Micro-lots possible for US residents now? | Forex Factory

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Micro-lots possible for US residents now?

  • #1
  • First Post: Oct 13, 2010 1:33pm Oct 13, 2010 1:33pm
I am still demoing using IBFX as my broker but I hope to go live in a few months (have been consistently profitable for 3 months now and still learning).

I'm hearing a lot about new regulations restricting leverage for US residents. Does that mean that I can no longer trade micro/mini lots?

I'd like to start with an initial investment of about $1000 for a year before I put more money down on a live account and wanted to know if that is still possible with the new rules.

Anyone else out there like me, in the US, trading with a small live account? Who's your broker?

Any help would be greatly appreciated.
  • #2
  • Oct 13, 2010 1:47pm Oct 13, 2010 1:47pm
You can still tade with a small capital in micro or mini. But it's going to be a much steeper climb with the lower leverage.
  • #3
  • Oct 13, 2010 1:48pm Oct 13, 2010 1:48pm
Hello TexTrader....OANDA allows one to trade as little as one unit (1/1000 of a micro), and also allows any deopsit amount....I think this will remain the same upon the new rules taking effect here in a few days...they have been very reliable to me, and I've had no real problems when withdrawing or depositing money (there was a little snafu in the fall of 2008 when all the markets were a little crazy, but their customer service was very good to me and after a few days the problem was resolved to my satisfaction).

Jeff
  • #4
  • Oct 13, 2010 4:08pm Oct 13, 2010 4:08pm
Make sure to throughly test Oanda's platform if you go that route. It's been along time since I logged into my old acct... looks like the the disconnect problems I had with them, 2/3 years ago, are still prevalent.

It went about 45 mins before I got this error message:
Attached Image
  • #5
  • Oct 13, 2010 4:29pm Oct 13, 2010 4:29pm
Quoting Slack
Make sure to throughly test Oanda's platform if you go that route. It's been along time since I logged into my old acct... looks like the the disconnect problems I had with them, 2/3 years ago, are still prevalent.

It went about 45 mins before I got this error message:

Hey slack,
im with oanda for a while now, the only time i have a conection problem is if my internet conection is slow, otherwise dont have a prob at all.
  • #6
  • Oct 13, 2010 4:39pm Oct 13, 2010 4:39pm
Quoting geoffrod
Hey slack,
im with oanda for a while now, the only time i have a conection problem is if my internet conection is slow, otherwise dont have a prob at all.
I know it's spotty. Many have no problem, but some us do. A lot posts in their forum over the years about this.

I have no issue with Oanda; actually I like them very much, but the disconnect brought back some ugly memories. Possible that this is a Java issue because I have problems Dukascopy, too.
  • #7
  • Oct 13, 2010 7:44pm Oct 13, 2010 7:44pm
Quoting forextrader9
You can still trade with a small capital in micro or mini. But it's going to be a much steeper climb with the lower leverage.
not necessarily. You can still build your account pretty fast with 50:1. If you have a solid strategy that is highly accurate and good money management then you shouldn't be affected.
  • #8
  • Oct 13, 2010 8:13pm Oct 13, 2010 8:13pm
Quoting sed34
not necessarily. You can still build your account pretty fast with 50:1. If you have a solid strategy that is highly accurate and good money management then you shouldn't be affected.
I didn't say it is impossible, it is a steeper climb. If you have a solid strategy, any leverage is good enough. But, the problem is, whatever the strategy, there are only so many trades that you come across and can take. And the profit potential is significantly reduced because of the number of lots you can trade.

And, you are living in a fools paradise if you think 50:1 is the last we have heard on this. It is only a matter of time before that is lowered significantly IMHO. Don't believe me, see the history of how this was reduced from 200:1 to 50:1 in a year.
  • #9
  • Oct 13, 2010 10:36pm Oct 13, 2010 10:36pm
200? it was 400-500 not very long ago at all.
They wanted 10. They compromised and gave 50. And obviously it's driving some brokers out anyway.
Per the news a few days ago about rampant insider trading in the capital I suspect they all have 100,000 floating around to trade on their own, so why would they understand leverage?

look how good the economy is doing altogether. I want to see someone ask at the next press conference, if there ever will be one, define "supply chain". Sounds like the CT senate debate on how to create a job.
  • #10
  • Oct 13, 2010 11:21pm Oct 13, 2010 11:21pm
Quoting forextrader9
And, you are living in a fools paradise if you think 50:1 is the last we have heard on this. It is only a matter of time before that is lowered significantly IMHO. Don't believe me, see the history of how this was reduced from 200:1 to 50:1 in a year.
I'm live with DUkas for fund safety, but their 30:1 over weekends if you hold your positions is a real bummer I must say.
  • #11
  • Oct 13, 2010 11:31pm Oct 13, 2010 11:31pm
Quoting klrman
I'm live with DUkas for fund safety, but their 30:1 over weekends if you hold your positions is a real bummer I must say.
Why wouldn't one go with MIG when they are similar in every respect to Dukas but offer 500:1 leverage!!!
  • #12
  • Oct 14, 2010 12:43am Oct 14, 2010 12:43am
FXJE.com will let you trade with micro-lots. $500 to open a live account. Low spreads on majors pairs. Direct order processing-No human dealer intervention so they say and they accept scalping EAs. Office in Chicago,IL I have there demo now but will open live account tomorrow. You just might want to check them out.

Richard
  • #13
  • Edited 2:13am Oct 14, 2010 12:49am | Edited 2:13am
Quoting forextrader9
Why wouldn't one go with MIG when they are similar in every respect to Dukas but offer 500:1 leverage!!!
Thanks for the tip! I've never heard of MIG to be honest with you so I started to read the reviews on Forexpeacearmy and they seem pretty scary. Hate it when people say their money disappeared and the broker plays dumb. Just too many bad reviews overall to think that MIG is on the up and up.
  • #14
  • Oct 14, 2010 6:14am Oct 14, 2010 6:14am
Quoting klrman
Thanks for the tip! I've never heard of MIG to be honest with you so I started to read the reviews on Forexpeacearmy and they seem pretty scary. Hate it when people say their money disappeared and the broker plays dumb. Just too many bad reviews overall to think that MIG is on the up and up.
MIG is not a broker first of all, they are a BANK.
  • #15
  • Edited 10:17pm Oct 14, 2010 4:31pm | Edited 10:17pm
Quoting forextrader9
MIG is not a broker first of all, they are a BANK.
Even worse if 10% what I read about them is true. This line on their disclaimer is a little odd too

"During extremely volatile market situations, MIG BANK reserves the right to increase spreads or margin requirements, and to take steps to impose procedures or restrictions that it – in its sole discretion - sees fit"

source= http://www.migbank.com/index.php?id=30&L=0
  • #16
  • Last Post: Oct 16, 2010 4:38pm Oct 16, 2010 4:38pm
Quoting skybiz007
FXJE.com will let you trade with micro-lots. $500 to open a live account. Low spreads on majors pairs. Direct order processing-No human dealer intervention so they say and they accept scalping EAs. Office in Chicago,IL I have there demo now but will open live account tomorrow. You just might want to check them out.

Richard

They are CFTC registered and NFA registered... 50:1 Pony soon to be 10:1 pony.

50:1 with $500 is suicide. Only a sucker takes that bet.
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