10 to 1 leverage suggestion by the CFTC - a death to the US forex market?

but this is world currency... tell this to Shahe Mohamed - he is gonna cut your head off. The world currency should be stable as rock. Thats why there are so many proposals to change the world currency.
https://en.wikipedia.org/wiki/World_currency#Hypothetical_single_supranational_currency

mettall posted:
    but this is world currency... tell this to Shahe Mohamed - he is gonna cut your head off. The world currency should be stable as rock. Thats why there are so many proposals to change the world currency.
https://en.wikipedia.org/wiki/World_currency#Hypothetical_single_supranational_currency

It's just like world peace - it's a nice idea but will never happen.

However you feel about the proposed changes, it is a BAD idea. Please take the time to send an email opposing the proposed rule. From the CTC website:
DATES: Comments must be received on or before March 22, 2010.

ADDRESSES: You may submit comments, identified by RIN 3038-AC61, by any

of the following methods:

Federal eRulemaking Portal: https://www.regulations.gov/

search/index.jsp. Follow the instructions for submitting comments.

E-mail: [email protected]. Include ``Regulation of Retail

Forex'' in the subject line of the message.

Fax: (202) 418-5521.

Mail: Send to David Stawick, Secretary, Commodity Futures

Trading Commission, 1155 21st Street, NW., Washington, DC 20581.

Courier: Same as Mail above.

All comments received will be posted without change to https://

www.cftc.gov, including any personal information provided.

do you really think they even open the thousands of emails they get on a daily basis? i'm sure the verdict is already decided, they only stall to show as if they're still considering it...

Everyone thinks that they get thousands of emails every day. Did you send one? Do you know anyone that has? They cannot get those thousands of emails if you do not send them. However naive an idea it may be, they are supposed to catalog and post each one here https://www.cftc.gov/lawandregulation/federalregister/federalregistercomments/2010/10-001.html Right now I only count 69 comments. If you really think it is a bad idea, take two minutes and send an email. It won't cost you anything to send it, but not sending in your comments may cost you a great deal more down the road.

Water flows around the rock, where it's easiest to go.

No one's going to comment. Writing is on the wall. Just move the money away.

Yep, the easiest thing to do is just move along, I bet the US brokers are already feeling the impact of this possible move.

If this will go through, do you think it will be enough to move the USD? I mean it's a trillion dollar market and probably close to half of it is traded in the USA.

PipCollector posted:
    Yep, the easiest thing to do is just move along, I bet the US brokers are already feeling the impact of this possible move.

If this will go through, do you think it will be enough to move the USD? I mean it's a trillion dollar market and probably close to half of it is traded in the USA.

It doesn't matter from where the USD will be traded..

pc8multifx posted:
It doesn't matter from where the USD will be traded..

Actually, that's not what I meant.

Let me rephrase my question - the forex market is creating probably billions in revenues for USA. Moving the trading to foreign brokers will have an impact on the USA economy - my question is will it be big enough to depreciate the USD?

I don't think there will be much of an impact. Currencies are more driven by central banks and other big dogs, like (car) industry, funds etc.

 For us, the tiny fart trader😀, it doesn't matter where we make money, in the end we spend it where we live.

I agree, retail forex is such a small portion of the equation. I don't know why they bother actually.

michigansurveys posted:
    Everyone thinks that they get thousands of emails every day. Did you send one? Do you know anyone that has? They cannot get those thousands of emails if you do not send them. However naive an idea it may be, they are supposed to catalog and post each one here https://www.cftc.gov/lawandregulation/federalregister/federalregistercomments/2010/10-001.html Right now I only count 69 comments. If you really think it is a bad idea, take two minutes and send an email. It won't cost you anything to send it, but not sending in your comments may cost you a great deal more down the road.

I droped them a mail on January 17th, regards the leverage issue. Still not published..... I think the deal is already done!

Adios USA !😎

naaaah...
OANDA are US broker. here is a part of my chat log with the support:

ME: are you gonna move all accounts to UK or somewhere else?
ME: you are US broker, right?
OANDA: We are US broker, and we don't have any plan yet on moving accounts to somwhere else.


They are not scared of CFTC...

mettall posted:
    naaaah...
OANDA are US broker. here is a part of my chat log with the support:

ME: are you gonna move all accounts to UK or somewhere else?
ME: you are US broker, right?
OANDA: We are US broker, and we don't have any plan yet on moving accounts to somwhere else.


They are not scared of CFTC...

They have no plan B ???😲

I totally agree that all will move out of US brokers. I did when they started the FIFO rules. Idiots. What I am really fearful of is that they just wont stop protecting us small retail forex traders. You know, just like seat belts tobacco, etc... What I fear most is that they will somehow try to keep US traders from trading offshore. I don't know how they could do it, they cant stop online gambling now, but big brother is resourcefull and stupid enough to try.

MS

Errr - tried to get an account recently? We can't take US clients as we can't find decent brokers that will take them. And then there's the bit that any broker who takes a US client must be CFTC registered.

This is the end forex trading for you I'm afraid, unless you're happy with 10:1.

michigansurveys posted:
What I fear most is that they will somehow try to keep US traders from trading offshore. I don't know how they could do it, they cant stop online gambling now, but big brother is resourcefull and stupid enough to try.

They're actually already doing it, aren't they? There are a lot of brokers who do not accept US client, which I assume the NFA/CFTC are responsible for.

this whole debate is kinda pointless. leverage is not crucial to success. if you cannot make money on 1:1, then you wont on 1:10 or 1:100.

Also it is proven statistically, that lower the leverage, higher your chance of surviving and flourishing in the long run.

5abi posted:
    this whole debate is kinda pointless. leverage is not crucial to success. if you cannot make money on 1:1, then you wont on 1:10 or 1:100.

Also it is proven statistically, that lower the leverage, higher your chance of surviving and flourishing in the long run.

Show us this statistic !