Does Anyone hear about new proposals from NFA??? | Forex Factory

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Does Anyone hear about new proposals from NFA???

  • #1
  • First Post: Jun 28, 2009 11:39pm Jun 28, 2009 11:39pm
It's from FXCM Chinese website, saying that from 1st, July, NFA will implement the FIFO(first in first out), and also at the end of this year, it will may just use 25:1 leverage. So they encourage clients transfering to their UK branch (London is the forex trading center; Compared to US,its have longer regulated history; Fully segregated accounts protected from any insolvency risk, blablabla)

Isn't this really wonderful to have a UK account? Looking for your comments
Thank you.
  • #2
  • Jun 29, 2009 2:23am Jun 29, 2009 2:23am
Quoting Zkf
It's from FXCM Chinese website, saying that from 1st, July, NFA will implement the FIFO(first in first out), and also at the end of this year, it will may just use 25:1 leverage. So they encourage clients transfering to their UK branch (London is the forex trading center; Compared to US,its have longer regulated history; Fully segregated accounts protected from any insolvency risk, blablabla)

Isn't this really wonderful to have a UK account? Looking for your comments
Thank you.
i think the n.f.a. is makeing a big mistake, right now there are only 1 u.s. regulated brokers outside of the u.s. where you can open an account and thats fxcm
  • #3
  • Jun 29, 2009 2:37am Jun 29, 2009 2:37am
hi,

check out this thread.
http://www.forexfactory.com/showthread.php?t=178589
  • #4
  • Jun 29, 2009 2:51am Jun 29, 2009 2:51am
I am using FXDD.
US based but not an NFA member.

All seems the same, haven't noticed any changes to my platform and can still hedge.
Enter Signature
  • #5
  • Jun 29, 2009 7:05am Jun 29, 2009 7:05am
Sorry folks, I was not making my point in my post.

What I truly concerned is the leverage limit, someone mentioned 100:1 for majors/25:1 for cross will be effective in the near future. Although not a big issue for me, it's will be a tremendous impact for many people.

Considering the similar case when FINRA want to reduce leveage and the reactions from fellow members, do you guys think this NFA policy will sustain.

Thanks
  • #6
  • Jun 29, 2009 7:20am Jun 29, 2009 7:20am
Quoting Zkf
What I truly concerned is the leverage limit, someone mentioned 100:1 for majors/25:1 for cross will be effective in the near future.
Lol 1:25 is more than enough to blow your account in a hurry.
It's funny so many people think their "Get Rich Quick" Dream just bursted.

That's probaly because alot of teenagers are gambling with their pocket money and 20% p.a just isn't worth it. So they overleverage their micro accounts and hope for a quick 10.000% in 2 weeks. lol
The poorer you are the more leverage you want it seems.
  • #7
  • Jun 29, 2009 8:49am Jun 29, 2009 8:49am
Quoting Tjpld
Lol 1:25 is more than enough to blow your account in a hurry.
It's funny so many people think their "Get Rich Quick" Dream just bursted.

That's probaly because alot of teenagers are gambling with their pocket money and 20% p.a just isn't worth it. So they overleverage their micro accounts and hope for a quick 10.000% in 2 weeks. lol
The poorer you are the more leverage you want it seems.
And I am totaly agree with you!
  • #8
  • Jun 29, 2009 9:20am Jun 29, 2009 9:20am
Isn't FIFO something to do with offline trading business with inventory? what's FIFO with forex?
  • #9
  • Jun 29, 2009 9:22am Jun 29, 2009 9:22am
Quoting lavatrader
And I am totaly agree with you!
I dont agree only for the reason that I dont want ANYONE telling me what I can do with my cash. (Tjplb is right though). This cradle to grave crap our government is steering us too only makes us more dependent and sheeplike. Maybe-if the government would actually prosecute criminals instead of trying to legislate their activity, maybe the rest would fall in line.
FF = Forex Faggots
  • #10
  • Jun 29, 2009 11:31am Jun 29, 2009 11:31am
Quoting Tjpld
Lol 1:25 is more than enough to blow your account in a hurry.
It's funny so many people think their "Get Rich Quick" Dream just bursted.

That's probaly because alot of teenagers are gambling with their pocket money and 20% p.a just isn't worth it. So they overleverage their micro accounts and hope for a quick 10.000% in 2 weeks. lol
The poorer you are the more leverage you want it seems.
when you gamble nobody stop you in a casino from blowing your money, so why should there be a limit on leverage, if a trader is willing to overlverge his account and blow it that should be there right, that trader should learn mm, that's part of tranding and part of gambling. who's there in the casino telling you your going to blow all your money you should stop while your ahead?
  • #11
  • Jun 29, 2009 12:06pm Jun 29, 2009 12:06pm
I don't think you guys understand the point of leverage.


I'll put <1% of my liquid cash in a high leverage account (500x) on a new system that is offering something innovative. If I lose the entire account because the system is fraudulent or I just blow it because of leverage, no problem. It's worth the risk to me.

I will not, however, put 5% of my networth in a new / untested system that has max 100x leverage.

All these rules do is make it very hard for new companies to offer innovative approach to forex because nobody in their right mind is going to deposit a significant amount of money in an untested new idea. It's not worth the risk.
  • #12
  • Jun 29, 2009 12:27pm Jun 29, 2009 12:27pm
This is older news the laws set and will be in affect soon, not much you can do about this other then move your acount ou of the US .For those sheeple gullible enough to keep their accounts in the US you should be more concerned with the 25% tax gov is gearing up to impose on each trade you place. o WAIT! Those that think moving to swiss land or UK don’t, UK and swiss land is moving to take the same steps as US.
  • #13
  • Last Post: Jun 29, 2009 1:36pm Jun 29, 2009 1:36pm
Quoting Tom_C
This is older news the laws set and will be in affect soon, not much you can do about this other then move your acount ou of the US .For those sheeple gullible enough to keep their accounts in the US you should be more concerned with the 25% tax gov is gearing up to impose on each trade you place. o WAIT! Those that think moving to swiss land or UK don’t, UK and swiss land is moving to take the same steps as US.
This is exactly why I am bailing on my one USA Broker( the only USA investment I would make now would be my kids) . They have done nothing wrong either. Just cant stand by and be bent over by my own government. I will now ONLY use offshore Forex dealers.(and I will soon be out of Forex forever anyway). I like that term "sheeple". Hope u dont mind if I borrow it? Forex in the USA will soon be dead.
FF = Forex Faggots
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