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  • #2,461
  • Sep 28, 2010 8:14pm Sep 28, 2010 8:14pm
Quoting bluemele
Thank you for sharing, this is fun to watch.
Oil @ $10 again. When was that like 1988 after the 2nd to last big oil drop. USD not being the standard any longer. etc..
If not the dollar, than what. The Chinese/Euro/Gold standard?
No matter what though, markets trend, they retrace. We should be fine.
With all respect to the respected Mr Maloney, he is talking a lot of Baloney (have I spelled that correctly?). I studied economics and I assure you it is a very subjective field, you can hardly get two economists agreeing on anything. I know something about the black gold also and I would eat my hat if it reaches $10 per barrel. Cost of extraction even in places like Kuwait where you can just dig a hole with a shovel and presto you reach oil is more than $15. I suppose if we have a double dip recession there will be a lot more profits of DOOM.

Kind regards
  • #2,462
  • Sep 28, 2010 8:17pm Sep 28, 2010 8:17pm
I really hate economists ... they are like broken watchs... provide no real value, but they are right at least twice.

A mathematician, an accountant and an economist apply for the same job.
The interviewer calls in the mathematician and asks "What do two plus two equal?" The mathematician replies "Four." The interviewer asks "Four, exactly?" The mathematician looks at the interviewer incredulously and says "Yes, four, exactly."


Then the interviewer calls in the accountant and asks the same question "What do two plus two equal?" The accountant says "On average, four - give or take ten percent, but on average, four."


Then the interviewer calls in the economist and poses the same question "What do two plus two equal?" The economist gets up, locks the door, closes the shade, sits down next to the interviewer and says, "What do you want it to equal"?
  • #2,463
  • Sep 28, 2010 8:48pm Sep 28, 2010 8:48pm
Ok, I've made the same trades, same lot sizes for 24 hours on IBFX and FX Sol. and the swap rates are generally about twice the cost with FX sol.. Plus they take the swap charge every day as Bob's pointed out.
  • #2,464
  • Sep 28, 2010 9:25pm Sep 28, 2010 9:25pm
Quoting Toothman
Ok, I've made the same trades, same lot sizes for 24 hours on IBFX and FX Sol. and the swap rates are generally about twice the cost with FX sol.. Plus they take the swap charge every day as Bob's pointed out.
Wow! Wow! Wow! Put that on the threads on the forums! Make those guys hurt! I will put that info on myfxbook.com right now.
We are our own best indicator.
  • #2,465
  • Sep 28, 2010 9:26pm Sep 28, 2010 9:26pm
Quoting Tread
I really hate economists ... they are like broken watchs... provide no real value, but they are right at least twice.

A mathematician, an accountant and an economist apply for the same job.
The interviewer calls in the mathematician and asks "What do two plus two equal?" The mathematician replies "Four." The interviewer asks "Four, exactly?" The mathematician looks at the interviewer incredulously and says "Yes, four, exactly."


Then the interviewer calls in the accountant and asks the same question "What do two plus two equal?"...
I had a friend who used to always quote something from one of the get rich quick guru's and it was something like "You ever see a rich economist?".
We are our own best indicator.
  • #2,466
  • Sep 28, 2010 10:04pm Sep 28, 2010 10:04pm
Quoting nanningbob
Probably both but these rules affect US citizens. Japan has passed similar regs. It appears that getting small traders out of the markets is what they want. Dont know why we have no affect on the markets. I have loved trading but I dont see any future in it unless I want to roll big money. I wanted to see if I could take 2000 and make 5000 before I did that. I may not get that chance. 2K I can recover if I lose it, 10K hmmmmmmmmmm I am not that rich.
All of the rules I've seen so far apply to NFA regulated brokers and their affiliates. It's not clear that any of the regulations actually govern the actions of investors as opposed to brokers. This means that people, regardless of residence, might still be able to shift their money overseas (and take the risks associated with doing so).

You could still follow your plan if you are willing to have extra money sit in limbo. If you do have a 10K account somewhere, there's nothing to say that you can't trade only 2K of it. You would lose the income you might get from passively investing the other 8K, but there is simply no reason why you have to put 10K at risk just because you have put it into an account.
  • #2,467
  • Sep 28, 2010 10:55pm Sep 28, 2010 10:55pm
Duffy. Try goin 3 levels deep on 10 pairs with 10:1 leverage. Take really deep pockets
  • #2,468
  • Sep 28, 2010 11:55pm Sep 28, 2010 11:55pm
seems to be no respite from this current trend, I only trade 14 pairs, low and medium volatility and the a/c just crossed 21% dd.

wonder how long this rally will continue
  • #2,469
  • Sep 29, 2010 12:52am Sep 29, 2010 12:52am
before long fear and profit taking will set in. that is when the retrace will happen.
  • #2,470
  • Sep 29, 2010 3:49am Sep 29, 2010 3:49am
Hey guys. I have a new toy for those of you interested by Toothy's comments about price breakout after a BB squeeze.

http://www.forexfactory.com/showthre...03#post4057303

  • #2,471
  • Sep 29, 2010 4:25am Sep 29, 2010 4:25am
I started this system last week and the first week was great to trade...

it seemed so simple, but now the market conditions are all wrong. I keep telling myself I am glad that this BIG DD happened in my 2nd week so that when it happens live I will know what to do and not have some silly mistakes, but the other side would like to make some pips instead of every trade going against my position.
  • #2,472
  • Sep 29, 2010 5:22am Sep 29, 2010 5:22am
Quoting jm8985
I'm getting paranoid about 10:1, wondering if we will look back at this time as the "golden era" of trading.

Scoobs, why on earth would the US want to limit retail forex? The UK is quite liberal on forex, cfds, spread betting. Why?
The same as when Atlantic city and Vegas lobbied government to get internet gambling banned by US citizens.

They dont want US citizens using foreign brokers full stop. But they have gone one better and are using the leverage thing as a red herring.

Scoobs.
  • #2,473
  • Sep 29, 2010 6:24am Sep 29, 2010 6:24am
Dear Bob and Others,

1. I am not a lawyer.
2. I am not an accountant.
3. I am not an international tax specialist.

But...

1. Open a UK based limited company, this will cost you around £100.
2. Open a forex account with any broker you wish to and specifiy it is a corporate account. You only have to supply the company formation documents.
3. Trade whatever leverage you like.
4. Pay yourself a salary/dividends as an employee of this company.
5. When you fill in your US tax return, put that you are an employee of XYZ company and you were paid $$$ for the year 2009-2010 etc.

Now, under UK rules you will be liable to corporation tax but only when you reach a certain level of net profit. But a good accountant will be able to reduce this liability with a whole host of avoidance measures.

It maybe worth spending a few $$$ looking into this approach.

As it will be a UK formed/based company then the US authorities will not able todo anything about it as a UK and/or European court would throw the case out.

Bobs ya uncle.

Scoobs.
  • #2,474
  • Sep 29, 2010 7:00am Sep 29, 2010 7:00am
Yeap agree with what Scoob mentioned below.

To setup a limited company can only cost £40, google limited company formations..

However, when setting up an account with a broker in UK as a corporate account they will ask for all docs inc proof of address, passports etc etc.

I recently opened one as a limited company with Activ Trade and there was soo much stuff they needed.



Quoting scooby-doo
Dear Bob and Others,

1. I am not a lawyer.
2. I am not an accountant.
3. I am not an international tax specialist.

But...

1. Open a UK based limited company, this will cost you around £100.
2. Open a forex account with any broker you wish to and specifiy it is a corporate account. You only have to supply the company formation documents.
3. Trade whatever leverage you like.
4. Pay yourself a salary/dividends as an employee of this company.
5. When you fill in your US tax return, put that you are an employee of XYZ company and you were paid...
The Kamakazi
  • #2,475
  • Sep 29, 2010 7:08am Sep 29, 2010 7:08am
Quoting Bl888
Yeap agree with what Scoob mentioned below.

To setup a limited company can only cost £40, google limited company formations..

However, when setting up an account with a broker in UK as a corporate account they will ask for all docs inc proof of address, passports etc etc.

I recently opened one as a limited company with Activ Trade and there was soo much stuff they needed.
I have a friend who is US citizen/based and has just done the same thing. While he did have to supply passport details this did not and will not stop him trading an account held in his/hers UK company registered name.

And before people start throwing whiskey bottles at me. Think about it. Can a US court etc stop and UK formed limited company from trading a forex account using 500:1 leverage etc ?.

Under UK law it is the COMPANY that is trading the account and not the EMPLOYEE(s).

They may try but it wouldnt even get to court.

Scoobs.
  • #2,476
  • Sep 29, 2010 7:51am Sep 29, 2010 7:51am
Quoting scooby-doo
Dear Bob and Others,

1. I am not a lawyer.
2. I am not an accountant.
3. I am not an international tax specialist.

But...

1. Open a UK based limited company, this will cost you around £100.
2. Open a forex account with any broker you wish to and specifiy it is a corporate account. You only have to supply the company formation documents.
3. Trade whatever leverage you like.
4. Pay yourself a salary/dividends as an employee of this company.
5. When you fill in your US tax return, put that you are an employee of XYZ company and you were...
That is if the UK companies won't accept an American Citizen. That may be the case, but I have a feeling like GO Markets laughed when I said can I open an account. They said they do not have an FCM regulated company in their group of companies so they are not responsible for those laws.

Basically only FCM's registered with the NFA need to adhere to these laws:

MBTrading
Forex.com
FXCM
IBFX
.....

Any company that doesn't have or utilize the regulated US system will have no issues with opening up an account for anyone from the US. UK, AUS, etc.. should all be no problem unless they do something additional to stop them.
We are our own best indicator.
  • #2,477
  • Sep 29, 2010 7:53am Sep 29, 2010 7:53am
Account got killed last night! MARGIN call!

I knew I was pushing it! Whammo!

This is my small 1K account, but it still hurts my fragile trading EGO. hahah....

Still up on the system overall if you count my other accounts, but man, is this thing EVER going to retrace... haha...

I still can't believe how smooth and long this trend is....

Always plan to be surprised in forex...
We are our own best indicator.
  • #2,478
  • Sep 29, 2010 8:13am Sep 29, 2010 8:13am
Quoting bluemele
Account got killed last night! MARGIN call!

I knew I was pushing it! Whammo!

This is my small 1K account, but it still hurts my fragile trading EGO. hahah....

Still up on the system overall if you count my other accounts, but man, is this thing EVER going to retrace... haha...

I still can't believe how smooth and long this trend is....

Always plan to be surprised in forex...
Which pair trend are you referring too ?
  • #2,479
  • Sep 29, 2010 8:23am Sep 29, 2010 8:23am
Bob,
Are you looking at Go Markets? The only reason I'm not going with them is because they don't accept IRA accounts.
  • #2,480
  • Sep 29, 2010 8:30am Sep 29, 2010 8:30am
Quoting bluemele
Account got killed last night! MARGIN call!

I knew I was pushing it! Whammo!

This is my small 1K account, but it still hurts my fragile trading EGO. hahah....

Still up on the system overall if you count my other accounts, but man, is this thing EVER going to retrace... haha...

I still can't believe how smooth and long this trend is....

Always plan to be surprised in forex...
Commiserations Bluemele. Did they force close all your trades? What was your Margin Level?

I looked up the rules on Alpari UK where I trade, this is what they say:
Alpari UK does not operate under a system of margin calls. Instead we operate a STOP OUT system. This means that if the equity on an account falls below 20% of the required margin for the open position the system will automatically start closing out positions starting with the position making the greatest loss.

I topped up my account slightly to keep the margin level about 600%. A long way down to 20% but did not want to risk it.

I hope you're not out Blue. Stay around.
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