I received the attached message via email from Oanda. This doesn't really affect me since I haven't traded gold/silver in over a year, but for many U.S. traders this is a disaster. Just thought I would share this here to give everyone a heads up, if they haven't gotten notifications already.
It's like a new restriction every month-- the FIFO rule went into effect in May.
They claim it's to make trading 'safer,' protect traders and economic interests, but we all know somebody up top just wants to make more money. I have yet to see some regulation that actually benefited my trading.
i was trading various gold pairs, all was going well, i was getting 100:1 leverage on the gold pairs, which basically means that i had a bigger credit line to trade with, but after reading this nonsense about gold going to 1:1 i just went ahead and switched tracks and have begun trading pure currency, it is really not that different anyways..
since the begiinning of this month, i was at balance of $660 at one point, but now i sit on an equity of $1124.
my trading bot is based on two physics theories and a strange math quirk.
work hard and never look back, that is what i say.
i am building that which will serve as the foundation of a trading empire.
my trading team will be, for all practical purposes, a think tank.
for the record, i am a clinically diagnosed sociopathic genius.
Well that's wonderful. I did not get an email on this with trading point but I am sure I'll get nailed there as well. I love it! Forex will be dead in the US eventually with everything going into effect. I understand the reasoning for it but its overdone to the point of 'I want to scoop my eyes out with a fork. Best thing to do is run for the hills and find a broker that accepts US clients without the the jurisdictional bull, but also be a reputable broker.
PS: Found something about oil in trading point mt4. Just glancing over it looks like Oil is restricted to a month to month thing now. Ill look at it a bit more in depth later.
ADVERTENCIA DE ALTO RIESGO: El comercio de divisas implica un alto nivel de riesgo que puede no ser adecuado para todos los inversores.
El efecto de apalancamiento crea un riesgo adicional y una exposición a las pérdidas. Antes de decidirse a operar con divisas, considere cuidadosamente sus objetivos de inversión, su nivel de experiencia y su tolerancia al riesgo.
Podría perder una parte o la totalidad de su inversión inicial. No invierta dinero que no puede permitirse perder. Infórmese sobre los riesgos asociados al trading de divisas y pida consejo a un asesor financiero o fiscal independiente si tiene alguna duda.
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