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FX Trading in Europe under threat - act now

  • #261
  • Feb 6, 2018 8:55am Feb 6, 2018 8:55am
It’s criminally naive to believe in the free market, or to trust in the motivation and desire of financial institutions to self regulate. Of course many govts and authorities in Europe, want to protect consumers.

Quoting Artcool
{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.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #262
  • Feb 6, 2018 9:10am Feb 6, 2018 9:10am
Quoting Mingary
{quote} 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. https://www.youtube.com/watch?v=gtcXXbuR244 Y'all enjoy your pesticide you hear (:

We're not talking about DDT. We're talking about UK financial spreadbetting, CFD trading and binary options. That's what the ESMA proposals relate to, not insecticide control.
  • #263
  • Feb 6, 2018 9:13am Feb 6, 2018 9:13am
Quoting Spreadbetter
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...

Well, its encouraging that you care so maybe your compassion for fellow humans is such that you want to see private retail traders given more protection.

Say the ESMA proposals go through (or even if they don't) what would you recommend a UK-based spreadbetting client do?
  • #264
  • Feb 6, 2018 9:16am Feb 6, 2018 9:16am
Quoting alphaomega
I told you guys - the fx game will be over soon! Your voice is irrelevant. They already made the decision. THEY want to get rid of the current financial system. THEY want to get rid of CASH. THEY want centralized electronic fiat. Look around! These regulations are global! Japan, USA, Russia, Turkey and NOW EUROPE!. WAKE UP! THEY don't want YOU to speculate with financial instruments. WHO ARE THEY?? You know who they are! I can't say their name because they will delete my post. Forex is the only legal regulated market with such low entry barrier....
what ever you are smoking is really powerful.
  • #265
  • Feb 6, 2018 9:17am Feb 6, 2018 9:17am
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....

Get him Spreadbetter!
  • #266
  • Feb 6, 2018 9:17am Feb 6, 2018 9:17am
Years of fighting against the rotten retail forex industry, I looks like good arguments can't be buried even by a tremendous marketing budget.
These are all steps in the right direction...ESMA is finally starting to do their job - better late than never.

 

  1. Marketing ban for retail forex will come or is already in place in some EU countries.
  2. leverage cap to a far more reasonable level will come or caps have already been established in some countries - 5:1 is sufficient
  3. negative balance protection is a must - a broker that offers high leverage, but isn't able to provide enough liquidity and shuts down his systems so traders can't even manage their positions must go out of business.....the faster the better.

Hope ESMA is tightening the grip real hard....

  • #267
  • Feb 6, 2018 9:19am Feb 6, 2018 9:19am
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}

Please give an example of "Wild West" behaviour by a UK-based and UK-regulated spreadbetting firm. I definitely want to know as I definitely don't want to trade with them.
  • #268
  • Feb 6, 2018 9:43am Feb 6, 2018 9:43am
Christ Tom? Where to start. I could write a book, maybe I should.

Quoting tomorton
{quote} Please give an example of "Wild West" behaviour by a UK-based and UK-regulated spreadbetting firm. I definitely want to know as I definitely don't want to trade with them.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #269
  • Feb 6, 2018 10:16am Feb 6, 2018 10:16am
Quoting Spreadbetter
Christ Tom? Where to start. I could write a book, maybe I should. {quote}

No, just a firm you've traded with who scammed you and what happened.
  • #270
  • Feb 6, 2018 10:18am Feb 6, 2018 10:18am
Quoting Spreadbetter
Christ Tom? Where to start. I could write a book, maybe I should. {quote}

Agreed.

Crooks

Just look at reviews of city index on google.

Prospreads are the only decent ones.

Maybe inter too
  • #271
  • Feb 6, 2018 11:51am Feb 6, 2018 11:51am
Quoting tomorton
{quote} We're not talking about DDT. We're talking about UK financial spreadbetting, CFD trading and binary options. That's what the ESMA proposals relate to, not insecticide control.
It's called an analogy.
  • #272
  • Feb 6, 2018 11:53am Feb 6, 2018 11:53am
Quoting tomorton
{quote} Please don't call me dude, its juvenile.
You strike me as someone quite young in his thinking .. so juvenile is correct.
  • #273
  • Feb 6, 2018 12:08pm Feb 6, 2018 12:08pm
Quoting 0toinfinity
{quote} what ever you are smoking is really powerful.
Yes, it is powerful. So powerful that at times I can see the future
  • #274
  • Feb 6, 2018 1:02pm Feb 6, 2018 1:02pm
Quoting Mingary
{quote} It's called an analogy.

Analogies are OK but if the best argument you can find to demonstrate your ideas on an issue today are correct is to show that some other people's ideas on another issue a long time ago were correct, then you are probably scraping the barrel.

But, let's see if I can possibly learn something (its never too late they say). My field of operation is UK-based, FCA-regulated financial spreadbetting. Do you have any direct personal experience with the firms that offer these services? I am a customer but I wouldn't want to have cash deposited with a firm that's likely to scam me. So I would be more than happy to listen to your experiences whether these are good or bad.
  • #275
  • Edited 11:27pm Feb 6, 2018 11:12pm | Edited 11:27pm
Quoting tomorton
{quote} Analogies are OK but if the best argument you can find to demonstrate your ideas on an issue today are correct is to show that some other people's ideas on another issue a long time ago were correct, then you are probably scraping the barrel. But, let's see if I can possibly learn something (its never too late they say). My field of operation is UK-based, FCA-regulated financial spreadbetting. Do you have any direct personal experience with the firms that offer these services? I am a customer but I wouldn't want to have cash deposited with...
Who is your broker ?
Are you using MT4 ?
Did you perform "due diligence" when choosing this broker ?
for instance:
Does it have - or had - complaints and lawsuits currently or in the past ?
How many customers do they have ?, is the company struggling financially ?
Have you tried to withdraw money, do they let you do it ?
Have you read anything about other customers saying anything about "something strange" that this broker may be doing with open trades and stops and the price feed?
  • #276
  • Edited Feb 7, 2018 12:17am Feb 6, 2018 11:41pm | Edited Feb 7, 2018 12:17am
Quoting AndyU
{quote} 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?
In house deals (97 % of the much touted 5 trillion currency exchange market) do not make it to retail. It has nothing to do with retail. The bank getting this 500 million deal would check on the interbank market (other banks) to see what rate they are offering (in a way, yes, that is the other price feed), given this info they will develop a strategy to make the most money for themselves from this deal.
The price on your MT4 terminal is whatever the interbank wants you to see (the best known price), there is nothing devious or underhanded or malicious about it. It's just that retail forex is insignificant.
  • #277
  • Feb 6, 2018 11:50pm Feb 6, 2018 11:50pm
Quoting Mingary
{quote} Who is your broker ? Are you using MT4 ? Did you perform "due diligence" when choosing this broker ? for instance: Does it have - or had - complaints and lawsuits currently or in the past ? How many customers do they have ?, is the company struggling financially ? Have you tried to withdraw money, do they let you do it ? Have you read anything about other customers saying anything about "something strange" that this broker may be doing with open trades and stops and the price feed?

I don't use a broker I have a spreadbetting account. I'm completely happy with them.
  • #278
  • Feb 6, 2018 11:54pm Feb 6, 2018 11:54pm
Quoting tomorton
{quote} I don't use a broker I have a spreadbetting account. I'm completely happy with them.
Which spread betting "company" then ?
  • #279
  • Feb 7, 2018 2:04am Feb 7, 2018 2:04am
Quoting Mingary
{quote} Which spread betting "company" then ?

Its not really important unless you're wanting to switch to SB.
  • #280
  • Feb 7, 2018 3:07am Feb 7, 2018 3:07am
Quoting tomorton
{quote} Its not really important unless you're wanting to switch to SB.
Tomorton,

What is SB?

Thanks
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