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  • #27,261
  • Dec 13, 2023 6:41am Dec 13, 2023 6:41am
Quoting Quickly
{quote} And apparently there are STILL people who’d prefer them to ignore it!! {quote} Correction: they might prefer not to ask themselves anything as intelligent, sensible or relevant as you suggest, because some are ignorant, misguided conspiracy theorists incapable of any intelligent, sensible or relevant conversation, as you can see pretty unmistakably from the comment immediately following your insightful post above! {quote}
So, tell me, how DOES the CFTC protect traders exactly?
No FIFO/hedging- good or bad for trader?
Low leverage- meeaning I must put up 2,000 in margin to trade one standard lot of EURUSD, which I can do for 200 offshore-good or bad?
No protection of funds in forex accounts- good or bad for trader?
We could go on and on, but let's start with those
The conspiracy theorsists are only called such by the folks with their heads buried in the sand......of course this extends WAAAAAAAAAAAAAAY beyond trading, but we will stay on topic today.
The government would love if everyone just had their heads buried in the sand.
It's funny how it's always non-US people who truly have no idea what we deal with here.
As far as "laughing" at the comment the CFTC fabricated shit.......once again, I will wait for you to pull your head out of the sand and go review the latest court documents. Your last statement is correct, look in the mirror.
  • #27,262
  • Dec 13, 2023 6:53am Dec 13, 2023 6:53am
Quoting ladder
{quote} It is naive to think that CFTC's duty is to protect retail traders.
The CFTC's unsaid duty is to protect the CME+CBOT+NYMEX+COMEX & registered brokers from competition.
  • #27,263
  • Dec 13, 2023 6:57am Dec 13, 2023 6:57am
Quoting CableJ
{quote} The CFTC's unsaid duty is to protect the CME+CBOT+NYMEX+COMEX & registered brokers from competition.
Come on now, that's crazy talk...you are just a conspiracy theorist. You know damn well and good, they exist to protect you and I.
  • #27,264
  • Dec 13, 2023 7:00am Dec 13, 2023 7:00am
The FTMO quiz takes about 1 hour to pass and not more. You only need to take the tests without reading, most of them you will pass at first time taken. After you passed all you get to a page but you do not get your special gift of 20% discount. Then you need to take the final exam. I passed it also with 96% correct answers. Then you will get your special gift of 20% discount for one challenge valid up to 180 days from the day you passed the exam. So all in all you need to spend ca. 1 hour only.
  • #27,265
  • Dec 13, 2023 7:01am Dec 13, 2023 7:01am
Quoting pipmaster77
{quote} So, tell me, how DOES the CFTC protect traders exactly? No FIFO/hedging- good or bad for trader? Low leverage- meeaning I must put up 2,000 in margin to trade one standard lot of EURUSD, which I can do for 200 offshore-good or bad? No protection of funds in forex accounts- good or bad for trader? We could go on and on, but let's start with those The conspiracy theorsists are only called such by the folks with their heads buried in the sand......of course this extends WAAAAAAAAAAAAAAY beyond trading, but we will stay on topic today. The government...
Personally Im 99% sure the forex prop firms started with unlimited time since they knew about the MFF case before hand than the public, theres no such thing as coincidence especially some weeks in between. So just the regulator sniffing a little at MFF made all prop firms open up for unlimited time. To "appear" to be on the good side for the traders hoping they will be spared. I would say not that bad outcome even if MFF is gone since even futures prop firms introduced unlimited time due to this some of them. For sure the regulators wont touch the futures prop firms or at least a few years so, it wouldnt make any sense. ANyhow for those of us whos into futures prop firms a win situation.

In bigger picture, bad news for sure for all. In few years time im guessing 3-5 years, whole prop firm industry will be like German.y trading laws 2.0.
  • #27,266
  • Dec 13, 2023 7:02am Dec 13, 2023 7:02am
Quoting Takisd
The CFTC fabricated shit.

How do you know?


Quoting pipmaster77
Your key term here is effective regulators. The CFTC is not effective.

Not arguing with that, but surely you need to try to change that, rather than having imbeciles simply accusing them, obviously with no evidence, of “fabricating shit”!!

None of us wants to live in a lawless society in which there’s no way of preventing gross criminality?
  • #27,267
  • Edited 7:28am Dec 13, 2023 7:05am | Edited 7:28am
Quoting Quickly
{quote} And apparently there are STILL people who’d prefer them to ignore it!! {quote} Correction: they might prefer not to ask themselves anything as intelligent, sensible or relevant as you suggest, because some are ignorant, misguided conspiracy theorists incapable of any intelligent, sensible or relevant conversation, as you can see pretty unmistakably from the comment immediately following your insightful post above! {quote}
Isolated "Slip Them To Hell" = in context of the entire discussion about trader that MFF warned before hand, they were completely justified in their action.

STP Traders were net losers almost every month (their BEST traders) = so traders were winning with payouts on MFF's better than market simulated environment when those same traders would have been losing money & blowing personal accounts in the real market.

Flagged payments to Kazmi personal accounts = Tax payments to Canadian government

Examples of the CFTC's fabricated BS!!!

The only legit charge against MFF is deceptive marketing in regards to trading live accounts on day 1 & not disclosing that they are counterparty to 100% of trades until 1% graduate to STP after several payouts.
  • #27,268
  • Dec 13, 2023 7:11am Dec 13, 2023 7:11am
For those who need to get the sand out of their eyes.......


Quoting CableJ
MFF busts the CFTC repeatedly lying to the court... The CFTC Continues to Minimize its Conduct and Mislead the Court. The CFTC is still not being forthright with the Court. It is now clear that the CFTC—both lead trial counsel and the lead investigator on this case—submitted a sworn declaration that they both knew to be false when the CFTC filed its complaint and ex parte motion for an SRO. To be clear, the only proven false statements and omissions to date in this alleged fraud case are the false representations and omissions of the CFTC (a) in...

https://www.financemagnates.com/fore...ment-too-many/
  • #27,269
  • Dec 13, 2023 7:17am Dec 13, 2023 7:17am
wish me bit of luck...almost passed 5 $150k accounts.
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  • #27,270
  • Dec 13, 2023 7:18am Dec 13, 2023 7:18am
Quoting KarlKraus
{quote} How do you know? {quote} Not arguing with that, but surely you need to try to change that, rather than having imbeciles simply accusing them, obviously with no evidence, of “fabricating shit”!! None of us wants to live in a lawless society in which there’s no way of preventing gross criminality?
Its already been shown from the skype messages and the proof about the tax money. If you follow the case close enough you can see that half of the complaint at a minimum is completely bullshit.
  • #27,271
  • Dec 13, 2023 7:22am Dec 13, 2023 7:22am
Quoting KarlKraus
None of us wants to live in a lawless society in which there’s no way of preventing gross criminality?
Some think they'd rather do that than admit that the CFTC might have something to learn from the FCA and/or ASIC: Americans don’t ever need to learn anything from other countries, do they?
  • #27,272
  • Dec 13, 2023 7:26am Dec 13, 2023 7:26am
I personally see little point in debating the merits or otherwise of CFTC (or indeed any other "lettered agency") because its down to individual views on state oversight/reach.

The key thing for me is whether MFF acted fraudulently/misleadingly or not. In my view, they clearly did (pretending not to take the other side of the trade for one) and was actually the main reason, I voted with my feet and left them (having had several reasonably large payouts from them)

There is a reason why spread betting companies like IG are at pains to make it very clear that you are betting against them as bookmakers. It is very clear that when you win, they, the bookies lose and hence they may decide to A Book or B Book you depending on their risk appetite and the spread bets in question.

Instead of pretending that they were on the side of traders ("when you win, we win" BS") they should have gone down the road of spread bet companies and made it clear what they were doing.

They didn't and should be held to account for it imo.....
  • #27,273
  • Dec 13, 2023 7:28am Dec 13, 2023 7:28am
Quoting TrAndy1
I use variable Stoplosses and Profit Target with that indicator over last 2 years. AS KarlKraus suggested I am curious to know the results. Let's see. Soon.{image}
The strategy seems largely clear to me. However, as with most things, my problems are probably in the details. I'm wondering, for example, what is the maximum number of trades you make per day? As far as I can see, I could get completely different results here by doing a maximum of 1 trade per day for only one specific instrument or maybe even end up with 10 trades per day over 3 different instruments.

At least the entry/exit is clear and i even got a recommendation on my position size per order i.e. 0.25%. Hooray Most "systems" i find only give you a entry trigger but that's basically all. The "when", "where", "how much" or even "how long" (if you don't want to sit in front of a screen all day) is still missing then.

Anyhow will be happy to see your results. I do only have MT4 for backtesting and no EA for this strategy. So i might start looking for signals by manually scrolling back on one specific instrument for a fixed period of time. For example only look for signals during the London Session on GPB/USD and use a random number like maximum 1 entry per day, to make it more clear.
  • #27,274
  • Dec 13, 2023 7:31am Dec 13, 2023 7:31am
Quoting Quickly
{quote} Some think they'd rather do that than admit that the CFTC might have something to learn from the FCA and/or ASIC: Americans don’t ever need to learn anything from other countries, do they?
I'd love if the CFTC would learn from ASIC or FCA.....they can start with protcetion/insurance on the funds in our forex accounts.
That is my entire point, here in the US, the CFTC ONLY exists to protect the interets of other entities, NOT the traders.
  • #27,275
  • Dec 13, 2023 7:39am Dec 13, 2023 7:39am
Quoting Zuke
The key thing for me is whether MFF acted fraudulently/misleadingly or not. In my view, they clearly did (pretending not to take the other side of the trade for one)

I totally agree.

They blatantly lied to the people whose money they took. That’s fraudulent, pure and simple, by any country's definition.

Good luck to those who want "regulators" who take no action over that: in the long run they’ll obviously need it!
  • #27,276
  • Dec 13, 2023 7:47am Dec 13, 2023 7:47am
Quoting Zuke
key thing for me is whether MFF acted fraudulently/misleadingly or not. In my view, they clearly did
Exactly. How dishonest can you get?

Quoting KarlKraus
They blatantly lied to the people whose money they took. That’s fraudulent, pure and simple, by any country's definition.
That certainly seems to be the irrefutable bottom line, here. Any honest court MUST surely say so, one would hope?
  • #27,277
  • Dec 13, 2023 7:47am Dec 13, 2023 7:47am
Quoting KarlKraus
{quote} I totally agree. They blatantly lied to the people whose money they took. That’s fraudulent, pure and simple, by any country's definition. Good luck to those who want "regulators" who take no action over that: in the long run they’ll obviously need it!
The activity you describe is not the medicine prescribed. Theres no doubt they mislead/fraud whatever definition people want to call it. But it is not grounds for an SRO and it most definitely is not grounds for an ex parte case.

What was done is vulgar over reach. IT could have been resolved with a Cease and desist and penalties very cleanly and easily. Instead they trumped up a story, which is a lie and has been proven a lie, in order to get an over reached SRO.

Whilst both situations might be right, it does leave massive question as to the validity of CFTC's claims because in order to get the action they got, they had to lie. So why is it ok to commit fraud to expose fraud?
  • #27,278
  • Dec 13, 2023 7:49am Dec 13, 2023 7:49am
Quoting Zuke
I personally see little point in debating the merits or otherwise of CFTC (or indeed any other "lettered agency") because its down to individual views on state oversight/reach. The key thing for me is whether MFF acted fraudulently/misleadingly or not. In my view, they clearly did (pretending not to take the other side of the trade for one) and was actually the main reason, I voted with my feet and left them (having had several reasonably large payouts from them) There is a reason why spread betting companies like IG are at pains to make it very...
But, yet we have to dig through pages to find the buried disclosures on Oanda, Gain, IG, etc here in the US to find that these brokers are counterparty to our trades.
Once again, and this is my MAIN point, if the CFTC actually existed for MY benefit, those disclosures would be required to be on home page in plain site and not buried where I must click 5 different links to get there.
In other words, certain entities are allowed to mislead, but others are not....why is that?
I would trade with MFF over Oanda, Gain or IG 100% of the time, no questions asked.
  • #27,279
  • Dec 13, 2023 7:56am Dec 13, 2023 7:56am
Quoting lddd
{quote} The strategy seems largely clear to me. However, as with most things, my problems are probably in the details. I'm wondering, for example, what is the maximum number of trades you make per day? As far as I can see, I could get completely different results here by doing a maximum of 1 trade per day for only one specific instrument or maybe even end up with 10 trades per day over 3 different instruments. At least the entry/exit is clear and i even got a recommendation on my position size per order i.e. 0.25%. Hooray Most "systems"...
Im not trading this strat but I think it's common sense that you should be trading during high liquidity times, and because of this being the 1h then the readonable thing to do is 1 trade per session for a pair. Also obviously don't trade something like GBPUSD during asia etc.
Trading after london opens or ny should be the priority, you REALLY should know that after those 10 years
  • #27,280
  • Dec 13, 2023 8:11am Dec 13, 2023 8:11am
Quoting Takisd
{quote} The activity you describe is not the medicine prescribed. Theres no doubt they mislead/fraud whatever definition people want to call it. But it is not grounds for an SRO and it most definitely is not grounds for an ex parte case. What was done is vulgar over reach. IT could have been resolved with a Cease and desist and penalties very cleanly and easily. Instead they trumped up a story, which is a lie and has been proven a lie, in order to get an over reached SRO. Whilst both situations might be right, it does leave massive question as to...
What it showed is the CFTC has very little understanding what it is they are supposed to regulate. Early on it was obvious they took issue with their business model.

MFF and their attack dog lawyers were having none of it.
Trade with confidence, trade without fear.
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