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  • #101
  • Nov 19, 2016 7:36pm Nov 19, 2016 7:36pm
[quote=pipmaster77;9264426]{quote} I pulled it right from their website. So based on your theory, they want you to win, yet they are counter party to your trade. That would make them in the business to lose money. Get a clue, man.[/quote

Right...sure...lol...my god u r dense....does a bookie in vegas who accepts bets on both sides of a sporting event want you to lose? he could care less, because he makes his money from the spread.....

if you go short and they "want you to lose" that must mean they want all the people who went long to win !! lol....my god man, just go away lol...
  • #102
  • Nov 20, 2016 9:31am Nov 20, 2016 9:31am
Quoting BrianWatt
Quoting pipmaster77
{quote} I pulled it right from their website. So based on your theory, they want you to win, yet they are counter party to your trade. That would make them in the business to lose money. Get a clue, man.[/quote Right...sure...lol...my god u r dense....does a bookie in vegas who accepts bets on both sides of a sporting event want you to lose? he could care less, because he makes his money from the spread..... if you go short and they "want you to lose" that must mean they want all the people who went long to win !! lol....my
...
And when the bet is heavy one way, what happens? That's when dealer manipulation takes place. In other words, on their DD model, let's say 90% of traders are short EURUSD. I'm sure they are thrilled to death when the 10% who are long win. Why do you think Oanda and Forex.com actually made a killing when the SNB removed the peg? Yet, other legitimate brokers went out of business. I think you are misunderstanding me, I am all for FXCM NDD model, it is the DD model I am questioning. My whole point is the US rgulators have this whole thing so ass backwards that it is far less risky to trade with an offshore ECN broker, whether they are regulated or not. The most important aspect being the fact you only need to provide the broker with 10% of the funds to execute the same trade. I think we can both agree that 90% is far more safe in your own bank account than with ANY broker.
  • #103
  • Nov 20, 2016 2:32pm Nov 20, 2016 2:32pm
When more than "x" pct of the client base is leaning one way, in a DD model, they hedge the other way thru their liquidity providers. They also can code certain large traders, who are highly skilled, like myself, to hedge out automatically.....believe me when i say, the moment Forex.com sees me short $3 million tonight in #USDJPY they will, if they cant internalize the flow, hedge out...if not, they would get destroyed. I have a 94% win rate, they would get killed...and they know it....if they consistently took the other side of my trades, they would be destroyed lol....So, even in a Dealing Desk scenario, they are, more often than not, hedged out, so they have no directional bias etc
  • #104
  • Nov 20, 2016 9:11pm Nov 20, 2016 9:11pm
Quoting BrianWatt
When more than "x" pct of the client base is leaning one way, in a DD model, they hedge the other way thru their liquidity providers. They also can code certain large traders, who are highly skilled, like myself, to hedge out automatically.....believe me when i say, the moment Forex.com sees me short $3 million tonight in #USDJPY they will, if they cant internalize the flow, hedge out...if not, they would get destroyed. I have a 94% win rate, they would get killed...and they know it....if they consistently took the other side of my trades, they...
Wow, you are trading that large. All the more reason you should be offshore. What do you need around 60K in margin for the above mentioned trade? You would only need 6K with my broker. Don't ya think that extra $54K would be safer in your own bank account?
I know I've reduced it to the ridiculous as that would only allow a 20 pip stop, so let's say 12K. That would still leave $48K safely in your own bank account.
  • #105
  • Nov 20, 2016 9:20pm Nov 20, 2016 9:20pm
a good rule of thumb in the USA would be $30 per thousand (max 33:1 leverage) so $3 million position would be about $90,000 margin..altho i should point out i never leverage more than 10:1, so for me more like $300,000 margin etc
  • #106
  • Nov 20, 2016 9:27pm Nov 20, 2016 9:27pm
Quoting BrianWatt
a good rule of thumb in the USA would be $30 per thousand (max 33:1 leverage) so $3 million position would be about $90,000 margin..altho i should point out i never leverage more than 10:1, so for me more like $300,000 margin etc
So, once again, my point is....Why have that money sitting unnecessarily with a broker? You are not risking $300K. What do you have a 40 pip stop, risking 12K? You have 288K more than you are risking sitting at a broker who DOES NOT PROVIDE ANY PROTECTION OF FUNDS whatsoever. How is that less risky than trading offshore? If my broker runs with my money ,I lose 12K, if FXCM goes bankrupt, you lose 288K.
Not to mention, leverage has nothing to do with risk, if you are risking 12K, you are risking 12k, it does not matter what the available leverage is.
  • #107
  • Nov 20, 2016 10:34pm Nov 20, 2016 10:34pm
because im not going to trade in contravention of US regs, under any circumstances...
  • #108
  • Nov 21, 2016 2:05am Nov 21, 2016 2:05am
Quoting BrianWatt
{quote} I seem to be doing fine...lol...ive never had a losing month...this comes right off the FXCM analytics server...attached image.....i literally have had not one single issue with FXCM, they have been spectacular....and ive never had a losing month.....and its unlikely i ever will....cuz im the best FX trader on this planet, or any other planet...and u obviously hate all US Retail Forex Dealers, and nothing will change ur mind... {image}
OK, now you are just making my brain hurt. I feel as if we have both wasted at least a couple of hours debating this topic as we have now come full circle and are back to my original point. There is no way in hell I would put hundreds of thousands of dollars at risk UNNECESSARILY to accomplish the same exact thing elsewhere. Based on your own stats which you have posted, this has got to be the most extreme case of poor R;R I have ever seen. You are risking $300,000 to earn $3,00 monthly, while I am risking $5K to earn double that. Yet people still claim trading offshore is FAR MORE RISKY. As I stated, wasted a couple of hours and my brain is numb.

Wait, I apologize, it looks as if you are risking $300K to earn $4,500.... my bad.
  • #109
  • Nov 27, 2016 8:30am Nov 27, 2016 8:30am
Is it illegal for us residents to have off shore forex accounts?
If it were not so, I would have told you...
  • #110
  • Nov 27, 2016 9:22am Nov 27, 2016 9:22am
Quoting virgilcain
Is it illegal for us residents to have off shore forex accounts?
I think it is not illegal, as long as you pay taxes on your gains. The broker might run into troubles with uncle sam tho. The SEC got firms to settle, pay fines and stop servicing american residents on as remote islands as the Seychelles. Generally speaking, it is probably a bad idea to send money to a more or less anonymous PO box company in the Caribbean or wherever and hope to get it back.
  • #111
  • Nov 27, 2016 1:55pm Nov 27, 2016 1:55pm
Quoting shrike
{quote} I think it is not illegal, as long as you pay taxes on your gains. The broker might run into troubles with uncle sam tho. The SEC got firms to settle, pay fines and stop servicing american residents on as remote islands as the Seychelles. Generally speaking, it is probably a bad idea to send money to a more or less anonymous PO box company in the Caribbean or wherever and hope to get it back.
I withdrawal every week, no issues. Actually receive my money quicker than with a US broker. Go figure.
  • #112
  • Nov 27, 2016 2:10pm Nov 27, 2016 2:10pm
Quoting nasir.khan
I need a few recommendation from people who are using US brokers. I have not touched any of them ever since they imposed 1:50 leverage and other rules but now have a client who wants to open an account. So dont have much info myself. I am searching around but would like to know from people who are trading with real money and relatively large accounts. My only preference is spreads being lower than 1 pip (including commission) on 4 majors.
For large accounts - trade currency futures. Regulated brokers, centralized market and leverage 1:100. If need - it's possible to increase leverage even more through options.
  • #113
  • Nov 27, 2016 3:10pm Nov 27, 2016 3:10pm
Does anyone know for certain whether it is illegal or not?
If it were not so, I would have told you...
  • #114
  • Nov 27, 2016 7:46pm Nov 27, 2016 7:46pm
Quoting virgilcain
Is it illegal for us residents to have off shore forex accounts?
I think its not illegal if you can find a way around it. But you will be hard to find a broker outside the US that will allow a US citizen to open an account.
Maybe try pepperstone
20 Pips a day keeps centerlink away
  • #115
  • Nov 28, 2016 2:08am Nov 28, 2016 2:08am
Quoting PaulDaemon
{quote} I think its not illegal if you can find a way around it. But you will be hard to find a broker outside the US that will allow a US citizen to open an account. Maybe try pepperstone

Pepperstone doesn't take US clients! There's no ASIC or FCA regulated broker that does it.

https://pepperstone.com/en/client-resources/faq

"
Do you accept US Clients?
No. Pepperstone prides itself on being an International fx trading firm welcoming clients from across the globe. Sadly US CFTC regulation prevents US clients trading with non US brokers. Pepperstone strictly complies with all International and Australian regulations and thus at present Pepperstone is unable to accept US clients."
  • #116
  • Nov 28, 2016 2:09am Nov 28, 2016 2:09am
Quoting insomniawawa
{quote} Pepperstone doesn't take US clients! There's no ASIC or FCA regulated broker that does it. https://pepperstone.com/en/client-resources/faq " Do you accept US Clients? No. Pepperstone prides itself on being an International fx trading firm welcoming clients from across the globe. Sadly US CFTC regulation prevents US clients trading with non US brokers. Pepperstone strictly complies with all International and Australian regulations and thus at present Pepperstone is unable to accept US clients."
Thats strange because they advertise in the US and have an office in Texas.
20 Pips a day keeps centerlink away
  • #117
  • Nov 28, 2016 2:57am Nov 28, 2016 2:57am
Quoting virgilcain
Is it illegal for us residents to have off shore forex accounts?
My USA friend said...

if you have offshore accounts, heres what you need to know:
Youre required to file an FBAR form (IRS Form TD F 90-22.1) each year by June 30th. There is a $10,000 minimum that triggers the reporting requirement, but that amount is in the aggregate.
That means if you hold foreign bank accounts with TOTAL balances of $10,000 or more, you must file. If you have one bank account with $9,999 in it, you dont have to file. But if you have two offshore bank accounts with $5,001 each, you do have to file.
You didnt think the IRS was going to let people spread their money across lots of small accounts to dodge reporting requirements, did you?
Completing an FBAR filing is required not only if you own an offshore bank account, but also if you have signature authority or a beneficial interest in one. Even employees with signature over, but no financial interest in, an offshore account must file an FBAR form by June 30th each year.

People will often pepper with questions about how they can potentially avoid filing an FBAR to report their foreign account. Dont worry; the government has all the exits sealed.
Yes, individuals and corporations both need to file.
Yes, people who hold non-bank financial accounts, like brokerage accounts, must file.
Non-citizen US residents such as those with a green card must file, including on any bank accounts they maintain in their home country for normal everyday use.
I have a Malasian friend who lives in the US and never knew about the FBAR reporting requirement. When I told him about it, he brushed it off.
After all, Malasia is his home country, and it only makes sense for him to have an account there, right?

Wrong.
The US government has taken the position that anyone holding money outside of The Land of the Free is guilty of being a tax cheat and must be watched.
Filing an FBAR isnt about reporting potentially abusive offshore accounts; its about reporting ANY offshore bank account. The definition of offshore means anything outside of the hallowed borders of The Land of the Free.
That means if my Malasian friend were to get a green card or US citizenship, his Malasian bank accounts would be re portable even when he moves back to Malasia. Offshore means offshore to the government, not to where youre living.
Keep in mind that the threshold for filing an FBAR is based on the highest value of the account at ANY point during the calendar year you are reporting.
So if your $9,999 bank account earned $1 or more in interest, causing your balance to reach $10,000 even just for one day, you must file. The same goes if you make a large deposit and immediately withdraw the money or wire it somewhere else.

you can only file an FBAR electronically, so make sure you know how to do so in order to file on time.
US persons with $50,000 or more in offshore financial accounts may also need to file a Form 8938, called the Statement of Specified Foreign Financial Assets. The rules for this filing are a bit trickier, but the IRS uses this form to determine any gains or losses you incur in a foreign account. You may also need to check a box on your actual tax return.
And because this is the government were talking about, Form 8938 is due along with your tax return, not on June 30th with your FBAR.

Consult your Tax advisor/lawyer before investing.
Never Gamble Forex
  • #118
  • Nov 28, 2016 7:00am Nov 28, 2016 7:00am
does this mean that, if a canadian is born a dual citizen in canada and lives their entire life in canada, if they never reported any accounts over 10000 to the irs they should be in jail?
  • #119
  • Nov 28, 2016 7:09am Nov 28, 2016 7:09am
Quoting grrbear
does this mean that, if a canadian is born a dual citizen in canada and lives their entire life in canada, if they never reported any accounts over 10000 to the irs they should be in jail?
Yes if has US bank account. ( it's my us frnd said. always consult local lawyer or someone based in USA )


# jail or any punishments depends on authority.
Never Gamble Forex
  • #120
  • Nov 28, 2016 7:33am Nov 28, 2016 7:33am
where if the person never lived in us but kept canadian accounts and at one time us accounts. they are not bound to the irs if they close their american accounts or bring them below 10000
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