CFTC 10:1 Poll

What is your opinion of the CFTC's proposal to limit forex leverage to 10:1?

  • I think that rule is too restrictive and will cause problems.

    Votes: 60 100.0%
  • I think the government needs to be that restrictive to protect traders from themselves.

    Votes: 0 0.0%
  • I forgot to bring my opinion today.

    Votes: 0 0.0%

  • Total voters
    60
  • Poll closed .

AsstModerator

FPA Forums and Reviews Admin
Messages
5,493
I still want everyone to write a letter to the CFTC and post it here...

http://www.forexpeacearmy.com/forex-forum/general-forex-talk/8430-call-action-cftc-10-1-share-what-you-wrote-here.html

If you are new and don't know what I'm talking about, read this...

http://www.forexpeacearmy.com/forex-forum/forex-articles/8342-if-cftc-does-say-goodbye-retail-forex-usa.html


There are some people who say 10:1 is a good safety precaution. I disagree and think that it is too much hand holding by the government.

This is your chance to express your opinion with a mouseclick. I'm opening the poll to guests, so you don't need to be logged into your forums account to vote.

There are ways to cheat and vote multiple times. Please don't. I want this to be a real representation of what FPA members think, not a contest about who can vote the most often. Please keep it to one vote per household.

Thanks.
 

Farhad

Recruit
Messages
5
I guess most should be blamed forex broker on such a restrictive rules one after other starting with hedging, and then FIFO and now 1/10 leverages. Even though each person should take responsibility for its destiny, but also putting such a restrictive also quite beyond and would not resolve problem. Forex brokers, Fund Mangers, Signal Providers, and much had abused and most of them got free ride on money belong to someone else and now naturally, they can do it anymore, so I understand some reasoning behind of such restrictive rules.
 

samk090905

Recruit
Messages
3
admin

please forward this critical vote to forex4noobs.com as well. in fact, i think it would be crucial that the all of the forex community have a determined vision to abolish or reconsider the CFTC's regulation on the matter.

thank you,
 

rodhuy

Recruit
Messages
2
CFTC looking after themselves and thier members

what is CFTC's motive here -
a) to protect poor innocent punters from themselves and help them in a BIG BROTHER way to protect their capital by limiting leverage......... or
b) make Forex trading unattractive and not as lucrative so therefore punters may then switch over to Commodities Futures and Index Futures which has the full 100:1 margin and also controled by the CME and CBOT and CFTC !!

talk about looking after their own members interests. CTFC just want to make FX appear unattractive and make ppl swing over to trading futures. Totally biased and talk about a conflict of Interest@#$@#$!!!!!.

oh who else is behind this? answer: NFA !! National FUTURES Association. the name says its all..

Folks it aint about protection.... its about getting more punters over to Futures. !!!!

a SCAM by CFTC and NFA. !! i rate them 5 star SCAM !
 

Reign

Corporal
Messages
42
The days of the newbie finding a new means to financial freedom are about to come to an abrupt stop if this rule passes. There's no way that I can get that amount of money to continue trading in the US. I could have possible made $10k if these rules weren't threatening that possibility.

It seems that with every new venture I find, it gets taken away. They say land of the free, but are we truly free? We're almost treated like dogs on a leash, and I believe that we are about to run to the very end and be yanked back suddenly by this rule to show us that we are still controlled no matter how free we may think we are.

I hope, no, I pray that this doesn't go through, because I too have a dream where I can finally be in control of my own destiny for a change. I was starting to visualize not having to punch a clock, and waking up and going to my own office in my home (which I don't own at the time), and taking a break and driving off to town in my dream car.

All of this is now at risk, and now I'm slowly starting to realize that this too was nothing more than a carrot being dangled in front of my face that's slowly being taken out of my reach by those that already have what I desire. Crapping on the little guy seems to be a repetitive thing in this Country. Let's just hope that someone sees the light for a change this time. A people united can overcome anything. Lets continue to fight.

Regards,

Reign
 
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manifest

Private
Messages
23
If this 10:1 passes, can't US based forex traders open an account over seas and avoid the rule? I live over seas and my forex account is Swiss and don't expect to be impacted.
 

Pharaoh

Colonel
Messages
19,689
At this time, it's still legal to open accounts overseas.

The bizarre part is that there are good parts to this proposal that close loopholes in US registration regulations and allow the CFTC greater ability to legally deal with scammers inside the USA. Then, almost as an afterthought, someone tacks on the 10:1 provision to drive even more accounts offshore.

Why pass regs that can really help and combine them with something that will make most of us move our accounts to places where those regs don't apply?
 

spak3060

Private
Messages
18
Protest to the CFTC's proposal to limit forex leverage to 10:1

Title:the CFTC's proposal to limit forex leverage to 10:1
Saturday, January 30, 2010 8:21 PM
From: spak3060
To: "secretary@www.cftc.gov" <secretary@www.cftc.gov>
Hello Mr/Mrs,
When I heard about the CFTC's proposal to limit forex leverage to 10:1, I really worried, because my basic strategy has been based on the leverage 500:1. This strategy needs simultaneously to open many positions with a lot or half a lot for each of them. If the CFTC's proposal submits as a rule, I and other traders who use such these strategies need a huge investment to trade in forex, and it's impossible.
I protest, as a member of Forex Peace Army, to submit this proposal as a rule. I hope CFTC omits this proposal, as soon as possible.

Best Regards


Spak3060
 
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spak3060

Private
Messages
18
Title:the CFTC's proposal to limit forex leverage to 10:1
Saturday, January 30, 2010 8:21 PM
From: spak3060
To: "secretary@www.cftc.gov" <secretary@www.cftc.gov>
Hello Mr/Mrs,
When I heard about the CFTC's proposal to limit forex leverage to 10:1, I really worried, because my basic strategy has been based on the leverage 500:1. This strategy needs simultaneously to open many positions with a lot or half a lot for each of them. If the CFTC's proposal submits as a rule, I and other traders who use such these strategies need a huge investment to trade in forex, and it's impossible.
I protest, as a member of Forex Peace Army, to submit this proposal as a rule. I hope CFTC omits this proposal, as soon as possible.

Best Regards


Spak3060
Hi everyone
this is my protest which has been sent to CFTC

Kindest Regards
 
Last edited by a moderator:

atkfam

Recruit
Messages
2
Contact your congressmen

Hi,

This is a suggestion for all US-bases traders: contact your House Rep and Senator with formal complain. This proposed 10:1 limit might be a direct violation of our constitutional rights. I did so. These folks represent us and we keep forgetting it.

The main problem with mandating ANY leverage is that it is an attempt to regulate consumers performing legal activity(trading) as oppose to brokers regardless of intentions on CFTC side. CFTC does not have any mandate to regulate consumer behavior. They suppose to regulate brokers. Moreover, this limit a violation of our Constitutional right contradicting "the blessings of liberty" clause. Consumers shall have a liberty to chose a leverage.

One more point. This leverage limit can be construed as a "cruel and unusual punishment" (Amendment VIII) for retail Forex customers placing them into severe disadvantage as compared with institutional spot traders.

So, CFTC can ignore our complains, but they might think differently if members of House or Senate start asking questions.

Is there anybody on this forum with a law degree and knowledge of constitutional issues?

P.S. Moderator, please, add this post to all related threads
 
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