“DON’T PANIC ! BEST ADVICE FROM
HITCHHIKER’S GUIDE TO THE GALAXY”
Agreed. I do not want to cause panic.
Still, the CFTC keeps taking my towel!!!
They drove out three of my US brokers in rapid succession and now they continue playing whack-a-mole.
I don’t keep all my eggs in one basket; but, losing a broker hurts, even if I get my funds back.
It takes time to change setup.
One solution is I’m looking at programming at a lower level to interface directly with blockchain and exchange assets peer to peer. I am wondering if some of the brokers providing amazing spreads aren’t doing similar. Tech is progressing and regulation is not going to be able to keep up with the tech. My bet is that trading on blockchain is the future.
Yes, hopefully we will get some good governance and the agencies will ONLY go after bad actors while leaving legitimate business to thrive and innovate. I am hoping in one hand (OH NO! the other hand is filling up faster! haha)…
In the meantime, part of my strategy is to keep a small deposit in several brokers and use high leverage. It is often said that high leverage is risky, but I find it more risky to leave too much on the table. You never know when a broker will disappear, no matter where they are domiciled. Any advice on this topic is greatly appreciated. i.e. where can we trade that is less likely to shut down. Hopefully, this discussion can be had without accidentally painting a target.
This is frustrating, yet I am hoping it will get better as technology advances.
Ironically, blockchain lends itself VERY well to eliminating money laundering. All transactions are recorded and visible. If using Bitcoin, it is MORE traceable than cash, so long as the source is known. Enforcement focus should be on KYC through tech, stopping actual crime while encouraging legitimate businesses.
More irony, I am an advocate of open source and open society. It’s an affront to even have to jump through hoops like this to simply trade!
Thanks again to everyone contributing here. We’ll get through it.
Had to rant a bit…