What chart is this please, and time-frame?
Incorrect, thats his SL and TP
Definitely not touch it if its in a range.
If its consolidating then just keep an eye on it for a fat breakout.
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Correct answer below.
This.
Maybe post it on @Clint’s Going Offshore CFTC thread too (ASIC and this very thing has been brought up there once or twice).
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Today I managed to bypass these nanny restrictions from ESMA and moved my Fxpro (is it still the UK no 1?) over some Seychelles entity so back on high leverage and they have no problem with clients residing in the UK.
FXPro was my very first broker, for several years until I moved to IC Markets.
How did you stick to high leverage on FXPro? Did you apply for the professional account?
No. I don’t really meet ESMA requirements so that wasn’t the way. I have been with FXPro before ESMA was introduced and on the day one they said that the only way how to get high leverage is to became a professional trader. OK so I shut down the account and came back a year later.
I have noticed recently that at the very bottom of their page you can choose an entity and each one is regulated in different country. Obviously there is one with 1:500 leverage and that is where my interest started. Then I just came to Live Chat and requested to move my registration over different entity, filled some forms send id’s and now am back on high leverage.
Very happy that they found the way how to bypass this as I have no issues with FXPro at all.
You can find more info there
I get you now. Makes sense.
You’re right, there aren’t really any issues with FxPro.
At the end of the day its all paperwork.
If IC Markets can seamlessly move my open trades, history and everything, even keep the same client login area - it means nothing is really changing, apart from paperwork to say the other company is in Seychelles and manages clients from the UK.
I guess I’ll just wait for the migration and see what happens.
Agree on this one. And with the fact that even EU brokers are able to offer high leverage to its clients means it’s all just a paperwork drew up by good lawyers and clever people.
So hopefully in case they’ll shut your account down you have a good broker here and can keep this thread alive and keep balling
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Slow week this week, a lot of stuff didn’t get moving as expected.
Total just crept over the £6K mark.
Technically I could withdraw £6K and my total risk for this experiment would go down to £4K.
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Nice workmanship here really and also motivating.
Will you do this at some point or you just keep re-investing?
Thanks.
Yes I think so.
If you’re always risking the same per trade and know your limits, then the profits are surplus to requirements and just sat in your account doing nothing - if anything its just temptation to trade bigger because you can afford it.
Awesome I’m acutally learning alot from this thread with just enough infomation to allow me to really analyze and understand.
I see you open a new trade just before closing an old one. Is it just to bank in profit similar to scale out or is there any particular reasons behind it? And the NZDCAD ran since mid May till today?
No reason. Just to bank profit. Then go in again, because the long term direction isn’t going to change.
Till yesterday, but yes some trades just take an age to get moving - unless you focus on timely entries.
How do you cope with trading bigger amounts? I mean in terms of psychology, do you feel confident no matter what trade size you are in? I have noticed you trade some clients accounts - this is much bigger than a personal one. Is it all down to your fixed rules so you know how far (in terms of profits) you are willing to go or you are comfortable to keep adding as your account grow?
Thanks
I apply the same rules to any size account I trade. The only things that change are position sizes and risk per trade.
I might risk 10% per trade on my £10K account, my clients might have a £200K account, but it doesn’t mean they want to risk 10% per trade, after all, its their money.
According to what they want to risk per trade, I work out the best position size for that particular trade, so I can still have a wide SL - after all its all about staying in the trade.
I’ve never known anyone to accumulate profits in their account, especially when the account is £100K and above. Profits are usually withdrawn every week.
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i got same email from icmarkets as u. beeing in seychelles, my only concern is money from the account… should i withdraw now, wait, migrate… dunno what to do really…i fully trust icmarkets AU, never had an issue whatsoever with them… but now transfering offshore…