Greetings,

A short update for today...

As you may see we have a slightly improved account today, although it is far from ideal. The two trades running in the account are monitored at least every 10 minutes, 24 hours a day and our next step is to close out of EURCHF longs to free more breathing room in the margin if needed. Aside from closing all trades and locking in the large draw down, it seems this is the best choice to allow a bit more flexibility in the eurgbp trade. Again, we did not get to close the trade, or the 50% of it as planned, prior to the GBP news a couple of weeks ago. Our trading systems are still working well in other accounts, but clearly we cannot place a new trade until we gain some margin and free up some draw down. We are seeing the same winning percentage in our own accounts as we have over the past few months in this PAMM account and we have used a similar strategy for years in these markets. In the future we will cut our risk exposure greatly and possibly offer a trade copier service so you can access our trades, but set your own risk level as you choose. Thank you for the kind words and encouragement as we are in this together as our own funds are also in the program. That's all for now as things are still in the same holding pattern until the market moves again...which could be anytime.

Thank you.

Greetings,

So far every bit of news for the euro (namely Italian, German, and French data) has been terrible...actually the worst in several years for all three. The unemployment rate is also shown to be rising for the euro zone. It seems we are in a perfect storm of euro weakness, which I am not concerned about for our EURCHF trade, but I am concerned about for our EURGBP trade. We will begin scaling out of EURCHF soon if need be to free up margin in the account. We are looking for poor GBP news in about 30 minutes which could help to rise the price on the EURGBP.

Thank you.

Greetings,

Here is an update for USA clients about Hot Forex finally having to give in to USA tyranny and over regulation:

Yes, we knew it would only be a matter of time before they closed to USA clients and were threatened and forced with lawsuits like dozens of other excellent brokerages around the world. The USA has blacklisted it's clients in all markets like clients from Nigeria, Iran, etc....it is so so sad. Now, we need to find another new broker, or quit trading all together. I will never use a USA brokerage and have tiny leverage, have to follow the most foolish rule ever created (first in first out, where you have to close your trades in the order you placed them), and also have no ability to hedge...among many other things. There are many companies who still take us and have great PAMM programs as well, but they will all kick us out in due time as uncle Sam screws us even more. Either way, the accounts in the PAMM program are protected as there are many open trades still running so we are fine for now. I am speaking the co-founder of Hot Forex tomorrow and we will see how it goes.

Here are some frustrating links (also, I have had to change my overseas broker 4 times in the past 2-3 years...Hot Forex was the best thus far):

http://forexmagnates.com/fxopen-settles-cftc-accepting-clients/

http://www.cftc.gov/PressRoom/PressReleases/pr5974-11

http://forexmagnates.com/cftc-sues-11-more-firms-for-accepting-us-retail-forex-clients/

Hi there,

Yes, I have no idea of what happened with the CFTC and Hot Forex, but they closed for the same reason as brokers overseas....pressure from the US....either courts, CFTC, NFA, whatever it may be. They have not been sued or have any complaints against them that I know of. But there is only one reason they, and 95% of other brokers around the world, no longer take 'us'. I have been 'asked to leave within 2-4 weeks' from Exness (Russia), Instaforex (Russia), GoMarkets (Australia), and two others. I am not sure which had actual cases filed, but they sure all had the same reason....USA pressure. ;) I feel embarrassed to be a USA resident, it's a shame. Yet, I live within 2 miles of a casino and could gamble $5000 in an hour and no one would care, but if I use Hot Forex it is too 'risky' for 'me' to realize and it is for my 'protection'. Sad.

Here is a section from their email: Even though HotForex does not have any offices and/or operations in the U.S. and does not engage in the solicitation of clients it was communicated to us that the CFTC does not allow us to offer our services on a cross-border basis to U.S. clients. Therefore, it is with great regret to inform you that HotForex will no longer be offering its services to new or existing U.S. clients.

Take care.

Greetings,

We have has this PAMM since January of this year. USA residents are no longer able to trade with our brokerage of choice however....as listed above.

We had two important news events for the Great British Pound (GBP) here overnight which both were nicely in our favor. Both of these numbers were poorer than expected for the GBP, which is what we wanted to help our EURGBP trade, however we have not seen the market move in our favor much at this point, maybe 10-15 points for a short time.

Thank you.