Hello Fello Traders,
Thanks for joining! Please share this group with others who you know would like have their voice heard about the CFTC. We want to organize a group, and challenge the CFTC strict regulations!
The CFTC operation code named "Operation Anaconda" needs to stopped now before it gets any worse!
Since my business is forex research, I can't afford to let any option go unchecked. There maybe something that can done that will restrain the NFA/CFTC from their evil ways but I doubt that the courts are the best vehicle. However, if two heads are better than one, perhaps by all coming together, someone, or a couple of someones can come up with an idea, never tried before that can get results faster than being tied up for years in court with unsatisfying results.
Someone suggested a letter writing campaign to the new congress. That may work as the newbies in congress want to show that they are righting wrongs. What would have worked is if the brokers affected by the new rules pulled out of NFA membership. If they all did it, and transferred the existing clients to their off shore offices, the NFA would back down quick. They are bullies and when brokers get tired of being bullied, they can put a stop to this faster than anything else.
What are the other options?
There is a thing called civil disobedience. What we do is as a group go to off shore brokers openly and become affiliates for them. Im looking at the wording and trying to find the difference between an affiliate and an IB. But my guess is if you just have a banner on your website are you advertising or soliciting? Two very different things. But I am interested on peoples take as to where is the line from being an IB as opposed to an affiliate. IN the meantime I suggest civil disobedience. Take your money off shore even if the rules do not change your way of trading. I personally don't care too much about the leverage but FIFO just plain sucks.
Why is the CFTC SUING those companies? Simple......
There is no LAW so they are TRYING TO SET PRECEDENCE!
I'm no lawyer but if these brokers were actually breaking laws they would be TRIED in a court of law and fined and imprisoned not SUED. WHEN YOU ARE sued THERE HAS TO BE AN INJURED PARTY. WHO IS Injured?
There is a movement called FIJA (Fully Informed Jury Association) Over the years we have forgotten what we are as jurors. We not only try cases but we try the law itself. The jury is the most powerful instrument in undercutting unjust laws. All it takes is one juror to say "not guilty" and a jury is hung. You do not even have to give a reason why. IF you think the law is unjust (ie "no injured party") then you have the right as a juror to call the defendant not guilty. If enough cases get a hung jury the courts will stop trying those cases due to costs associated with hung jury trials. It makes the prosecutors look bad and they will not take the cases on.
Fully Informed Jury Association they are non profit
The trick is not to let anyone know you know this information. It will get you thrown off the jury.
I am a victim of the new CFTC ruling , since October 18 my income from Forex was reduced to more than half that I used to make, I had additionally expenses in order to restore my income using a few offshore brokers, I had to spend a lot of time to look and wait for brokers to open new accounts, instead of trading. Before, I could access my money almost instantly, now I have to wait even 2 (two) weeks in order to get them, bills don't wait and I had to pay penalties and I think it also affected my credit score. If there will be a class action these are my complains.
Bishnitz: were you able to find an offshore broker that you are happy with? I have yet to resolve this issue, personally.
BTW--fxmasters: Thank you for starting this group.
FTR, I have a long, almost nonsensical rant about why I loathe the CFTC, but I don't think it will fit in a post. Probably for the best... I love my country, but it does seem the only freedom I am left with is the freedom to say I hate my government's limitations on my freedoms.