This could mean the death of Forex Trading in the United States and God knows what else. It is a socialist action without a doubt.
Please read this and please send a protest by following the instructions in the post: forexpeacearmy.com/forex-forum/forex-articles/8342-if-cftc-does-say-goodbye-retail-forex-usa.html – If the CFTC does this, say goodbye to retail forex in the USA - Forex Peace Army Forum
My link had to be removed but I would highly encourage you to visit the Forex Peace Army site: Among the other regulations that the CFTC is imposing on U.S. based forex brokers, one of them states that leverage will be limited 10:1 on all currency transactions. Additionally, all U.S. based brokers will be required to be NFA/CFTC registered- so be advised there would be no way of avoiding this policy short of moving your forex funds overseas. Even so, further regulations may restrict that. Please help us put a stop to this madness.
[B]You’re right. This is important reading for any person trading forex through a U.S. broker.
Here is the link which you tried to post:[/B]
If the CFTC does this, say goodbye to retail forex in the USA - Forex Peace Army Forum
Clint
Thank you Clint.
[QUOTE=Clint;163384][B]You’re right. This is important reading for any person trading forex through a U.S. broker.
Clint[\QUOTE]
Clint,
I am a new trader and have limited $ to work with. I also have a solid scalping system. So I am concerned about having 10:1.
This may be a bad question but… Is it possible to open an account with a broker overseas if I live in the US? Would this protect from the 10:1 rule if passed?
Thanks Clint,
Dunndigidy
It is not only possible but highly recommended for you to open an overseas forex account. I use FinFX. The retail forex industry in the US is already dead, this is just the final nail in the coffin. Fortunately, the US government cannot prohibit you from moving money around in Europe. I closed my US account last year, as did many baby pip members. See clint’s posting under rate my broker for a discussion on alternative foreign brokers.
Thanks for clearing the water for me. I’ll keep my eyes open for moving my trading.
Can someone please explain the real reason as to why this is happening?
The SEC got caught with its pants down (Madoff) and Congress got caught liplocked with shady derivatives traders. Now both are running for cover and passing blue sky type laws that they think are comparable to Joe Kennedy’s SEC reforms of the 30’s Problem is that even the 1930’s laws were faulty (remember the uptick rule?).
Now they are both going overboard (and CFTC is included here). They are passing nonsensical legislation to pacify the public without thinking things through. Plus, they are both accustomed to legislating within the confined scope of the US borders. The US Federal Government simply can’t put its head around the fact that there exists other sovereign nations with interests that are not always in synch with US imperialist (ahem, hiccup) US foreign policy goals-namely that other countries will 'voluntarily fall in line under pressure and limit leverage. Pressure is already being placed on brokers with tenuous links to the US.
This is in line with the misconceived notion that high leverage lends to volatility and unpredictability in the currency markets.
Even if it happens, it’s not the end of the world. Many European brokers, welcome American traders. It’s gonna be rough, but at the end of the day everything will settle.
What a coincidence. I like your attitude Aerozot!
Thank you dunndigidy. Really interesting time for the world now. Lot’s of changes happening, lot’s of unrest. I guess Forex industry will have some also. Hopefully everything will go for better 
guys what does that do to oanda? Should I be concerned that they close? I don´t really mind the leverage change personally. But I like Oanda and I don´t want to switch broker because of this. And I´m not talking about the next year I´m talking about the next 5 years or so.
I’m just switching over for the leverage. FXCM and Oanda are sure to be around still.
I think that forex is very big bussines, so if they will do it for US you can find a lot of ways to trade in other places, it is like casino -if your favourite casino will be closed near your house you will find it near your work)))
p.s. Even COca Cola can’t give your garantee that it will be “always coca-cola”)))