because I am making money from it. There is no business venture on earth that has a 100% success rate, most new restaurants fail faster than you can say stop-loss, yet strangely no ignorant busy-bodies want them banned.
Agree. If forex needs to be banned, so do other derivatives where there're tons in the markets. These are tools where traders have freedom of choice on which one to use. Wonder why ppl dislike forex are in these threads.
  • #249
  • Feb 6, 2018 6:22am Feb 6, 2018 6:22am
Quoting xy76
{quote} @Mingary wants it banned, because he is a loser. Imagine an ugly woman - or a man, for that matter - who wants to ban all the beauty contests around the world, because he/she will never stand a chance of winning one. Imagine an uneducated guy, who wants to ban Nobel Prize, The Fields Medal and all scientific research just because he/she is unable to get one, or participate in one.
Imagine that you wanted to ban DDT in the 1950s .. you would be very unpopular.
People such as yourselves would be in an uproar (:
Yeahh DDT is good for you.

Inserted Video


Y'all enjoy your pesticide you hear (:
  • #250
  • Feb 6, 2018 6:57am Feb 6, 2018 6:57am
Not sure what your bizarre “cause and effect” claim comes from, or relates to...

Look, it’s this simple, you retail punters are mugs, trust me on this as you obviously can't trust yourself; I’ve been the other side of your bets, you’re all losers, bar a tiny percent, who don’t take out of the market what I’d consider to be a worthwhile income.

I’ve traded for over 20 years, at all levels, I’ve seen it all, seriously ALL. You haven’t got a clue what you’re up against, which is why any measures authorities can take, in order to protect you fools from your own arrogant stupidity, I’ll always applaud.

Quoting triphop
{quote} 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.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #251
  • Feb 6, 2018 6:59am Feb 6, 2018 6:59am
Nobody wants to ban Forex. The regulators just want to keep the suckers' money in the house (in Europe) just like US regulators found a way to keep their own suckers' money at home...Just like a pimp would not want his whores to work for someone else, he will threaten him not to take his whore's money because they belong to him. That's why US regulators threatens other countries not to accept their suckers' money.
Europe will do the same.

And you know what...the whores are often ready to fight for their own pimp because he knows how to make them dreaming about a better life and he gives them excitement, emotions and drugs that will keep them addicted to him.
Don't give up on your dreams. Keep sleeping.
  • #252
  • Feb 6, 2018 7:00am Feb 6, 2018 7:00am
Oh Dear God, I thought you were a student. Wow, just wow.

Quoting tomorton
{quote} I'm retired, I receive only a local government pension plus what I make from trading.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #253
  • Feb 6, 2018 7:10am Feb 6, 2018 7:10am
Delusional, ranting, nonsense. In a recent study the French AMF discovered that circa 95% of punters lost money trading markets, particularly CFDs, that’s right; even in a MOMO environment, FOMOs lost money, the average loss was €10k per punter. Leverage needs to be reined in, punters need to know what they’re up against, trading needs to be discouraged and controlled, a bit like the U.K. authorities taking the maximum stake on FBOTs down to a fiver. Increased and reckless leverage encourages excessive risk, and creates disproportionate losses. Reducing it to sensible levels might encourage potless gamblers to get to grips with their addiction and fantasies.



Quoting Artcool
Nobody wants to ban Forex. The regulators just want to keep the suckers' money in the house (in Europe) just like US regulators found a way to keep their own suckers' money at home...Just like a pimp would not want his whores to work for someone else, he will threaten him not to take his whore's money because they belong to him. That's why US regulators threatens other countries not to accept their suckers' money. Europe will do the same. And you know what...the whores are often ready to fight for their own pimp because he knows how to make them...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #254
  • Feb 6, 2018 7:30am Feb 6, 2018 7:30am
Quoting Spreadbetter
Delusional, ranting, nonsense. In a recent study the French AMF discovered that circa 95% of punters lost money trading markets, particularly CFDs, that’s right; even in a MOMO environment, FOMOs lost money, the average loss was €10k per punter. Leverage needs to be reined in, punters need to know what they’re up against, trading needs to be discouraged and controlled, a bit like the U.K. authorities taking the maximum stake on FBOTs down to a fiver. Increased and reckless leverage encourages excessive risk, and creates disproportionate losses....
it should be the responsibility of the individual.

circa 99.99% of the ppl never win the lottery jackpot.
yet lottery -pure gambling- is not only encouraged, but also has no limit on the number of tickets a punter can purchase.
there is always, always another trade!!
  • #255
  • Feb 6, 2018 8:20am Feb 6, 2018 8:20am
Quoting profitfarmer
{quote} it should be the responsibility of the individual. circa 99.99% of the ppl never win the lottery jackpot. yet lottery -pure gambling- is not only encouraged, but also has no limit on the number of tickets a punter can purchase.
Ummm.. I would like to give a different example. You would be fined if you drive without seat belt. Yet it is your life your responsibility why they bothered so much with seat belt issue .
  • #256
  • Feb 6, 2018 8:26am Feb 6, 2018 8:26am
Quoting Kxeroo
{quote} Ummm.. I would like to give a different example. You would be fined if you drive without seat belt. Yet it is your life your responsibility why they bothered so much with seat belt issue .
Because it cost a lot of money to the hospitals and the insurance companies to treat you, probably for all your life, or to have to pay a big amount of life insurance to your wife.
Don't give up on your dreams. Keep sleeping.
  • #257
  • Feb 6, 2018 8:27am Feb 6, 2018 8:27am
I disagree, the retail industry needs far more oversight and control, there's been improvements but some areas and parts of the industry act like the Wild West. Consumers need protection; from their own limitations, ignorance and arrogance, and unscrupulous behaviour.

Quoting profitfarmer
{quote} it should be the responsibility of the individual. circa 99.99% of the ppl never win the lottery jackpot. yet lottery -pure gambling- is not only encouraged, but also has no limit on the number of tickets a punter can purchase.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #258
  • Feb 6, 2018 8:37am Feb 6, 2018 8:37am
Quoting Mingary
{quote} The above is true for the futures market. It's false for retail forex. First of all on a good day the FX market may top 250 billion - only 3 percent maximum of the much touted 6 trillion. How can a 3 % liquidity be useful for anything ? It's impact on real commerce is essentially ZERO. Retail forex is a game onto itself that is totally disconnected from the total amount of all currency transactions on the entire planet. Do you really think when toyota wants to build a plant in the US and needs to convert 500 million into yen you will actually...
are you trying to say that there are 'other' price feed for currencies, specifically for 'big players', in your example toyota will see other currency rates for lets say USD/JPY than we, retail traders, see on broker platform?
  • #259
  • Feb 6, 2018 8:39am Feb 6, 2018 8:39am
Quoting Spreadbetter
I disagree, the retail industry needs far more oversight and control, there's been improvements but some areas and parts of the industry act like the Wild West. Consumers need protection; from their own limitations, ignorance and arrogance, and unscrupulous behaviour. {quote}
You are a bit naive. Nobody wants to protect you. Who cares to protect your ass from yourself. The only thing that matters for the governement is your money. You need to pay taxes and you need to spend what is left in the house so you will pay even more taxes when you spend it and the receivers pay also taxes on the money you spend, then will spend also a part of it, hence more taxes paid and so on... If your money benefits to someone else abroad, this is where the problem is.
Don't give up on your dreams. Keep sleeping.
  • #260
  • Feb 6, 2018 8:55am Feb 6, 2018 8:55am
Quoting Kxeroo
{quote} Ummm.. I would like to give a different example. You would be fined if you drive without seat belt. Yet it is your life your responsibility why they bothered so much with seat belt issue .
in the end it is still down to the individual to have the seatbelt on or not.
knowing the consequences, but still have the power to decide.

the fine = financial regulator, like FCA, or ASIC. nothing more.
there is no limitation that dont let you drive unless your belt on. the most my car does an alarming beeping...
there is always, always another trade!!
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