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Quoting Masterrmind

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{quote} For those traders not affected by ESMA rules it is business as usual. Whilst the affected ESMA traders will need to be more selective and more creative in their FX trade planning. Perhaps trading only a few pairs and at much lower volumes than what they might be used too. Leverage as low as 1 to 1 still allows a trader to open say 0.01 lots with Equity as low as $1300-$1400 depending on overall broker margin reqts. With 2K-5K start capital a trader can open several small positions at a leverage of only 1 to 1 so 10, 20 or 30:1 is going to...

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Quoting OAPDave

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{quote} The attraction for me to play this game was the high leverage (do'nt mind being called a gambler) as I am realistic enough to say that I am no pro trader, the problem I have now is that not only do they want even more money to open an account (we will not go into if your brokers is honest or even gives interest on your unused balance ) the cost once in the trade, to run it is the same, but we now have to be careful as we could get closed if our account value drops below 50% so with negative swaps and a number of trades running it seems a...

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Quoting Masterrmind

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{quote} I believe many other traders saw the high leverage as a real attraction. Small outlay with the chance of a high return. Some traders make very good use of high leverage and some do not. But it was an individual traders choice. Now the choice has been ripped from them. No doubt there are thousands if not more very very unhappy traders out there ! Masterrmind............

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Quoting OAPDave

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{quote} Yes it was a (new) industry once and I believe it was used to draw in customers, at that time there was very little in the way of software, but over time it as evolved with very clever guys creating better and better charting programmes, ea, robots even indicators that have become more widely available to the little guy, to the point our understanding of the product as greatly increased and also our chances of taking a few bob off them on a regular basis

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Quoting Masterrmind

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{quote} Yes a high leverage approach to a capable trader can generate a quick return in one trade that might mean several entries on much lower leverage. Instead of being in and out and you're done, its take a little bite, hope you get the next entry right and take another small bite, and so on and so long until the same gain in Equity is achieved. A bit like watching grass grow if you are used to high leverage and then get hit with low leverage. As I say, traders will need to firstly adjust and then perhaps completely re-design their trading approach....

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Quoting OAPDave

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{quote} The game holds very little interest for me now, to me the slight edge I had ( fairly good money-management ) as been nullified, my method of, if need be adding extra trades at predefined levels, as been made more costly to implement, not really interested in watching grass grow and not willing to play with silly money again ( done that when hit by the Twin Towers and Enron) when there are more cost effective greener pastures that interest me, so will just stick around until October then see how the land lies and see what the brokers come...

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Quoting Masterrmind

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{quote} Adding into positions is a well founded trading technique, no matter what instrument you care to trade. Start with low volume and build into the position. Given a similar start balance and 2 very different leverages, position adding might mean 1 to 2 entries now as opposed to 10. Clearly the trading strategies and planning will need to be re-aligned and modified. I can see your point about losing interest especially if adding much larger chunks of capital to your trading account is undesirable. {image} Masterrmind.............. ...

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Quoting OAPDave

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{quote} Inject more money into your account, take a number of positions but if your account drops by 50% they close your positions, to stop you losing all your money, so in reality you can never ever drop below 50% of your account when trading ? or you can only ever have half your account at risk.

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Quoting Masterrmind

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{quote} Yes I saw that 50%, its just another way of forcing traders to strictly manage their accounts. Not only is the leverage reduced but also the ability to swing your account through some steep DD episodes. Basically, manage your account like a professional or we'll take over and do it for you ! Education is the best approach. Masterrmind.............

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Quoting OAPDave

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{quote} Silly question, if i double my account to £100,000 and run my account like a pro, what do I earn off the £50,000 that's sitting idle ?

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Quoting OAPDave

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I guess Not me, now last silly question, I move my GBP account to say the Land of Oz, so it gets transferred to Aussie dollars at a cost to me ? now as I am a pro trader (think not) but after a period of time I manage to do ok so i decide to bring home say £25,000 but it needs to go back into my bank in GBP so another charge ? well i guess we are play FX after all

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Quoting Masterrmind

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{quote} No not you. If you choose the right broker many of them nowadays do not charge deposit or withdrawal fees. International wire transfers however usually have a fee attached and the fee varies widely based on choice of broker and other conditions. Read the small print, all the PDF's outlining the Terms and Conditions found on the brokers website. Best advise I can give to you is to start a search online and start making a list of likely candidates (brokers). There are a limited number of Australian regulated (ASIC) brokers which offer some...

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