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10 to 1 leverage suggestion by the CFTC - a death to the US forex market?
Jan 26, 2010 at 20:49
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.
http://en.wikipedia.org/wiki/World_currency#Hypothetical_single_supranational_currency
http://en.wikipedia.org/wiki/World_currency#Hypothetical_single_supranational_currency
Memento mori!
Mitglied seit Jan 05, 2010
88 Posts
Jan 27, 2010 at 09:41
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.
http://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.
Patience is a virtue.
forex_trader_3463
Mitglied seit Nov 22, 2009
30 Posts
Jan 27, 2010 at 23:57
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: http://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 http://
www.cftc.gov, including any personal information provided.
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: http://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 http://
www.cftc.gov, including any personal information provided.
forex_trader_3463
Mitglied seit Nov 22, 2009
30 Posts
Jan 28, 2010 at 13:00
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 http://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.
forex_trader_7
Mitglied seit Aug 01, 2009
895 Posts
Jan 28, 2010 at 13:10
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.
No one's going to comment. Writing is on the wall. Just move the money away.
Mitglied seit Jan 05, 2010
88 Posts
Jan 28, 2010 at 13:29
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.
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.
Patience is a virtue.
Mitglied seit Sep 04, 2009
849 Posts
Jan 28, 2010 at 13:46
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..
Mitglied seit Jan 05, 2010
88 Posts
Jan 28, 2010 at 14:06
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?
Patience is a virtue.
Mitglied seit Sep 04, 2009
849 Posts
Jan 28, 2010 at 14:27
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.
For us, the tiny fart trader😀, it doesn't matter where we make money, in the end we spend it where we live.
forex_trader_7
Mitglied seit Aug 01, 2009
895 Posts
Jan 28, 2010 at 14:30
I agree, retail forex is such a small portion of the equation. I don't know why they bother actually.
Mitglied seit Sep 04, 2009
849 Posts
Jan 28, 2010 at 14:32
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 http://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 !😎
Jan 28, 2010 at 20:28
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...
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...
Memento mori!
Mitglied seit Sep 04, 2009
849 Posts
Jan 28, 2010 at 20:35
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 ???😲
forex_trader_3463
Mitglied seit Nov 22, 2009
30 Posts
Jan 28, 2010 at 23:51
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.
forex_trader_7
Mitglied seit Aug 01, 2009
895 Posts
Jan 29, 2010 at 01:21
(bearbeitet Jan 29, 2010 at 01:21)
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.
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.
Mitglied seit Jan 05, 2010
88 Posts
Jan 29, 2010 at 12:07
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.
Patience is a virtue.
Feb 01, 2010 at 02:19
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.
Also it is proven statistically, that lower the leverage, higher your chance of surviving and flourishing in the long run.
Mitglied seit Sep 04, 2009
849 Posts
Feb 01, 2010 at 03:37
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 !
Feb 01, 2010 at 04:08
sorry I used the wrong word "Proven" as I caanot proivde a scientific research.
I have been influenced by some very good traders that have stated this fact over and over again. Also, I have been trading for quite some time now and have not used a leverage higher than 1:5 or 1:6 tops- that has worked well for me. When I use higher leverage, my results are just no better. and have to work harder (and longer) to come out of the draw down.
I have been influenced by some very good traders that have stated this fact over and over again. Also, I have been trading for quite some time now and have not used a leverage higher than 1:5 or 1:6 tops- that has worked well for me. When I use higher leverage, my results are just no better. and have to work harder (and longer) to come out of the draw down.
pc8multifx posted:
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 !
