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New Leverage rule for FX COMING?

  • #101
  • Jan 20, 2010 11:13pm Jan 20, 2010 11:13pm
Since when does the FSA allow traders from the USA to open accounts with their regulated dealers?

ES

Quoting denvertrade
I hear ya, I am in the US and I would have no problem trading with a UK broker. I just do not want to see the UK broker follow inline with this rule. I know they did last time in Nov but that was to 100-1 which is more then enough. I cannot see them following this becuase it is a lot more popular over in the UK then it is here in the US. So in essence this would be the NFA and cftc handing over FX business to another country
  • #102
  • Jan 20, 2010 11:25pm Jan 20, 2010 11:25pm
Quoting oakmonster
If the death of retail forex trading in the US is looked at in terms of a clock, the time is 11:55pm. US traders are going to be leaving in droves and the NFA will be a smug little club for the few.
WRONG it's 11:59 and only the losers has not left the theater yet.

1) Hedging NOT allowed. One clever trader knows how handy that can be. NFA have just re-introduced the old days before two way communication. Thanks God hedging is offered by many Brokers outside the US.

2) FIFO meaning NO "per ticket" execution allowed. Per ticket execution is the edge winning traders have. Like buying a vacation home and then being told you cannot sell it before you have sold your main residence. Thanks God "per ticket" execution is also offered outside the US.

3) 1:10 Leverage with the trimmings for those who need babysitters. Thanks God a normal leverage level that have worked for years is also offered outside the US. You know out there in the big FREE world with free enterprise.

I'm about to transfer my balance outside the US and I'm not going to waste my time writing letters to CFTC/NFA. It is already perfectly clear that Forex Traders are not welcome in the US.

Brokers such as FX SOL AUS and SAXO Bank comes to mind.

Best of luck now this so called "free" country is about to close.
  • #103
  • Jan 21, 2010 12:23am Jan 21, 2010 12:23am
Quoting ElectricSavant
Since when does the FSA allow traders from the USA to open accounts with their regulated dealers?

ES
FSA, FXCM transferred a large proportion of their customers to FXCM UK and FXCM Australia in the last CFTC stuff up.

I don't think that the FSA or ASIC have a problem with UK or Australian brokers taking USA money. Why would they?
  • #104
  • Jan 21, 2010 12:52am Jan 21, 2010 12:52am
Quoting pip_seeker
...
If we are forced to go overseas the risk of losing your funds to an unscrupulous broker running off with the funds goes up... but at least we would be afforded high leverage so we don't have to give them so much money to test them out and see for sure they are who they say they are.
If you are worried about protection you should check out dbFX which is Deutsche Bank. According to their website individual accounts are protected to over 1 Billion Euros. PER DEPSOITER! This is backed up by the German Governments' equivelent to the FDIC. There is nothing close to that kind of protection in the US.

I do not work for dbFX, nor does any family member or friend. I do not receive any kind of kickback, pay back, or any other benefit from them and am not associated with them. Just want to be clear.
  • #105
  • Jan 21, 2010 1:23am Jan 21, 2010 1:23am
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Jason Rogers
Your comments are in the process of being added to the CFTC's website!!

Here is where you will find them:

http://www.cftc.gov/lawandregulation...10/10-001.html

Unbefuckinglievable these cftc marons are publishing full address,email and telephone numbers of the writers. In civilized countries, like Germany, this is just not allowed. Private data protection law !!

Are they going completely nuts???????
  • #106
  • Jan 21, 2010 2:08am Jan 21, 2010 2:08am
Quoting aquaart
I believe an internal investigation to see whether any CFTC proposer of this 10:1 leverage limitation has any vested interest in off shore forex broker businesses, because it is obvious to me that these are the people who stand to benefit by such an excessive, extreme ruling.
Wow! You never know.

There appears to be something criminal going on here.
  • #107
  • Jan 21, 2010 2:34am Jan 21, 2010 2:34am
Quoting Jason Rogers
Your comments are in the process of being added to the CFTC's website!!

Here is where you will find them:

http://www.cftc.gov/lawandregulation...10/10-001.html
Quoting onu
Unbefuckinglievable these cftc marons are publishing full address,email and telephone numbers of the writers. In civilized countries, like Germany, this is just not allowed. Private data protection law !!

Are they going completely nuts???????
What information are you required to furnish? I noticed about a third of the comments (4 out of 11? wow!) gave only the email address and name. If it doesn't require any more than that, I wouldn't furnish it, obviously.
  • #108
  • Jan 21, 2010 3:17am Jan 21, 2010 3:17am
Because the FSA and NFA do not have reciprocating agreements...

ES

Quoting aquaart
FSA, FXCM transferred a large proportion of their customers to FXCM UK and FXCM Australia in the last CFTC stuff up.

I don't think that the FSA or ASIC have a problem with UK or Australian brokers taking USA money. Why would they?
  • #109
  • Jan 21, 2010 6:21am Jan 21, 2010 6:21am
Quoting pipsie
WRONG it's 11:59 and only the losers has not left the theater yet.

1) Hedging NOT allowed. One clever trader knows how handy that can be. NFA have just re-introduced the old days before two way communication. Thanks God hedging is offered by many Brokers outside the US.

2) FIFO meaning NO "per ticket" execution allowed. Per ticket execution is the edge winning traders have. Like buying a vacation home and then being told you cannot sell it before you have sold your main residence. Thanks God "per ticket" execution is also offered outside the...
US. citizens can no longer have an account with FX Sol, Aus. They have to use the UK.branch.
  • #110
  • Jan 21, 2010 7:16am Jan 21, 2010 7:16am
Quoting Toothman
US. citizens can no longer have an account with FX Sol, Aus. They have to use the UK.branch.

Tell me again about how America is the land of the free!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #111
  • Jan 21, 2010 7:18am Jan 21, 2010 7:18am
The Relatively slow market activity this week, its not the effect of this crap already is it, 1000's of traders just giving up and packing it in ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #112
  • Jan 21, 2010 7:23am Jan 21, 2010 7:23am
if the bill really pass down? what would happen to my account? my account left around 1500 USD, mini account.. which means? i am using ibfx.. thanks
  • #113
  • Jan 21, 2010 7:29am Jan 21, 2010 7:29am
Quoting KPForex
if the bill really pass down? what would happen to my account? my account left around 1500 USD, mini account.. which means? i am using ibfx.. thanks

I think it works out at $1600 USD to trade 1 Mini Lot so you'd have to add say $150 to get the account tradeable with $50 for margin room ( more would be better )

Close the account and go to FXCM UK $80 Margin requirement rather than $1600!!


Not IF sadly, WHEN the No SL bill and FIFO where equally as damaging and got passed, this WILL be passed sadly!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #114
  • Jan 21, 2010 7:40am Jan 21, 2010 7:40am
I see... how do you get that figure? $1600 USD? thanks


Quoting Turveyd
I think it works out at $1600 USD to trade 1 Mini Lot so you'd have to add say $150 to get the account tradeable with $50 for margin room ( more would be better )

Close the account and go to FXCM UK $80 Margin requirement rather than $1600!!


Not IF sadly, WHEN the No SL bill and FIFO where equally as damaging and got passed, this WILL be passed sadly!!
  • #115
  • Jan 21, 2010 7:41am Jan 21, 2010 7:41am
For all those thinking they'll just move overseas... don't be so sure.

Linky:
http://www.imf.org/external/np/exr/c...2009/index.htm
  • #116
  • Jan 21, 2010 7:46am Jan 21, 2010 7:46am
Quoting KPForex
I see... how do you get that figure? $1600 USD? thanks

Think it was posted on the first page, it's very likely linked to the Value of GU or something though so $1618 Or something.




Rabid, I see a business proposition, me in the UK will open any accounts and deposit any amounts given as instructed and handle withdraws and pass full account details over to the users for a small commision of profits

UK SpreadBetting Tax free only or I'll get stung for millions in tax
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #117
  • Jan 21, 2010 8:10am Jan 21, 2010 8:10am
Where is my email listed on the CFTC site? I sent mine off on the 14th.
  • #118
  • Jan 21, 2010 9:23am Jan 21, 2010 9:23am
Quoting Rabid
For all those thinking they'll just move overseas... don't be so sure.

Linky:
http://www.imf.org/external/np/exr/c...2009/index.htm
This has nothing to do with leverage but, with the desire of that idiot gordon brown in the UK to impose a financial transactions tax (tobin tax) on all financial transactions.
  • #119
  • Jan 21, 2010 10:05am Jan 21, 2010 10:05am
Quoting endroute
This has nothing to do with leverage but, with the desire of that idiot gordon brown in the UK to impose a financial transactions tax (tobin tax) on all financial transactions.
Well, at first it has nothing to do with leverage. But most of us are planning an exodus from US brokers. Maybe we'll never execute those plans, but most of us have at least thought about it as a way to escape "the growing stupid."

Unfortunately, an organization like the IMF has a very deep reach. They have the power to influence policy across national borders. If they become an agent of "the growing stupid" we could find it difficult to find a neutral broker.
  • #120
  • Jan 21, 2010 11:16am Jan 21, 2010 11:16am
it sure will make forward testing ea's in live accounts less desirable.... as it is now, my live ea testing account places hundreds of orders a day, thousands a month..... these orders are almost all 0.01 lots and crisscross each other on times like spaghetti...... but ibfx has the fifo deal worked out to where the orders are not impacted by the fifo rule.....

i'll glady post that account to verify the fifo if need be, just please don't laugh at how bad i trade......


but this 10:1..... some ea's need live real account forward testing and that will make things a tad more pricey...... sure hope it works out in our favor......h
to trade and code, keep both simple... no call to impress....h
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