If the CFTC does this, say goodbye to retail forex in the USA

[alcoy56]

Agenda

Please protect me from my worst enemy "myself".
protect those that sell the lies that give me false hope.
and above all preserve the 2% success ratio.

 

[Brian Thomas]

As the new CFTC rules are only valid for US brokers they will have a hard time as most customers will most likely switch to other brokers. Sure, high leverage is may not required but it is the user who should decide what he wants to risk and not anybody elase.

 

[mwskinner52]

Nanny States

Sounds like the USA is becoming a 'nanny state' like Australia (I'm Australian). The government trys to wrap us in cotton wool so nobody gets hurt...all that ends up happening is - NO FREEDOM, NO CHOICE....and a very long and boring life.
You will end up becoming socialists like our government is, take from the hard workers and give to the loosers....great for business :unhappy:

 

[Pharaoh]

They want to nanny us to death to keep us safe. They also want to make it harder and harder for US citizens to trade with non-US brokers. Overall, I believe that's in step with a larger move that is trying to keep Americans from moving their money out of the country.

 

[dstarobin]

Pharaoh, can you help clarify something for me? I'm unclear on the most recent developments re US residents being able to use overseas brokers. I saw in some other thread earlier today (I think it was about the Million Dollar Pips EA) that Pepperstone brokerage in Australia no longer accepts US customers (which I confirmed later on its site). Do you know if this has anything to do with new US govt regulations? I ask because I also reached out to Forexoma in Toronto, Ontario, and they say they do accept US customers. Thanks for your help.

 

[Pharaoh]

You would need to confirm it with Pepperstone, but the new CFTC regs would be the most likely explanation.

The CFTC is suing unregistered brokers with offices in the US - a good thing. The CFTC is also suing more and more brokers that solicit business in the USA - a not so good thing, since it looks more and more like "accepting US Clients" equals "soliciting business in the USA" in the eyes of the CFTC.

From what I can tell, the excuse of "protecting US residents from fraud" is being used to make it harder and harder for US residents to have any sort of financial dealings overseas, even with well regulated institutions in Europe.

 

[gpcode]

Hi- This may be an old thread, but I found the latest as of Sept 19, 2014 FIFO rules onerous to trade with so here is a new petition, directly to the White House-
If this petition gets 100,000 signatures by October 19, 2014, the White House will review it and respond:

You can view and sign the petition here:

404 Page Not Found | The White House


Petition to repeal NFA Compliance Rule 2-43(b) for FIFO / Offsetting Transactions for ForEx trading

I wish to express opposition to NFA Compliance Rule 2-43(b) concerning Offsetting and FIFO (First In-First Out) Transactions and call for the repeal of this section as it pertains to retail-level ForEx trading for US residents and brokerages. This rule has since prohibited the freedom to utilize beneficial trading resources such as offsetting (commonly referred to as 'hedging'), as well as the freedom to close each trade, choose take profit, stop loss and trailing stop values for each order without the interference currently caused by the FIFO aspect of the rule. I did not ask for these restrictions and firmly disagree that those freedoms now prohibited 'were of no benefit to the trader'. I believe that restoring these freedoms will help ForEx clients manage trades more successfully.

 

[jotekfinance]

Petition signed.

 

[gpcode]

Petition signed.

Thank you jotekfinance, (petition moved to articles section)

 

[Horsetail]

all that ends up happening is - NO FREEDOM, NO CHOICE....and a very long and boring life.
Y

I agree. Reason why many Americans asking for Russian and other passports.