DislikedI wasnt talking about the email addess, I was talking about home address.Ignored
High leverage vs Low leverage 73 replies
Could Leverage Wipe Out My Account? 27 replies
High Leverage vs Low Leverage 21 replies
High Leverage vs Low Leverage 20 replies
how do forex brokers make leverage 0 replies
DislikedI wasnt talking about the email addess, I was talking about home address.Ignored
DislikedTrying to prevent?
Let me ask you ...what is your leverage in this business?
What a whole bunch of retail traders have to offer or take away in a market that moves so much money as Forex?
If all retail traders in the world stop trading Forex today it will affect less than 3% of the way it moves right now.
Do I have to remind you guys that the Foreigh exghange was here before 10 grand accounts got into the game?Ignored
DislikedWell fellow traders I wish you the best with the SPot delima, I worked that market for about 7 years. I learned a few years ago to GET OUT, as the ropes began to tighten.
The one thing I want to point out is some of you are having fits here as if the Spot FX is the only thing on earth traded, and your fearful the theme park is peding closure. This action was not created to push the little $500 dollar account off the books, but rather stop the broker from working you out of that $500 dollars. In all big market events you always get punishment for...Ignored
DislikedWell of course there is, but the reason fx is appealing is the Volume and that it moves 24hrs. I think that the general consensus is to protect the customers (even the customers agree) but not with 10:1 leverage as it is ineffective since there is no real protection in it and it forces you to put up more money to be stolen/scammed out of. If a reduction in leverage were to some how prevent a broker from walking away with my money then I see the logic, but the fact remains that the broker can still have full access to client funds and its still just...Ignored
DislikedIf they wanted protection they would require segregated accounts protected by insurance. Now that is protection. I suspect that they don't want protection with this 10 to 1.Ignored
Dislikedexactly, go the route of the FSA and other sound regulatory bodies. Over on elitetrader theres a guy from a large US/UK broker and he pointed out that getting in with the FSA is much harder as they look for more then just capital. Another option Ive advocated is to settle on the already existent 100:1 but offer trader education and a 60day/30 trade demo period prior to accepting leverage over 10:1 and force people who don't want to sign a waiver/demo into 10:1. This would appease the idea that its being done in the name of trader protection. Also...Ignored
DislikedI believe it's a bit naive of us to think that the CFTC got some complaints from some inexperienced traders that blew up their new live accounts and now all at once they want to "protect" us.
With the new rule they would be doing the exact opposite, and I have a bad suspicion that they know it.
Maybe I'm just a conspiracy theorist.Ignored
DislikedI believe it's a bit naive of us to think that the CFTC got some complaints from some inexperienced traders that blew up their new live accounts and now all at once they want to "protect" us.
With the new rule they would be doing the exact opposite, and I have a bad suspicion that they know it.
Maybe I'm just a conspiracy theorist. It could be just that they are as inept in this department as they were posting the personal info. of people that decided to write in.Ignored
DislikedGood luck with that my friend. I think I smell another Tiananmen here. LOL
Not a whole lot we can do but move to another country.
Damn, where's my patriotism??!!Ignored
DislikedNah, if the rule is passed, FXCM would again provide a seamless account transfer to UK, they did it before when non hedging passed...and if they try to do like with CFDs and prohibit US residents to open foreign accounts, my sister in Spain will open an account for me...there is always a way around....the big boys will always find a way, so why not us...you think Goldman Sachs is gonna give up proprietary trading? NOTIgnored
DislikedNah, if the rule is passed, FXCM would again provide a seamless account transfer to UK, they did it before when non hedging passed...and if they try to do like with CFDs and prohibit US residents to open foreign accounts, my sister in Spain will open an account for me...there is always a way around....the big boys will always find a way, so why not us...you think Goldman Sachs is gonna give up proprietary trading? NOTIgnored
DislikedGood luck with that my friend. I think I smell another Tiananmen here. LOL
Not a whole lot we can do but move to another country.
I hear Mexico's real nice this time of year.
Damn, where's my patriotism??!!Ignored
DislikedCompletely agree but the conspiracy theorist in me thinks that if its beneficial in the short term, a person or group of people will move all logic aside for any sort of gain. You have to remember were dealing with people and humans are flawed and will move aside all logic for any sort of satisfaction. I could see China benefiting though, as they hold a lot over the US the CFTC would dare not to tell China who they can and cant accept accounts from.
/end conspiracyIgnored
DislikedSilly omniscient platypussy lol... Retail Forex, as well as all Retail accounts (stocks, futures, etc.) provide businesses. We have forex dealers making money and generating income. They pay taxes and add to the GDP. The taxes go to the U.S. who makes money (says slowly so platypussy can understand lol). In addition some traders make (thats right) money. And with that money they pay taxes to the U.S. who gets some money. The cash that they generate contributes to the GDP....Ignored
DislikedYes, we have the "too big to fail" entities to thank for this. Big old dinosaurs!
We are fleet of foot mammals trying to get our nut, so leave us alone. We're not harming anyone, not the least of which ourselves!
And is it just me or does this sound strange when given the context of "a free country":
"prohibit US residents to open foreign accounts"Ignored