To use chat, please login.
Back to contacts

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

bizWiz
Jan 24 2010 at 21:28
397 posts
dennerle, that's some good info - thanks.

Pietpatat - if that will be the case, then I guess that usa based traders are out of luck.. maybe it's time to apply for a new citizenship? 😄

Sleep is for the weak.
Elkart
Elkart
Jan 25 2010 at 00:46
941 posts
lol...

Biz, they can't. The most basic freedom of them all is denied US citizens. Unless the US government agrees US citizens can't give up their citizenship. Only country in the world where you can't.

Best way forward for them is offshore companies or trust funds in offshore jurisdictions. Expensive. Bout $5000 US a pop.

Getting very difficult for them and these new rules will close retail fx to them. They'll have to start trading options on fx on the CME which is off course the goal here.

US is closing the retail fx industry. No doubt about it. Whatever their stated goals are.

Considering the amount of time, effort and money it takes to learn to do this, if I was a US citizen I'd sue the CFTC for taking away my ability to earn a living and future income. 20 years of compound growth!

PipCollector
Jan 25 2010 at 11:18
92 posts

Elkart posted:
Considering the amount of time, effort and money it takes to learn to do this, if I was a US citizen I'd sue the CFTC for taking away my ability to earn a living and future income. 20 years of compound growth!


Under the circumstances, some will probably will.

I wonder if other countries will follow? After all, the entire world's economy was affected last year, and limiting your exposure to the markets is actually a good idea to minimize risk (Yeah, I know it's basic money management 😄).

Patience is a virtue.
Elkart
Elkart
Jan 25 2010 at 11:47
941 posts
Just have to stay a step ahead mate. Fly like a butterfly, sting like a bee...!!

mettall
Jan 25 2010 at 14:36
27 posts
so better we don't open Oanda accounts? damn. there is no other broker with such good web terminal.

Elkart
Elkart
Jan 25 2010 at 14:49
941 posts
They're Canadian...

I struggle to tell the difference as well, they all look the same to me! But ask any Canadian and they'll correct you quite passionately...

bizWiz
Jan 25 2010 at 15:17
397 posts
Elkart posted:
    They're Canadian...

I struggle to tell the difference as well, they all look the same to me! But ask any Canadian and they'll correct you quite passionately...


really? i was under the impression they're US based.

Sleep is for the weak.
mettall
Jan 26 2010 at 09:35
27 posts
aah, thanks :)

By decreasing the leverage the USD should become less volatile. This is good because then the USD will be much more stable. What do you prefer - to have non-volatile or volatile world currency? Obama is trying to save the status of USD like world currency...

PipCollector
Jan 26 2010 at 15:46
92 posts
I'm sure some like the volatility - you can't increase the reward without increasing the risk.

Patience is a virtue.
Topic is locked