Video Response: CFTC Proposed FOREX Leverage Change | Forex
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My name is Wayne McDonell. I am a retail forex trader and Chief Currency Coach of http://www.fxbootcamp.com This video is in reponse to the CFTC's proposed changes to the retail forex trading industry. If passed, leverage will be reduced to 10-to-1. If the CFTC and the NFA have the intent to protect the American trader, I believe the implementation of this proposal will not have the desired effect and thereby these angencies will fail in their basic mission. This video offers two key points on why leverage should be left as is. Please leave a comment and share this video with other forex traders. Also, you may also want to share your opinion with the CFTC while they are in the "public comment" part of decision making process. They are your agencies that govern or over see your industry. They welcome your opinion and are looking out for you best interest. Send emamils to secretary@cftc.gov You MUST INCLUDE 'Regulation of Retail Forex' in the subject of the email and reference RIN 3038-AC61 in the body of the message.
Comments
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I spent some time demo trading and studying forex back in late 2008 - mid-2009 but never got in with real money. In the meantime I've found other sources of income, but I may get back into it. The way I see it, I want to know what's going to happen with this CFTC thing, and also the market seemed hard to trade/long-term range-bound following the initial rise in the USD in late 2008. Anyway, I don't think they should impose this limit, it would hurt many who already know the risk involved.
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I just did the video response again. the message says it will be posted when the receiver approves this video response. Maybe its the youtube being buggy, not sure. Anyways- i have heard nothing but great things about fxbootcamp..cheers---Virgil
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I don't know. We certainly didn't block it.
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Where is my video response? I left it twice this past week. Everybody- click on my user name and see my RESPONSE to the CFTC Ruling!!!
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I have been a forex trader for over 4 years. I also sell on eBay. Quite frankly, I have lost more money from doing business on eBay than I have from trading in the Forex markets. Government needs to get out of our lives and quit trying to control everything we do! I absolutely will go over seas to do my trading if the CFTC succeeds in foisting this government control on us. I'm upset that I can't have 200:1 any more. 10:1 only will be outrageous in my book. Back off CFTC and leave us alone!
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The good news is: we can just wire our money to the UK and trade from those brokerages. Not even a problem at all. Nice job USA at taking even more money OUT of the US economy.
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I hope the CFTC can sympathize to all retail fx traders who make money at home or while travelling..it is a great life to be self employed and I believe it's good for the economy of US
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Guys, under the proposal the CFTC states on page 11 "Under current practices, customer positions are usually closed out once the losses in an account exceed the initial investment. However, if, for any reason, the positions are not closed out at a zero balance, the customer could be liable for additional losses."
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It's a JOKE! Another intrusion into our freedom as Americans...
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plus stock brokers don't protect you from a margin call. they will let it keep going down into negative!! then they call you saying you owe them money...in forex you are protected against negative drawdown.
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I talked to someone from the UK and asked if they thought the government there would ever jack with their trading in the UK and they said no way because they love their trading there and trading is huge in the UK, so if they block us from having offshore accounts I will try to move to a more free country.
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That's a great point if they really want to protect the trader then protect our funds at the brokers etc and get harsh on stop hunting etc, but they really don't want to protect the individual - they want to kill forex so people will put their money back into futures and the stock market. You want real risk? Just go put your money in the stock market and see how you feel when you wake up the next day and that company's stock is zero because it went under.
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I've heard you might not be as safe as you think as there is talk that they may try to block US citizens from having offshore accounts, so this will affect every trader in the US.
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If a trader is too dumb to know how to control risk thru stops and lot size, then any crazy rule that the CFTC passes isn't really going to help them in the long run anyway. CFTC - it's not fair to punish people who know how to trade just to try to help idiots that are going to lose no matter what you do anyway. LET THE PEOPLE HAVE THE FREEDOM TO TRADE!!!!!!!!
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... You control risk thru your lot size and stops - that's it, but most people don't understand that. I've only met 1 person that actually understood leverage and that was Rob Booker. Also what most people don't understand is that the lower the leverage, the higher the chance of getting margined out unless you want to work hard and stay up late to just make 5 cents per trade, so the lower the leverage the more risk you actually have per trade.
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The funny thing is most people don't even know how leverage works. Higher leverage has nothing to do with risk. If you've blown your account it's because you're an idiot and you don't know how to trade, so don't lamely blame it on leverage.(con't)
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It's too bad that our senators and congressmen/women don't give a rats youknowwhat about the people otherwise we could get help from them. They are only interested in what affects their re-elections - and a big part of that is campaign money, and guess where that comes from - the likes of people from Wallstreet and the CFTC(Crazy Freakin Tardo Chimps), so guess who they're going listen to - not us!!!
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The CFTC(Crazy Freakin Tardo Chimps) would be up in arms if congress came in and severly restricted futures trading! It would be funny if they got a taste of their own medicine. If the shoe was on the other foot THEY certainly wouldn't like it.