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  • #375,501
  • Jan 29, 2011 3:23pm Jan 29, 2011 3:23pm
Quoting Pipmysterio
My COT Report still says the big money are still long.
Just to second what iflyjetzzzz wrote above, remember that when you read the COT, it is three days old. Sure, "big money" was long a few days ago. But Friday might easily have changed that...
  • #375,502
  • Jan 29, 2011 3:43pm Jan 29, 2011 3:43pm
Quoting iflyjetzzz
I'll let the Ghostbusters say ...
"Human sacrifice, dogs and cats living together..."

A great delivery of one of the greatest lines in film history.
  • #375,503
  • Jan 29, 2011 4:03pm Jan 29, 2011 4:03pm
Quoting OldQuant
Just to second what iflyjetzzzz wrote above, remember that when you read the COT, it is three days old. Sure, "big money" was long a few days ago. But Friday might easily have changed that...

Lagging indicators, lagging COT reports, lagging realisation how news affects currencies, all part and parcel of the thread and the majority of the retailers.

90% of the posters here have no clue and show that time and time again publicly, it is so entertaining.

The Commitments of Traders (COT) reports provide a breakdown of each Tuesday’s open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.

http://www.cftc.gov/marketreports/co...ders/index.htm

I could not give a toss, who cares about what traders hold 3 days earlier? That gives zero indication of what they really think and trade.

Look at volume weighted pricing in equities, or the fact that funds stack up on winners on the last day of the month so it looks good in end of month reports (they don't talk about all the sh!t they traded in the previous 29 days)

Regulators have no clue what trading is really about and all these reports generated by them or on their behalf are just a general p!ss take.

I love it though when retailers refer to useless and out of date data for their trading decisions.

Of my soapbox again. See y'all.
  • #375,504
  • Jan 29, 2011 4:17pm Jan 29, 2011 4:17pm
Quoting cloggie
Regulators have no clue what trading is really about and all these reports generated by them or on their behalf are just a general p!ss take.
My father, who was much more a pragmatist than a conspiracy theorist, told me very early on that regulators exist to serve the interests of those they regulate. And if that ceases to be the case, then the regulation ceases as well.
  • #375,505
  • Jan 29, 2011 4:30pm Jan 29, 2011 4:30pm
regulators... because of them I'm being chased all over the world, having to change brokers because my U.S. citizenship, every other month almost. damn regulators.

Quoting OldQuant
My father, who was much more a pragmatist than a conspiracy theorist, told me very early on that regulators exist to serve the interests of those they regulate. And if that ceases to be the case, then the regulation ceases as well.
  • #375,506
  • Jan 29, 2011 4:36pm Jan 29, 2011 4:36pm
Quoting attila
regulators... because of them I'm being chased all over the world, having to change brokers because my U.S. citizenship, every other month almost. damn regulators.
Have you considered creating a foreign corporate entity? Food for thought...
  • #375,507
  • Jan 29, 2011 4:40pm Jan 29, 2011 4:40pm
Quoting attila
regulators... because of them I'm being chased all over the world, having to change brokers because my U.S. citizenship, every other month almost. damn regulators.
My father's approach to your situation would be to ask: in whose interest would it be to have it be more difficult to enter the forex market, either as a participant, or, more likely, as an independent market maker?
  • #375,508
  • Jan 29, 2011 4:47pm Jan 29, 2011 4:47pm
I just took a look at Oanda's "weekend market. It is roughly 06-16.

DISCLOSURE: I AM NOT CONTEMPLATING THIS TRADE, AND DO NOT HAVE A FUNDED ACCOUNT WITH THAT FIRM.

Does anyone have an informed opinion as to what would happen if someone hit their 06 bid right now with a million or so?
  • #375,509
  • Jan 29, 2011 4:49pm Jan 29, 2011 4:49pm
not my interest for sure. and this is what affects ME, but there are so many laws/regulations that are wrong.

@PV, i know i can do that. the question is WHY should I have to do that? Since when somebody tells me what I can or can not do with MY money? In the United States???

i would not be surprised to see people taking it to the streets here too.....

Quoting OldQuant
My father's approach to your situation would be to ask: in whose interest would it be to have it be more difficult to enter the forex market, either as a participant, or, more likely, as an independent market maker?
  • #375,510
  • Jan 29, 2011 5:01pm Jan 29, 2011 5:01pm
Quoting attila
Snce when somebody tells me what I can or can not do with MY money? In the United States???
Have you tried to go through customs with $10,001 in cash lately (in either direction, in fact)? Or tried to get that amount in $100's (and a single $1 bill of course) from your friendly neighborhood bank?

As far as being an officer or have controlling interest in an offshore entity, then you really begin the journey into regulatory scrutiny, so say nothing of taxation.

Being subject to American law can be frustrating, but it certainly beats many of the alternatives that fate could have dealt us.
  • #375,511
  • Jan 29, 2011 5:06pm Jan 29, 2011 5:06pm
Quoting OldQuant
Have you tried to go through customs with $10,001 in cash lately (in either direction, in fact)? Or tried to get that amount in $100's (and a single $1 bill of course) from your friendly neighborhood bank?

As far as being an officer or have controlling interest in an offshore entity, then you really begin the journey into regulatory scrutiny, so say nothing of taxation.

Being subject to American law can be frustrating, but it certainly beats many of the alternatives that fate could have dealt us.

And that's why London is such a great place to live and trade from, there is a reason it is the centre of FX. Great connections, all the big brokers are here, great tax structure.
  • #375,512
  • Jan 29, 2011 5:08pm Jan 29, 2011 5:08pm
what you are saying is a little tangent. 10K situation, i understand... point is, i've seen this before while living in the eastern block (every new law/regulation, just another boot on our necks). the writing is on the wall, make no mistake about that. the paint is what's still holding everything together.

Quoting OldQuant
Have you tried to go through customs with $10,001 in cash lately (in either direction, in fact)? Or tried to get that amount in $100's (and a single $1 bill of course) from your friendly neighborhood bank?

As far as being an officer or have controlling interest in an offshore entity, then you really begin the journey into regulatory scrutiny, so say nothing of taxation.

Being subject to American law can be frustrating, but it certainly beats many of the alternatives that fate could have dealt us.
  • #375,513
  • Jan 29, 2011 5:15pm Jan 29, 2011 5:15pm
Quoting attila
what you are saying is a little tangent. 10K situation
Yes, it was, but I was just adding to your rhetorical question of since when does the US government have say in what we do with our money.

Quoting attila
the paint is what's still holding everything together.
But it is good quality, lead-based, Chinese paint.

I am being summoned by the Highest Authority of this House. Later...
  • #375,514
  • Jan 29, 2011 5:27pm Jan 29, 2011 5:27pm
I hear that all FX earnings are tax free there.....

well - thats where im heading






Quoting attila
what you are saying is a little tangent. 10K situation, i understand... point is, i've seen this before while living in the eastern block (every new law/regulation, just another boot on our necks). the writing is on the wall, make no mistake about that. the paint is what's still holding everything together.
  • #375,515
  • Jan 29, 2011 5:32pm Jan 29, 2011 5:32pm
Quoting OldQuant
Have you tried to go through customs with $10,001 in cash lately (in either direction, in fact)? Or tried to get that amount in $100's (and a single $1 bill of course) from your friendly neighborhood bank?

As far as being an officer or have controlling interest in an offshore entity, then you really begin the journey into regulatory scrutiny, so say nothing of taxation.

Being subject to American law can be frustrating, but it certainly beats many of the alternatives that fate could have dealt us.
you declare cash in most countries when you enter it. UK has 10k euros limit, US 10k dollars. no problem with getting 10k or above from your branch, but they do report you though. call in advance to make sure the cash is ready

sorry if I took that out of context, did not read the posts before.
  • #375,516
  • Jan 29, 2011 5:47pm Jan 29, 2011 5:47pm
Quoting darimik
you declare cash in most countries when you enter it. UK has 10k euros limit, US 10k dollars. no problem with getting 10k or above from your branch, but they do report you though. call in advance to make sure the cash is ready

sorry if I took that out of context, did not read the posts before.
yep, you're right.

but dont bother, there is nothing like a ''context'' in this thread and there will never be,
lol.
Hero calls followed by margin calls...
  • #375,517
  • Jan 29, 2011 6:49pm Jan 29, 2011 6:49pm
Quoting OldQuant
Have you tried to go through customs with $10,001 in cash lately (in either direction, in fact)? Or tried to get that amount in $100's (and a single $1 bill of course) from your friendly neighborhood bank?

As far as being an officer or have controlling interest in an offshore entity, then you really begin the journey into regulatory scrutiny, so say nothing of taxation.

Being subject to American law can be frustrating, but it certainly beats many of the alternatives that fate could have dealt us.
Not really as bad as you think. Particularly if you have an American-based management company over the offshore entity...
  • #375,518
  • Jan 29, 2011 8:49pm Jan 29, 2011 8:49pm
Quoting cloggie
And that's why London is such a great place to live and trade from, there is a reason it is the centre of FX. Great connections, all the big brokers are here, great tax structure.
What is the tax rate for trading there? The general impression in the US is that Europe is a tax hell. We can get our Federal rate down to a maximum 23%, plus state taxes (0 - 11%). It would be nice not to get up at 3AM to trade the London open, but I'm afraid my US taxes would follow me even if I could move to a zero tax country.
  • #375,519
  • Jan 29, 2011 9:28pm Jan 29, 2011 9:28pm
Quoting 30pipsaday
What is the tax rate for trading there? The general impression in the US is that Europe is a tax hell. We can get our Federal rate down to a maximum 23%, plus state taxes (0 - 11%). It would be nice not to get up at 3AM to trade the London open, but I'm afraid my US taxes would follow me even if I could move to a zero tax country.
Capital gains in the U.K. are similar to those in the U.S.. For a U.S. citizen to move to the U.K. you would still file with the I.R.S. for at least three years unless you plan on becoming a resident of the U.K. and possibly losing your U.S. status. I've read a lot on this subject and usually end up with a headache. The bottom line is there are advantages of living in either country but they are more alike than not.
Don't Panic. Stay With You're Group.
  • #375,520
  • Jan 29, 2011 11:05pm Jan 29, 2011 11:05pm
Quoting PriceVolume
Not really as bad as you think. Particularly if you have an American-based management company over the offshore entity...
citizenship can be bought cheap in many places. Check Panama, Costa Rica, painless flight from Houston or Miami. If you're a citizen of the offshore resident country the offshore entity is no longer offshore. Just pay US income tax on any salary you draw, but offshore corporate profits would be taxed at the mother country rate. Diversify offshore investments into tax-friendly sectors to minimize the native burden. That posh B&B in Quepos is actually the corporate conference center. The Xmas market slack is a good time to get down there with the mistress/CFO for a visioning/tanning retreat.

Pura Vida!
"If The Fool persists in his Folly he will become wise." - William Blake
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