CFTC Forex Rules In Effect October 18, 2010

Big Steve

Private
Messages
20
Petition to allow US Persons to open bank accounts internationally

Hi Jeremy,
I added my signature to the petition. Thank you for posting this link and I encourage all traders to sign it. If we all petition maybe it will make a difference so please check out the link Jeremy has posted for us. We may be just little people but we still have our voices. Politician jerks in office can't silence that. I for one will remember this come election day. :mad:
 

karlmarx

Recruit
Messages
5
Before regulation it was possible for retail traders to pool their capital and execute through a prime broker. Without that, it is impossible to hide your flow from the liquidity providers. I know of traders that have been excluded from certain bank feeds because they were profitable. All this new rule does is ENSURE that no one can cut into the profits of the bank including profitable traders. I wonder if it is possible to create "The Retail Forex Traders Association" .
 

marjiemiller

Private, 1st Class
Messages
35
Pardon me. Requiring all accounts to be moved back to the US is not business as usual. I do wish we had been aware of this before it was made law. How was it snuck in without anyone seeing it?
 

hillbilly

Recruit
Messages
2
Yet another .pdf file request.

I just went through this and ya, the US government doesn´t care really about the little ones. Same here over Europe but they are not that far but I would never put my hand into fire they won´t discuss this either.
So I decided to find a way around this because they force me to. I found some experts about offshore business and ya, they are great. You can get your own business without any hussle. I´ve recieved an free .pdf for this so perhaps you´re interested too before it´s getting worse (because yet there is no light at the end of the tunnel).
Just give me a private mail and you get the .pdf.....
Hey man - can you shoot me that pdf file as well? civilized.hillbilly@gmail.com . Thanks!
 

Larry Exum

Recruit
Messages
3
New Regulation Software problems

While this is based on FXCM, all software that I have experienced with 5 digits is affected in the same way. These changes came about because of the New Barney Frank Chris Dodd legislation. Your thoughts are requested.

I downloaded the US version of the FXCM software, and because of the Five digit prices, and because the new software did not have a set SL or TP by Pips, I had to do "in the head" pip addition and subtraction to set the values. I guessed at it, then looked at the chart and chose to use the RULER to determine actual best position. So Overnight, I look at my chart and find that my trade went way up as planned. Then I look at my closed trade and find that it closed the trade at a 7.5 pip profit and not the 75 pip profit that I had set.

Now, I understand why brokers have a 5 digit system so as to have spreads of 1.8 pips instead of 2 pips, BUT, it all needs to be behind the scenes, and not on our screens !!!! Banks do not send us statements with our bank balances to 4 or 5 digits, even though interest might be paid this way. IT IS CALLED ROUNDING OF THE NUMBERS, programmers!

What good is a chart ruler, if you pull a level and it says 75, when the actual pips is 7 ?

What brokers OFFSHORE from the nanny state of the US will accept US Citizen accounts?
 

pipmcgoo

Recruit
Messages
2
U.S. forex traders have 270 extra days to trade with foreign banks

GreenTrader Weblog

The CFTC told us foreign financial institutions (banks) — who are not supposed to register as RFEDs with the CFTC but rather with bank regulators — are subject to the 360-day deadline in Dodd-Frank. That means U.S. retail forex traders can trade on non-registered foreign bank forex platforms until July 16, 2011.

Recommended very good broker that fits the bill please...Thanks in advance.
Christian
 
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