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CFTC Begins Posting Trader Comments

  • #1
  • First Post: Feb 23, 2010 11:32am Feb 23, 2010 11:32am
Hello all,

The CFTC has finally started positing comments they have received regarding their recent Forex rule proposals. Thousands of responses have been received. Check them out here:
http://www.cftc.gov/lawandregulation/federalregister/federalregistercomments/2010/10-001.html

  • #2
  • Feb 23, 2010 11:44am Feb 23, 2010 11:44am
Quoting CallMeCarrie
Hello all,

The CFTC has finally started positing comments they have received regarding their recent Forex rule proposals. Thousands of responses have been received. Check them out here:
http://www.cftc.gov/lawandregulation/federalregister/federalregistercomments/2010/10-001.html
FREEEEEEEEEEEEEEEEEEEEEEEDOM!!!!!!!!!!!


!http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #3
  • Feb 23, 2010 12:22pm Feb 23, 2010 12:22pm
These comments are actually scanned in which causes personal information to be put out there for other's use.

I guess I was astonished to see personal email addresses, telephone numbers and home addresses just put out there like that.

For anyone else thinking about commenting I would suggest that you create a new email address at gmail (or where ever). Think of it as a throwaway email address such as [email protected] (fictitious email) and then use that to send your email and not to include so much personal information.
  • #4
  • Feb 23, 2010 8:07pm Feb 23, 2010 8:07pm
Have anyone heard about a rumor that CFTC are just about ready with a new proposal that will prohibit traders from "trading against the trend".

If this is true how are we ever going to make money?
  • #5
  • Feb 23, 2010 8:45pm Feb 23, 2010 8:45pm
Quoting pipsie
Have anyone heard about a rumor that CFTC are just about ready with a new proposal that will prohibit traders from "trading against the trend".

If this is true how are we ever going to make money?
Actually, it's a little different from that. The rumor I heard is that the new rule will not allow a retail trader to close a trade. Ever.

And you can't hedge either. So pick your trend well.
  • #6
  • Feb 23, 2010 9:55pm Feb 23, 2010 9:55pm
Quoting dr_zeus
Actually, it's a little different from that. The rumor I heard is that the new rule will not allow a retail trader to close a trade. Ever.

And you can't hedge either. So pick your trend well.
thats ridiculous! its like trying to 'kill' off all retail traders??!!
  • #7
  • Feb 24, 2010 9:55am Feb 24, 2010 9:55am
After spending years in FOREX it concerns me to see a long slew of changes lately to the Forex trade.

Does anyone agree that Forex Factory should have a dedicated Forum to handle all issues in regard to Forex regulation?

I think it deserves it's own forum as we are talking about the future of Forex trading.

There should be structured threads dealing honestly with;

1) Who is NFA and what are they up to
2) Who is CFTC and what are they up to
3) What is the FIFO rule and why was it introduced?
4) Who benefit from the FIFO rule - the trader or the broker or ?
5) Why was the rule against hedging introduced?
6) Who benefit from "no hedging" - the trader or the broker or ?
7) Why are US Citizens not allowed CFD trading when every other Country is
8) Why is it only the US regulators who is trying to change the leverage down to 10:1 while all other Countries have it up to 500:1
9) Do large accounts (funds, etc.) have the same regulation or is it only the little guy? Why?

And I'm sure those who take Forex trading serious have many additional questions that ought to be discussed.

If you are reading this then you have an interest in making sure Forex trading continue to be allowed for every citizen not only the Banks and their inner circle. So speak up - should we have a dedicated forum for this?
  • #8
  • Feb 24, 2010 10:20am Feb 24, 2010 10:20am
Quoting fxking
thats ridiculous! its like trying to 'kill' off all retail traders??!!
You are all wrong, they are just going to implement PDT rule for forex, very similar to what stocks have.
ok Friendo? This is madness!?!? - THIS, IS, FOREX!!!
  • #9
  • Feb 24, 2010 11:01am Feb 24, 2010 11:01am
Quoting pipsie
After spending years in FOREX it concerns me to see a long slew of changes lately to the Forex trade.

Does anyone agree that Forex Factory should have a dedicated Forum to handle all issues in regard to Forex regulation?

I think it deserves it's own forum as we are talking about the future of Forex trading.

There should be structured threads dealing honestly with;

1) Who is NFA and what are they up to
2) Who is CFTC and what are they up to
3) What is the FIFO rule and why was it introduced?
4) Who benefit from the FIFO rule - the trader...
I second this motion

http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #10
  • Feb 24, 2010 11:02am Feb 24, 2010 11:02am
hi all. am new to this thread. plese i am trying to find out the broker with the smallest spread on G/U
SCARED MONEY NEVER DOES GOOD IN FOREX
  • #11
  • Feb 24, 2010 11:53am Feb 24, 2010 11:53am
Quoting omiunu
hi all. am new to this thread. plese i am trying to find out the broker with the smallest spread on G/U
There are a few good ones, check out FXOpen's ECN.
  • #12
  • Feb 24, 2010 8:47pm Feb 24, 2010 8:47pm
dont give up yet! email [email protected] so that you don't have to go to an unregulated offshore broker like fx open!!


http://cdn.forexfactory.com/attachme...8&d=1266343460
  • #13
  • Mar 11, 2010 4:11am Mar 11, 2010 4:11am
I just sent em my 5th letter.


When it rains it pours. Lets give them the blizzard of the century!


11 DAYS LEFT PEOPLE.... DOGPILE ON THE RABBIT!!!


send your comments to:

[color=#22229c][email protected][/color]

Put "Regulation of Retail Forex" in subject header.


start your letter off with this:

David Stawick,
Secretary, Commodity Futures Trading Commission,
1155 21st Street, N.W.,
Washington, DC 20581.

RE: RIN 3038-AC61

Dear Mr. Stawick,
  • #14
  • Mar 11, 2010 8:56am Mar 11, 2010 8:56am
Look at the picture below it was taken off the comments from the forex leverage proposal. It is a comment from Senator Orin Hatch from Utah. Interesting that a senator gets in the mix, but for some reason I cannot see what the comment was, has anyone had better luck seeing the comment and what it was about?
Attached Image
  • #15
  • Mar 11, 2010 12:22pm Mar 11, 2010 12:22pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
http://www.cftc.gov/ucm/groups/publi...10-001c172.pdf





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http://www.myfxbook.com/members/pc8multifx
  • #16
  • Mar 11, 2010 1:28pm Mar 11, 2010 1:28pm
Quoting ranger
Look at the picture below it was taken off the comments from the forex leverage proposal. It is a comment from Senator Orin Hatch from Utah. Interesting that a senator gets in the mix, but for some reason I cannot see what the comment was, has anyone had better luck seeing the comment and what it was about?
Senator Hatch is commenting on 170 jobs that may be lost in Utah because of the new proposed regulation. These are his constituents. Losing 170 jobs with the stroke of a pen will catch the attention of any senator I imagine.

IBFX is a great broker. I sincerely hope this does not go through, and if it does they are able to work through it.
BarrySDCA Commercial Network Services
  • #17
  • Mar 11, 2010 7:02pm Mar 11, 2010 7:02pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting dr_zeus
Actually, it's a little different from that. The rumor I heard is that the new rule will not allow a retail trader to close a trade. Ever.

And you can't hedge either. So pick your trend well.
good one
  • #18
  • Last Post: Mar 14, 2010 3:10pm Mar 14, 2010 3:10pm
FIFO rules, no hedging, slam on the margin - it's all hitting the small guys and there is nobody in the government who cares or maybe it is all planned?

Are US Forex Traders are being discriminated against by our own government?

The freedom the rest of the world have is taken away.

Pay attention.

When it comes to the big guys, you know members of the club, those in the inner circle, the big fund managers - they have representation. The government are there to assist them all the time.

Here is what Timothy Geithner wrote last week to Michel Barnier EU, extract:

"We are concerned with various proposals that would discriminate against US firms and deny them access to the EU market that they currently have.

"We strongly hope that the rules that you put in place will ensure that non-EU fund managers and global custodian banks have the same access as their EU counterparts."

A copy of the letter can be seen by clicking on the link below.

http://www.efinancialnews.com/share/...4058529558.pdf

And here today you see it - Timothy Geithner is not the least concerned that the small US Forex trader is being discriminated but the big guy - very much so!

Maybe I'm wrong. Please tell me so.

Or maybe someone can tell me why FIFO rules + No Hedging + 10:1 margin is good for US Citizens while the rest of the world live happily without ??????

I'm going to argue that NO FIFO rules, Hedging and at least 50:1 margin can be used to make profit on a consistent basis.
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