I am truly sorry to see you go. Perhaps, you will change your opinion at a later time.
Yes sir…but I am afraid that the current visonaries in our political system want to fashion the USA after the failed European Socialistic illusion of granduer’.
I am doubtful I will ever have the opportunities presented to me over the past 35 years that the USA has made possible ever again. The Goldman Sachs of the world that sold derivitives to Europe and skimmed off the top of every transaction retail traders made went too far…they got too greedy and collapsed the world economical systems. Now Residents of the USA are saving money and cutting back their spending and the USA cannot print enough money to compensate…this took years to borrow into the false economy in which many made their fortunes with…Read Timothy Geithners last transcript if you do not believe me…
The Irony is… Sweden even states that the USA should not pursue Socialism as its history and foundation was not built upon that.
ES
It’s funny I have a lot of extra time now that I am not trading and I enjoy traders so much. I do work a full-Time job from home in another industry, but I have a lot of freedom to do two careers…I consider myself very lucky. I am also a moderator over at EliteTrader and I enjoy that position very much. Those guys over there know what they are doing and many are rather high up in the trading industry. I have a few offers on the table that I am considering to be able to stay in the Industry…but when my heart is not in it…it is hard for me…I will not be a part of Retail Spot Forex however.
Anyways…good Trading to all of You and I hope you find your solutions…
Perhaps I have found mine and do not even know it yet…Then I will not feel so sad.
ES
P.S. Now that I have stopped trading Forex…expect to see the Volume drop HeHe…Just kidding…
Is it now absolutely impossible for you to even trade with the US brokers like MBTrading or Oanda at the 1:50 leverage?
Leverage allows me to trade with smaller balances with many diversifed EA’s and Pairs…leverage does not allow me to take higher risk…my trades stay the same…but leverage allows me to have a smaller balance at risk with these shady dealers and spread across many…yes the regulated dealers are shady too…I trust them as far as I can throw them.
There is no way I am going to throw 50k or 100k at them with what I know.
They are all THIEVES. It’s just the nature of their business.
ES
P.S. This CFTC thing is just the tip of the iceberg and prolly’ the best thing that happened to me…
My partners and I have been with both MBTrading and Oanda and they’ve never stolen anything from us. I don’t mean to advertise them, but calling them thieves would be plainly unfair.
Let’s put it this way…When I was a CTA I traded OPM with Oanda…
They have the worst variable spread algorithm in the business…ohh…and those convienient disconnects…what do you think they are doing during that pause?
I do not know anything about MBtrading or Invest Europe…
I have interviewed at some Forex firms to be a trader for THEM…and trust me…MT4 is an enabler…
ES
How long ago was it? I haven’t seen any of it this year.
your in denial my friend…
do you think that we will accomplish anything in this thread? This thread is about escaping the CFTC…I wonder who is reading it?.. I know what I know…
ES
why do you think MT4 does not allow you to bring in multiple feeds?..on one chart…
anyways getting offtopic…
As Clint said…work on becoming profitable…this year has been tough for me and I should take a break anyways…but I will not come back anymore…instead I will prolly’ look for work in the industry…(not retail spot Forex in any country).
ES
I am not denying anything but speaking from my personal experience. Based on it, Oanda’s MT4 came out to be nearly completely glitch-free, on both demo and live accounts. Can’t say the same about their custom platform, since I am mainly an EA trader with MT4. MBTrading has even tighter spreads and equally high service standards for their MT4. For those US customers who are still willing to enjoy the benefits of higher than 1:50 leverage with an MT4 broker, Investors Europe currently appears to be the best choice.
Those are my findings from hours of researching and testing the retail Forex market. I am gladly sharing them with others and learning of theirs in exchange. If yours are better, kindly share them as well. I perfectly realize your discontent with the US CFTC, but merely complaining about the US government on forums or quitting for good is sure not an option.
glitch free…lol
They reinvented the wheel…they use up the comment field for themselves…
The syncronization problem that I reported took them weeks to fix…
The old tick problem remains because of the collocated mess they have with all of their feeds going into MT4…
No Thanks
I am finished.
ES
P.S. Not to mention all the extra crap in the History tab…I think they allow two months of space in there…maybe they fixed that though…
P.P.S. About the politics…get back to me in 6 months to a year…I will still be around these forums…just not trading spot Forex…There comes a time to evaluate and I do not think I am wrong…The writing is on the wall!
I know I’m going to sound almost like an Oanda advocate, but they just introduced MT4 for live accounts early this year if I am not mistaken. For this very reason, they might have had or even still have some glitches that don’t show up in my trading with them. I am still testing the waters with Oanda and allowing them some time while using MBTrading as my primary broker, since the latter has had MT4 for long. At the same time, I am looking for higher leverage offshore brokers like Investors Europe that would be accepting US customers. I aim at funding several accounts with them to lower any risks associated with using a foreign broker. That’s how it goes for me. I see no slightest reason to quit as long as I continue profiting from my trading. The CFTC is sure an annoyance, but Gary Gensler is by no means Jesus and not the kind of a guy I would get scared of. You’re a man with guts and have been trading for long, so I see no reason why you would be freaking out in front of a bunch of failed socialists who are to be swept away in the closest election.
I believe that I also will open an investorseurope account.
quote of the day…
[B]I see no reason why you would be freaking out in front of a bunch of failed socialists who are to be swept away in the closest election.[/B]
A few comments.
• This has been a lively discussion, and I hope it continues. This thread has generated more replies and more views than any other thread on this (Rate my Broker) sub-forum. Obviously, the info, and the perspective, and the advice that you guys have brought to the table — have struck a chord with many folks in our trader community. Please keep it coming.
• Nobody knows how things will shake out after July 16. The anxiety that surrounds that date reminds me of Y2K: the sky is falling, it’s going to be the end of everything! Well, maybe, but I doubt it.
Offshore brokers who find themselves in the CFTC’s crosshairs are operating with an abundance of caution, because like the rest of us they don’t know what lies on the other side of July 16. Personally, I think the next 3 months, or so, may present us with some opportunities that we can’t even predict, at this point.
• ES (ElectricSavant), I have enjoyed reading your last dozen posts — longest good-buy in the history of forums! Personally, I hope you don’t mean it. I hope you will stay with us, and continue to contribute. Look at it this way: Where else can you vent to your heart’s content about everything that’s bugging you, and know that you’re reaching such a wide readership?
• Jacob (bravehoststamps), I’ve noticed that you haven’t had much to say about FinFX lately. How would you compare and rank these brokers: FinFX, InvestorsEurope, MBTrading and Oanda?
• Later tonight, I’ll (reluctantly) remove ACM from page 1 of our List, and move the List to the end of the thread. Until the “July 16” dust settles (in a few months), I’ll let the red-highlighted changes to the List accumulate, so that we can see the overall effect of this summer’s regulatory bullsh!t.
Here is my ranking of brokers:
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MBTrading. They have been my primary broker for a long time and remain as of yet for a lack of better alternatives. Not a bucket shop of any sort, fast execution regardless of the amount traded, glitch-free MT4, prompt and professional customer service, lowest spreads on majors in the industry, micro lots starting at 0.01. Their only disadvantage is the 1:50 leverage limit.
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Investors Europe. Availability of high leverage of up to 1:400, micro lots starting at 0.01, MT4 available along with several other platforms, no negative feedback on the web whatsoever (and they’ve been in business for over ten years), no restrictions on hedging, no FIFO rule in place, high privacy protection standards, very competitive spreads on majors, attentive and knowledgeable customer support (both technical and legal matters), and, most importantly, acceptance of US customers upon signing a non-solicitation disclaimer. They are domiciled in Gibraltar, a former British colony in continental Europe and now a prominent offshore jurisdiction.
-
Oanda. Low spreads (yet higher than those of MBTrading), recently introduced MT4 in addition to their custom platform, professional customer service, micro lots starting at 0.01, a forum on their website where one can raise any issues, ask questions, or simply discuss various matters with fellow traders. Nonetheless, as a CFTC-registered broker, they have the 1:50 leverage limit in place similar to MBTrading. ElectricSavant has also noted some tech issues with their MT4 which was introduced just recently, but I never had problems with them in my trading and therefore did not even notice them.
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FinFX. Domiciled in Finland, an old EU member state, which is a very solid jurisdiction by all means. MT4 available, no hedging restrictions or FIFO, acceptance of US customers, yet their spreads are higher than those of the above three brokers and they don’t offer micro lots starting at 0.01.
I am always in search for more brokers, since I love to have plenty of options and to diversify. The observations of other forum members would be greatly appreciated. The above four brokers all accept both individual and corporate account applications. There are also plenty of offshore brokerages that accept only corporate applications from the US customers provided their companies are foreign-based. Yet that’s a tricky area, so I decided to keep it simple for a start and concentrate only on those brokers where no foreign company is required of a US customer to open a trading account.
I never thought I’d see a day come in the United States in which American citizens would enjoy fewer rights to operate in a given international financial market than the citizens of nearly every other country on earth. I never thought I’d see such dictatorial regulations placed on free, law abiding citizens. I mean, I knew our government was far from perfect and getting worse as time went on, but I didn’t think this kind of heavy handed financial tyranny was possible.
Are there any lawyers reading this thread who are willing to take the CFTC to court? It would be really nice for a high powered firm to step up here. I think nearly any judge in the land would recognize the excessive, dictatorial and punitive nature of these regulations. Similar regulatory overreach has been struck down in the past, and I think most any court would be sympathetic to how draconian these regulations are.
Also, could someone explain a bit more about what that crap is about “prohibited counter-parties” and how it prohibits foreign banks from serving us?
Hypothetically speaking, I wonder what would happen if over time the major domestic Forex firms went out of business for some reason. Would the CFTC maintain its regulatory stance, effectively banning Forex altogether? I can’t see how this isn’t an illegal grant of monopoly to domestic companies. What gives them the right to restrict the free market in such a comprehensive way?
I think it’s fairly clear that if we care about our financial rights and liberties we have to try to fight this burdensome encroachment with every legal tool at our disposal.
Well, the majority voted for change. Now they got what they voted for: Change. Or not?
The easiest path right now would probably be to found a small company for trading and do it offshore at a tax heaven. This entity would not be seen as US customer, but has it’s own presence in the country of choice. So, that entity could use then any broker in the world. You even get way better tax rules bundled with it. If you want make really big money that is the path anyways to go sooner or later …
Bravehoststamps,
I am interested in Investors Europe & would like to contact them regarding opening an account. I am a US Resident, so I was curious about the manner in which I would need to contact them in order to be able to open the account. Would be able to provide some instructions on how exactly to go about this.
I believe you just have to say you heard of them from a source other than their website, since that would be considered solicitation. For instance, if I said a friend of mine referred me, would that work?
Any help would be appreciated.
Thanks,
X
[QUOTE=bravehoststamps;268015]Here is my ranking of brokers:
- Investors Europe. Availability of high leverage of up to 1:400, micro lots starting at 0.01, MT4 available along with several other platforms, no negative feedback on the web whatsoever (and they’ve been in business for over ten years), no restrictions on hedging, no FIFO rule in place, high privacy protection standards, very competitive spreads on majors, attentive and knowledgeable customer support (both technical and legal matters), and, most importantly, acceptance of US customers upon signing a non-solicitation disclaimer. They are domiciled in Gibraltar, a former British colony in continental Europe and now a prominent offshore jurisdiction.