To use chat, please login.
Back to contacts
gpcode
Sep 24 2014 at 11:39
7 posts
Dear friends,

I wanted to let you know about a new petition I created on We the People, a new feature on WhiteHouse.gov, and ask for your support. Will you add your name to mine? If this petition gets 100,000 signatures by October 19, 2014, the White House will review it and respond-

You can view and sign the petition here:

https://wh.gov/ilWF8

Here's some more information about this petition:

Petition to repeal NFA Compliance Rule 2-43(b) for FIFO / Offsetting Transactions for ForEx trading

I wish to express opposition to NFA Compliance Rule 2-43(b) concerning Offsetting and FIFO (First In-First Out) Transactions and call for the repeal of this section as it pertains to retail-level ForEx trading for US residents and brokerages. This rule has since prohibited the freedom to utilize beneficial trading resources such as offsetting (commonly referred to as 'hedging'), as well as the freedom to close each trade, choose take profit, stop loss and trailing stop values for each order without the interference currently caused by the FIFO aspect of the rule. I did not ask for these restrictions and firmly disagree that those freedoms now prohibited 'were of no benefit to the trader'. I believe that restoring these freedoms will help ForEx clients manage trades more successfully.

forexwiz
Sep 25 2014 at 07:17
16 posts
Why not try FinFX? They accept US clients and without fifo ruling.

There is nothing lost or wasted in this life
gpcode
Sep 25 2014 at 08:44
7 posts
Hi forexwiz,

Believe me, I would do it in a heartbeat but don't want to be a test case for whether doing business this way is legal or not...😕

gpcode
Sep 25 2014 at 10:00
7 posts
My hope with the petition is to restore when retail-level ForEx clients and brokerages in the US can once again enjoy the freedom to trade like the rest of the world, without an offset 'hedging' ban and FIFO restrictions that I neither wanted nor asked for- and the return of foreign traders and investors, jobs, opportunities as well as tax revenues that seem unlikely to return here until this rule is repealed. I welcome all to visit the site and sign the petition, your help will be appreciated- Thank you!

forexwiz
Sep 25 2014 at 15:05
16 posts
FIFO ruling is definitely a shackel and is not helping or protecting the retail traders. It's a worthy cause to petition.

There is nothing lost or wasted in this life
forexwiz
Sep 25 2014 at 15:05
16 posts
@gpcode ,
I am running my trade strategy on 2 accounts: 1) NFA and cftc ruling and 2) with none. I started this evaluation to proof the US trade restictions are not good, at least to my trade system. You can see how my trading results defer between 2 accounts. I believe the 50:1 and fifo ruling are BS. I get stopped out more often and get stuck in the trade too long based with nfa/cftc rulings.

https://www.myfxbook.com/members/forexwiz


There is nothing lost or wasted in this life
Matthew Copper (CopperCM)
Sep 25 2014 at 20:42
8 posts
sirius1fx (sirius1fx)
Sep 25 2014 at 20:43
345 posts
good look on this petition, these scammers need to be stopped...

its solely benefiting the market makers, has nothing todo with trades...

if you follow the flock like sheep you always end up stepping in shit!
gpcode
Sep 25 2014 at 20:52
7 posts
Hi forexwiz,

I agree and thank you for your insight and especially your latest post- it shows quite a difference between the two accounts, with only about 6% more DD but is approaching double the gain in favor of the account without the restrictions- very impressive indeed😄

I happen to favor leverage above 1:50 also as many strategies and especially grids I've used are actually more stable and effective at the higher number- A leverage petition is something I would definitely support! I focused on the 2-43(b) rule first though, as one repeal may be a more obtainable goal and seems to be the final straw for those with a choice to go elsewhere....

gpcode
Sep 25 2014 at 21:49
7 posts
Thank you for your replies so far, here is a link for a short video with some more background at youtube:


Please login to comment.