if you think anybody trading on mt4 is actually taking money away from the banks you are deluding yourself. most mt4 platforms are buckets and this will remain so. how do you think metaquotes gets paid?
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Does the NFA plan to destroy MT4 in the USA?
- Thread starter Pharaoh
- Start date
if you think anybody trading on mt4 is actually taking money away from the banks you are deluding yourself. most mt4 platforms are buckets and this will remain so. how do you think metaquotes gets paid?
Well, let see here. Last time I checked, the NFA has NO legal jurisdiction. The NFA is an association... NOT government....and it even doubtful that the CFTC has regulatory power with regard to spot currency at all . I can prove that they cannot force brokers to take such action. . The commodities act only applies to a regulated futures contract. If FSA follows the NFA, then a class action suit will begin. There probablly should be a self-regulating body intended for Forex dealers. Congress has not ammended the the commodities act to include forex. For that...the NFA is dead wrong. I think MT5 code will will comply with NFA ruling....eevn though that can't rule. If rule continues to be not tested, then this will be the downfall of all US brokers that do not have an oversees address.
It has power over the member fcms. you can still trade with non-member fcms should you choose to who will not be subject to this regulation.
paladino444
Private
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With all due respect, your comment is 100% inaccurate. Virtually all of the players involved in the recent financial markets meltdown were ALL REGULATED, some heavily, and in truth is was the manipulation of regulation by US Congress which facilitated the meltdown by requiring lenders to lend to the unlendable in return for keeping the profits flowing plus combined with excessive greed of those who valued various financial instruments as unrealistic levels.
Lack of regulation is a myth. To my knowledge the only group of players who were not regulated were the private hedgefunds. The failure of private hedgefunds did not cause the meltdown as they are not insured by taxpayers moneys. The meltdown was caused by a real estate bubble economy put on steroids by Congress' meddling. There is plent of blame to go around but lack of regulations is not it.
Lack of regulation is a myth. To my knowledge the only group of players who were not regulated were the private hedgefunds. The failure of private hedgefunds did not cause the meltdown as they are not insured by taxpayers moneys. The meltdown was caused by a real estate bubble economy put on steroids by Congress' meddling. There is plent of blame to go around but lack of regulations is not it.
New NFA Ruling on Hedging and FIFO
The elimination of Hedging is going to save the A of many Newbies who haven't learned to trade to begin with.
The whole affair is a real help. The good brokers are already making available transfers to their platforms in other countries. PLUS, countries that have our accounts can be classified as as segretated assets. Which means we are first in line when deep du du happens.
We are safer, much safer with large multi-national firms than all the hot promoting bucket shops. My account is now in UK and with the way our leaders are going with debt out of control; I feel much safer. PLUS, I can trade just the way I want to.
As far as I am concerned MT4 is still to buggie to be useable for full funded standard accounts.
David
The elimination of Hedging is going to save the A of many Newbies who haven't learned to trade to begin with.
The whole affair is a real help. The good brokers are already making available transfers to their platforms in other countries. PLUS, countries that have our accounts can be classified as as segretated assets. Which means we are first in line when deep du du happens.
We are safer, much safer with large multi-national firms than all the hot promoting bucket shops. My account is now in UK and with the way our leaders are going with debt out of control; I feel much safer. PLUS, I can trade just the way I want to.
As far as I am concerned MT4 is still to buggie to be useable for full funded standard accounts.
David
I have my trading account set up through a self directed Roth IRA. The account holder is set up to work with fxsolutions.
My question is... Has anybody tried to set a Roth account through a foreign broker and if so what are the issues. IE Can FXCM UK accept my Forex account.
Thanks
My question is... Has anybody tried to set a Roth account through a foreign broker and if so what are the issues. IE Can FXCM UK accept my Forex account.
Thanks
Understanding
If you really understand what is going on with the NFA you will know it is all about control and yes I do think they are out to destroy the private trading of currency in the US. As an NFA member you are only permitted to do business with other NFA members, such as Introducing brokers, Fund Managers, etc. Is this American. Second, telling us how we can place a trade does not help anyone. Sometimes you must learn the hard way and an individual is entitled to use whatever strategy they see fit. I am a former member of the NFA and a Fund Manager. I have recently moved all my accounts outside the US to avoid this ridiculous invasion of my privacy. The FIFO rule is by far the most stupid thing yet to come from the NFA. It helps nobody and permits sound traders from executing a perfectly normal trading plan. The issues of Stop Losses that have been discussed earlier certainly are an issue. Bottom line is we should all be worried at what the NFA is trying to do and should boycott any broker who submits to this overhanded ruling by an organization that does nothing but collect money from their members.
If you really understand what is going on with the NFA you will know it is all about control and yes I do think they are out to destroy the private trading of currency in the US. As an NFA member you are only permitted to do business with other NFA members, such as Introducing brokers, Fund Managers, etc. Is this American. Second, telling us how we can place a trade does not help anyone. Sometimes you must learn the hard way and an individual is entitled to use whatever strategy they see fit. I am a former member of the NFA and a Fund Manager. I have recently moved all my accounts outside the US to avoid this ridiculous invasion of my privacy. The FIFO rule is by far the most stupid thing yet to come from the NFA. It helps nobody and permits sound traders from executing a perfectly normal trading plan. The issues of Stop Losses that have been discussed earlier certainly are an issue. Bottom line is we should all be worried at what the NFA is trying to do and should boycott any broker who submits to this overhanded ruling by an organization that does nothing but collect money from their members.
I have my trading account set up through a self directed Roth IRA. The account holder is set up to work with fxsolutions.
My question is... Has anybody tried to set a Roth account through a foreign broker and if so what are the issues. IE Can FXCM UK accept my Forex account.
Thanks
Since you have an IRA account with FX Solutions I am hopeful you are aware they use an outside agency to setup these funds. I am sure it would be in your best interest to find out what some of the foreign brokers will do concerning IRA's. Probably something very similar.
What next?
Hi Everyone!
Interesting times we live in. It almost does seem as if the NFA is trying to make it more and more difficult for the small investor to make money in the forex or perhaps to help "protect" the brokers to maybe help the brokers to make more of a profit?
Could one outcome be that if MT4 remains a viable trading platform in North America that the forex industry is so vital to the overall economy that drastic measures have to be taken to help keep the brokers as financially viable as possible, even if it is at some cost to the individual investor? Of course this is all for naught if the NFA tightens up some more and strangles MT4 to the point where nobody can trade with it anymore in North America to even make a reasonable living from the forex.
Zarni mentioned something about unregulated markets having a negative effect on the economy over the last few years. I agree with Zarni. I would, however, tend to think that the "unregulated markets" Zarni is talking about tend more to the toxic derivatives scam that has taken place in the last little while and the ridiculous mortgage lending practices by Fannie Mae and Freddie Mac which did more to bring the US economy to a grinding halt than anything else. Also, the stock market, which is supposed to be much more regulated than the forex but which I fear in the last few years has become rife with corruption at all levels. The forex may be unregulated and more like the old wild west than anything else but is really too big to be consistently manipulated over the long term by even some of the biggest central banks.
Unfortunately, I tend also to somewhat of a conspiratorial view and in that respect agree with MacRon. I really do think there is much more to the recent NFA rulings than meets the eye and is just one more link in building a long chain on the road to a totalitarian society in which there are just us and them. I wish I knew what their true plans really were.
Is it really just about rich and poor? Do the rich that exist now want with all their might to hang on to what they have and don't want the "poor" (that's us) to be able to make anything of ourselves? No gray areas? No middle class? Black and white? Have's and have-nots? Back to the feudal society of the middle ages but with a modern twist?
I have no idea what it's all going to come to or what the true purpose of the NFA rulings really is. Sorry I'm so negative but I see absolutely no good coming of this except for those in power. When is the other shoe going to drop?
Kindest regards,
Armin R.
Hi Everyone!
Interesting times we live in. It almost does seem as if the NFA is trying to make it more and more difficult for the small investor to make money in the forex or perhaps to help "protect" the brokers to maybe help the brokers to make more of a profit?
Could one outcome be that if MT4 remains a viable trading platform in North America that the forex industry is so vital to the overall economy that drastic measures have to be taken to help keep the brokers as financially viable as possible, even if it is at some cost to the individual investor? Of course this is all for naught if the NFA tightens up some more and strangles MT4 to the point where nobody can trade with it anymore in North America to even make a reasonable living from the forex.
Zarni mentioned something about unregulated markets having a negative effect on the economy over the last few years. I agree with Zarni. I would, however, tend to think that the "unregulated markets" Zarni is talking about tend more to the toxic derivatives scam that has taken place in the last little while and the ridiculous mortgage lending practices by Fannie Mae and Freddie Mac which did more to bring the US economy to a grinding halt than anything else. Also, the stock market, which is supposed to be much more regulated than the forex but which I fear in the last few years has become rife with corruption at all levels. The forex may be unregulated and more like the old wild west than anything else but is really too big to be consistently manipulated over the long term by even some of the biggest central banks.
Unfortunately, I tend also to somewhat of a conspiratorial view and in that respect agree with MacRon. I really do think there is much more to the recent NFA rulings than meets the eye and is just one more link in building a long chain on the road to a totalitarian society in which there are just us and them. I wish I knew what their true plans really were.
Is it really just about rich and poor? Do the rich that exist now want with all their might to hang on to what they have and don't want the "poor" (that's us) to be able to make anything of ourselves? No gray areas? No middle class? Black and white? Have's and have-nots? Back to the feudal society of the middle ages but with a modern twist?
I have no idea what it's all going to come to or what the true purpose of the NFA rulings really is. Sorry I'm so negative but I see absolutely no good coming of this except for those in power. When is the other shoe going to drop?
Kindest regards,
Armin R.
Right
You are absolutely correct. If the NFA really wanted to do something constructive they could prevent the artificial manipulation of spreads and slippage by brokers. They could fine brokers who break or abuse this and other methods that steal from the average trader. Brokers are loving this new round of regulations because many of them are trading against the trader and have a vested interest in keeping the trader from winning. This is the practice that should be eliminated.
Hi Everyone!
Interesting times we live in. It almost does seem as if the NFA is trying to make it more and more difficult for the small investor to make money in the forex or perhaps to help "protect" the brokers to maybe help the brokers to make more of a profit?
Kindest regards,
Armin R.
You are absolutely correct. If the NFA really wanted to do something constructive they could prevent the artificial manipulation of spreads and slippage by brokers. They could fine brokers who break or abuse this and other methods that steal from the average trader. Brokers are loving this new round of regulations because many of them are trading against the trader and have a vested interest in keeping the trader from winning. This is the practice that should be eliminated.
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