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Breaking: Australian Parliament Passes Product Intervention

  • #201
  • Dec 12, 2020 3:22am Dec 12, 2020 3:22am
Quoting RickM
{quote} I don’t agree that having to put more money into your account is a bad thing. Lets be honest, how many newbies put $200 into a forex account after watching a online video and lose it within a few days. Where else in the world do you get such cheap finance with incredibly cheap fees. No where, it’s too good to be true. Perhaps traders will now think more carefully about there trading in the future and start winning more. My only concern is the security of my increased funds I will now have to pay into my brokers account. I will need to have...
1:30 leverage should be fair condition for new traders who just start with forex but not for us who trade fx 5,10,15 years yet...i will keep 1:500 with no asic regulation
  • #202
  • Dec 12, 2020 4:50am Dec 12, 2020 4:50am
ASIC's Chairman Shipton is a gob-shite. Just look at his performance at the Hayne Banking Commission. Oh, and hasn't he been stood down for a stonking personal tax advice bill, dealing with his repatriation to Oz from the US. His deputy Chair, allegedly quit when he had to repay a rental bill that he incurred in Sydney. ASIC, fit for purpose?
  • #203
  • Edited 7:24am Dec 12, 2020 6:53am | Edited 7:24am
asic is a dog and pony show

https://asic.gov.au/about-asic/news-...d-protections/

worst i can see is is about equity cfd's and people failling into negative balance.. anyone know their justification for putting forex into the same basket?

During a volatile five-week period in March and April 2020, the retail clients of a sample of 13 CFD issuers made a net loss of more than $774 million. During this period:

  1. over 1.1 million CFD positions were terminated under margin close-out arrangements (compared with 9.3 million over the full year of 2018)
  2. more than 15,000 retail client CFD trading accounts fell into negative balance owing a total of $10.9 million (compared with 41,000 accounts owing $33 million over the full year of 2018). Some debts were forgiven.

ASIC Commissioner Cathie Armour said, ‘Heavy losses sustained by retail clients trading in highly leveraged CFDs and ongoing market volatility during the COVID-19 pandemic highlight the need for stronger CFD protections in the product intervention order.’

grist for the mill
  • #204
  • Dec 17, 2020 2:22am Dec 17, 2020 2:22am
Quoting JackJones
anyone know their justification for putting forex into the same basket?
Snb Chf flash crash
Gbp brexit flash crash
Jpy flash crash in jan 2019


Anw, latest i heard was that copy trading is now under ASIC's radar.
Some bloke that offered signals and copiers thru IC markets lost millions of dollars under management while trading the US elections.

Turned out, many of these "clients" were very young had to have their parents present when they attended some restituition meeting after.
  • #205
  • Dec 17, 2020 12:33pm Dec 17, 2020 12:33pm
There is only one reason for these regulations, they are not put in place for protecting retail traders from a financial calamity, they are implementing these changes as a deterrent. You are much less of a threat now to those who still have access to the higher leverage ( professional traders ). They will bully you into margin call positions really easy. because It's a lot more easy to margin call a low leverage account.

The entire point of lower leverage is to eliminate low income earners from entering the market, the best way to keep them in a job is to make sure you do not have access to that leverage. You stimulate the economy by flipping the burgers while those with larger capital reserves can sit on the computer and stimulate it via trading.

That is the point, they want, low skill, low income earners to make sure they are holding jobs and not trading. They view it as both a shortcut to success and also a social liability that if the retail trader goes into financial ruin, they claim social security from the government rather than a wealthy person with capital reserves won't and can't claim social security.

There is no other reason. This is why the entire world has now shuffled pretty much everyone onto 30:1 leverage. If you want access to higher leverage you need to risk brokers who are not regulated, you must trust them a lot, and even then if shit hits the fan you might never get your money if they go belly up.

This is why I laugh at retail traders who think 30:1 is good. You're basically thanking them for giving you lashes as a slave. Regulators have managed to convince the public and the industry that lower leverage is safer, when even in their submissions you can tell it's not about protecting the consumer, it's about keeping them away.
  • #206
  • Dec 17, 2020 10:22pm Dec 17, 2020 10:22pm
Quoting Bicarus
{quote} Snb Chf flash crash Gbp brexit flash crash Jpy flash crash in jan 2019 Anw, latest i heard was that copy trading is now under ASIC's radar. Some bloke that offered signals and copiers thru IC markets lost millions of dollars under management while trading the US elections. Turned out, many of these "clients" were very young had to have their parents present when they attended some restituition meeting after.
Funny in a sad way - howd the kids get the money and now its not their fault?.. but take the wins they act like a genius no doubt

30:1 will kill a lot of the trade copy accounts, providers will need to go offshore and relog their performance to get accounts, copiers will do much the same, what a mess.
grist for the mill
  • #207
  • Edited 7:56am Dec 18, 2020 7:29am | Edited 7:56am
Quoting Bicarus
r ASIC's radar. Some bloke that offered signals and copiers thru IC markets lost millions of dollars under management while trading the US elections.
maybe it was to do with the fact ic markets login and account management during the election day event WENT OFFLINE.. i remember trying to do even basic things and it was not working.

and yes, because monetary wealth somehow limits harm and losses.. star witnesses :

Top 10 Craziest Rogue Traders

Inserted Video
grist for the mill
  • #208
  • Jan 11, 2021 6:11am Jan 11, 2021 6:11am
Quoting tomislav
{quote} Thanks for that. I just spoke to Black Bull and they do accept NZ clients as of August this year due to a lengthy licensing process that has been completed. As for the hedging... the customer service rep couldn't specify on that. Their feed looks very good so I'm going to go with it for now. Thanks.
How did you go with Black Bull? I was thinking of going with them or TradeViewForex
  • #209
  • Edited 8:42pm Jan 12, 2021 8:13pm | Edited 8:42pm
Quoting Mark9999
{quote} How did you go with Black Bull? I was thinking of going with them or TradeViewForex
blackbull only seems to have a few fx pairs to trade, the tradeview signup looks promising but the accounts hmm
grist for the mill
  • #210
  • Edited 12:35am Jan 13, 2021 12:21am | Edited 12:35am
Quoting JackJones
asic is a dog and pony show worst i can see is is about equity cfd's and people failling into negative balance.. anyone know their justification for putting forex into the same basket? During a volatile five-week period in March and April 2020, the retail clients of a sample of 13 CFD issuers made a net loss of more than $774 million. During this period: over 1.1 million CFD positions were terminated under margin close-out arrangements (compared with 9.3 million over the full year of 2018) more than 15,000 retail client CFD trading accounts fell...
ASIC are confused as to two distinct issues.

1. People losing money
2. People going into negative balance.

I don't know a single trader who does not lose money. Everyone is in the first set. This does not give Big Brother any right to come into our homes and look over our shoulder.

Due to the minority (everyone in Generation Z? See posts 204 and 206) in the second category, everyone is penalised.

This is not how good public policy should be formulated. It is worse than lazy, it is incompetent. Good regulation of the free market needs to address the specific problem. I would suggest tightening up the licencing of CFD brokers so that clients simply cannot go into negative territory. Its what is in place in the futures industry regulations, sort of.

Many people have fallen out of their bed at some point in their lives. Tragically, a very small percentage of people who fall out of bed die as a result of that happening, for whatever reason. The solution is not to make it really difficult for people to go to bed. Yes yes, I know there are probably better analogies, so eat me.
  • #211
  • Jan 13, 2021 4:02am Jan 13, 2021 4:02am
Quoting JackJones
{quote} blackbull only seems to have a few fx pairs to trade, the tradeview signup looks promising but the accounts hmm
27 Pairs, how may do you need..?
https://blackbullmarkets.com/en/trading/forex
  • #212
  • Jan 13, 2021 7:40am Jan 13, 2021 7:40am
Quoting drayzen
{quote} 27 Pairs, how may do you need..? https://blackbullmarkets.com/en/trading/forex
28 audsgd

HOTfx isnt accepting aud residents
grist for the mill
  • #213
  • Edited 7:55pm Feb 5, 2021 4:19pm | Edited 7:55pm
Quoting Mark9999
{quote} How did you go with Black Bull? I was thinking of going with them or TradeViewForex
Hey Mark I have opened a real money account with Black Bull and they look good. Their identity check process is very thorough. I'm running a demo for now and it's a similar feed to Pepperstone with slightly higher spreads overall. Black Bull also has slightly less ticks when compared to Pepperstone but it's close enough.

When you deposit with a Mastercard/Visa they deduct the transaction fee from your deposit/withdrawal. Pepperstone actually absorbs that fee. You can deposit via bank transfer into Black Bull but when you withdraw, they will charge you a $20 fee. The better option is to qualify as a "pro trader" with Pepperstone so one can keep the 500:1 leverage.

Black Bull is good but their penny pinching is a turn off. I actually called them stingy for not absorbing the fees.
  • #214
  • Edited 10:15am Feb 7, 2021 10:00am | Edited 10:15am
Quoting tomislav
{quote} Hey Mark I have opened a real money account with Black Bull and they look good. Their identity check process is very thorough. I'm running a demo for now and it's a similar feed to Pepperstone with slightly higher spreads overall. Black Bull also has slightly less ticks when compared to Pepperstone but it's close enough. When you deposit with a Mastercard/Visa they deduct the transaction fee from your deposit/withdrawal. Pepperstone actually absorbs that fee. You can deposit via bank transfer into Black Bull but when you withdraw, they will...
What are the requirements to qualify as a pro trader with pepperstone?

Also, if pepperstone is so good, why consider blackbull?

I had a look and it seems like their criteria is actually very easy? Just need to show a bit of volume and pass a test?
  • #215
  • Mar 26, 2021 1:07am Mar 26, 2021 1:07am
Guys, the changes are about to go live, I hope you are prepared for this. It's happening, for better or worse.
  • #216
  • Edited 8:29am Mar 26, 2021 8:14am | Edited 8:29am
Well the Leverage Crap is about to hit Town....Just another way for Big Brother to keep his Big boots on the heads of the small man and keep him down whilst the big boys from the upper part of town screw the system...This will not stop people from losing money and in fact it may make it worse with the new Reward to Risk Ratio........May be time to take up a new Hobby or find a nice Lady living on a Carribean Island to look after me....
Attached Image
Ronnie Renko
  • #217
  • Jun 24, 2021 1:53am Jun 24, 2021 1:53am
Black Bull Markets have moved all their currency pairs bar one into negative swaps for long and short. For that reason I have closed my account and cannot recommend them.
All the best everyone.
  • #218
  • Jun 24, 2021 8:38am Jun 24, 2021 8:38am
Quoting tomislav
Black Bull Markets have moved all their currency pairs bar one into negative swaps for long and short. For that reason I have closed my account and cannot recommend them. All the best everyone.
The lack of competition nowdays is concerning for sure, but what other brokers would you then recommend?
  • #219
  • Edited Jun 25, 2021 12:45am Jun 24, 2021 4:32pm | Edited Jun 25, 2021 12:45am
Quoting Starcraftmaz
{quote} The lack of competition nowdays is concerning for sure, but what other brokers would you then recommend?
I went back and "re-engaged" with Pepperstone. Thumbs up.
  • #220
  • Last Post: Jun 21, 2022 6:23pm Jun 21, 2022 6:23pm
I am with blackbull.. ok so far credit card was rejected bank says its black bull blackbull says its the bank so I went to ANZ did a direct deposit there as it is their bank and no fee that I know of. If you do a direct deposit just remeber to remark your blackbull account # to save hassles.
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