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The Aftermath of CFTC

Discussion in 'General Forex Talk' started by Forexwatchman, Jan 17, 2010.

  1. Forexwatchman

    Forexwatchman Sergeant

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    So let's go ahead and start having the discussion that's probably going to have to take place eventually: How will U.S. retail forex traders reestablish their trading with offshore accounts? I have been investigating what my alternatives are in order to minimize the amount of discomfort this 10:1 leverage rule will cause me, and I'm having some new questions come to mind.

    What I am trying to understand is how would one living in the United States go about getting a European broker? Would that even be a "legal" way around the CFTC and NFA's jurisdiction? From what I understand, the NFA's enforcement authority extends only to your place of residence and NOT your citizenship. So I'm guessing you could incorporate your company or trust off shore and be all right? But then what do you do for the proof of residency requirement that's involved with opening a new account with any broker? Is there anyone who would take the time to just spell it out for me?
     
  2. ernest8fingers

    ernest8fingers Master Sergeant

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    goodbye USA

    Sadly I will bail out of Forex entirely if the 10-1 rule is imposed. I will never go back to Stocks. That market (unless you have serious amount of money) is dead to low Investment Traders. I am investigating other Investments( rental properties are one idea) but I am so gun shy after September 2008 I may bail on investing altogether and be forced to find a real job-yuk! I have relatives in Italy and Ireland and they have already agreed to open an account in their name(my money) so I can trade Forex undisturbed. I am just waiting for american Forex to flatline 1st before any serious decisions are made.
     
  3. cowmadagan

    cowmadagan Sergeant

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    pansy...
    Is a flower...
    And they're cute...
    But moving abroad....
    Is a way to broaden your...
    Investment options vastly......

    Did I overuse periods for effect?
     
  4. Music Man

    Music Man Corporal

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    I have friends in Costa Rica that would make a move there pretty doable. Actually, I've been considering it for some time. Does anyone know the regulatory environment for Forex traders living in Costa Rica?

    MM
     

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