Getting back into Forex (Questions)

Hey everyone,

I was heavily into Forex for a solid 10 months before my senior year of college took over my life. I have been out of the loop for a good 8 months or so. I plan on going through the school a couple times to refresh my memory. If possible i would love for some people to catch me up on some major events or changes that have taken place in the world of Forex. Or i would appreciate maybe some links to give me a catch up, like what’s the new platforms that are legit, or and new fraud schemes to beware of, ect. Looking forward to gathering some pips here in the near future, and still love that this site is amazing as when i first found it. Thanks.

-Kreading

Well, the biggest thing that you have missed, in the time that you were away, is the CFTC crackdown on retail forex here in the U.S. Here are the new “rules” (as the CFTC likes to refer to them), as printed in the Federal Register —

If you can read three or more pages of that crap, without your eyes glazing over, then you’re a better man than I, Gunga Din.

Here’s my (highly opinionated) version of what the CFTC has done:

[B]1.[/B] All U.S. forex “brokers” must re-register with the CFTC under a new designation: Retail Foreign Exchange Dealer (RFED). I put “brokers” in quotes, because the CFTC denies that they are brokers. The CFTC insists that they are “dealers”; that they ALL are market-makers; and that there is a CONFLICT OF INTEREST between every retail forex customer and his/her “dealer”.

The CFTC has neatly summarized all those particulars in a DISCLOSURE STATEMENT which all U.S. forex dealers are now required to furnish to their customers, and customers are required to sign before opening an account. You can read all the legalese in Section 5.5 of the .pdf (above).

[B]2.[/B] The maximum leverage which your U.S. dealer can offer to you is now 50:1 on most pairs (referred to as major pairs), and 20:1 on “exotic” pairs. There’s no way to get around this new limitation, if your account is with a U.S. forex dealer.

[B]3.[/B] The CFTC says that foreign forex dealers may not accept U.S. residents as customers. And here’s where the plot thickens — here’s where it gets good!

Many offshore forex brokers (“dealers”) are saying to the CFTC, ‘Who the hell do you think you are, telling us who we can deal with?’ And these brokers are continuing to open accounts for U.S. residents, offering at least 100:1 leverage, and in some cases up to 500:1 leverage.

(Many other offshore brokers don’t have the guts to face down the big, bad CFTC, and these brokers are refusing to deal with U.S. residents.)

Here on this forum, some of us have made it a project to identify and advertise those offshore brokers who WILL open new forex accounts for U.S. residents. You can read our results, to date, on this thread — 301 Moved Permanently That’s a link to the first post in that thread. Once you get on that thread, flip to the LAST page of the thread; our list of offshore brokers consists of three consecutive posts on the LAST page of the thread.

[B]4.[/B] There’s some good stuff in the new CFTC rules: crackdowns on various forms of fraud and abuse on the part of dealers, and requirements for greater transparency in certain areas.

Here is another thread you might want to catch up on — 301 Moved Permanently

Thanks Clint, that’s awesome and just what I needed! now to finish “School” so i can get back into it again.

-Kreading16

How was your first Forex experience? Were you lucky to be in 5% successful traders or you are in 95% as almost all we are.

Well to say the least, i spent the majority of my time trying to learn everything through books and the “School” that towards the end I only got to perform a handful of trades, some went well and some didn’t, but college took over priorities so i’m wanting to see how my second shot goes. Still interested in hearing what platforms people are using about now.

There now exists MT5: MetaTrader 5 Trading Platform / MetaQuotes Software Corp.

Metatrader, Ninjatrader, proprietary platforms

It hasn’t really changed.

I remember you:)a really good poker player:D. If your looking for some good blogs i like Kathy liens blog.She goes over fundametals, replays interviews from bussiness channels she as during the week.That should get you up to speed on the big picture

.For day by day analysis i cant beleive iam saying this i like watching forex am with Ragee Horner.When i first listen to her she can look at something 17 different ways.She is growing on me though, it is nice to look over somebody shoulder everyday.I dont always agree with her i get my own assumptions from her charts but she definately lives and breathes trading.

TY Clint as always… rock solid!

Letseethepips… 17 different ways? Better odds on flipping a coin and you tune into this women. :confused:

EU is currently changing form a downtrend to up but is it a change? Or mearly a bounce? Tonight looks to be a short into London/ NY, but what about the upside? Ever heard of covering your bases? :smiley: