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ASIC deals massive blow to Australian CFD industry

  • #21
  • Sep 9, 2019 7:18am Sep 9, 2019 7:18am
The "first world" is going the communist/authoritarian way at a steady pace.

But remember one thing from me - the offshore companies are the future for free market capitalism! Not just for FX trading but also for any online business.

In the future you will see a lot more startups and small-to-medium online businesses closing operations in the first world and moving operations offshore to remote islands and third world countries where no one can mess with their business or harass them with regulations and crazy high taxes. The smart businesses will also ditch traditional banking and most international money transfers and payments will be done via anonymous private payment systems based on block-chain protocols.
At the same time most free capitals (the private cash reserves) will be taken out of the banks/deposits and will be converted to gold and other precious metals in order to escape the nasty future of permanent negative interest rates.

So in the end the governments will not be able to steel and tax the smart money. In essence the governments are already obsolete (thanks to technology), and no one takes them seriously anymore. The smart people are going their own way. If YOU are smart - You can see this is already happening.
  • #22
  • Sep 10, 2019 7:00am Sep 10, 2019 7:00am
Quoting alphaomega
The "first world" is going the communist/authoritarian way at a steady pace. But remember one thing from me - the offshore companies are the future for free market capitalism! Not just for FX trading but also for any online business. In the future you will see a lot more startups and small-to-medium online businesses closing operations in the first world and moving operations offshore to remote islands and third world countries where no one can mess with their business or harass them with regulations...
Great post and I hope you are right, but many world governments are trying to squeeze their citizens and tax them into penury. Look at the implementation of the Common Reporting Standard, where financial institutions share your private financial information with their governing tax authorities, who then share it with the tax authorities in the country you are deemed to reside. Morally, ethically and legally corrupt I say, because the money one risks on capital ventures has already been substantially taxed.
  • #23
  • Sep 11, 2019 4:16am Sep 11, 2019 4:16am
notice just in from pepperstone, the end is nigh....
life is a reflection of what we allow ourselves to see
  • #24
  • Sep 11, 2019 6:39am Sep 11, 2019 6:39am
Quoting mikeeating
notice just in from pepperstone, the end is nigh....
what notice?
  • #25
  • Sep 11, 2019 6:44am Sep 11, 2019 6:44am
Yes, what notice? Unless it is for Australian Clients only

Quoting PeterE
{quote} what notice?
  • #26
  • Edited 5:05pm Sep 11, 2019 7:11am | Edited 5:05pm
https://pepperstone.com/au/asic-product-intervention

Quote
If the funds you hold in your account fall to less than 50% of the total initial margin required for all of your open trades, there is a requirement to close out your positions.

huh? is the stop out at 100% (20:1) or 50% (40:1)
  • #27
  • Sep 11, 2019 9:18am Sep 11, 2019 9:18am
Quoting PeterE
https://pepperstone.com/au/asic-product-intervention
Quote
The ASIC proposals will impact retail clients only, not wholesale clients


I didn't realize it was only retailers being targeted. How insulting....

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  • #28
  • Edited 1:44am Sep 12, 2019 12:52am | Edited 1:44am
Retail forex clients are the cannon fodder of the retail forex industry.
None survive.
Retail forex trading was created by the gambling industry in the 1990's and should be regulated as such.
  • #29
  • Edited 5:48am Sep 12, 2019 5:30am | Edited 5:48am
i totally respect your point of view , however i have to say that retail FX traders have grown to a significant share of market participants to levels unforeseen in the 1990s
  • #30
  • Sep 12, 2019 6:03am Sep 12, 2019 6:03am
A lot of opinions, guessing, assumptions .. but no facts.

Intead of wasting time on writing long stories which in the end won't even be read by ASIC, you just have to reply with this link. Numbers do not lie.

https://www.financemagnates.com/fore...ear-into-esma/

The truth is always the hardest.

It is like an idiot, who got told that driving full speed into a wall will definitely hurt, has to check that on his own .. and now a second idiot, who watched the first idiot crashing that still wants to doublecheck.
  • #31
  • Sep 12, 2019 7:25am Sep 12, 2019 7:25am
Quoting Drolph
A lot of opinions, guessing, assumptions .. but no facts. Intead of wasting time on writing long stories which in the end won't even be read by ASIC, you just have to reply with this link. Numbers do not lie. https://www.financemagnates.com/fore...ear-into-esma/ The truth is always the hardest. It is like an idiot, who got told that driving full speed into a wall will definitely hurt, has to check that on his own .. and now a second idiot, who watched the first idiot crashing that...

wasting time is naively thinking you can change ASIC's mind with facts
.....ASIC is an IOSCO member, they are going to do what their membership requires of them, as have the other members

so, given 20:1 is now a reality, your best bet is to encourage ASIC to allow a higher leverage for "skilled" traders
  • #32
  • Sep 12, 2019 7:54am Sep 12, 2019 7:54am
Hi,

How will it be possible to get around this leverage cap ?
What are the reliable retail brokers that won't be impacted ?
  • #33
  • Sep 12, 2019 8:36am Sep 12, 2019 8:36am
Quoting Cocoandco
Hi, How will it be possible to get around this leverage cap ? What are the reliable retail brokers that won't be impacted ?
as i see this:
i think most Aussie brokers did provision for this event ahead, and already have their offshore arms set up.
in the end, what exactly ASIC did for the retail traders?
the answer: isnt much!
unlike the FCA/FSCS in the UK ( up to 50.000GBP), or even CySec in Cyprus(up to 20.000 EUR), ASIC in Australia offers no protection or guaranteed fund security for the retail traders funds in case if broker's misconduct, or insolvency.

in the end, ICMarkets in Australia, or ICMarkets in Seychelles is about the same, with perhaps if anything, a little more room for ICM to B book an even higher percentage of the trades than they are doing now ( which is already the large majority).
if anything, a possible positive change may come, that is ICM to lower the commission to qualified members in Australia, or to those who choose to move offshore, or both.
there is always, always another trade!!
  • #34
  • Edited 3:40pm Sep 12, 2019 3:17pm | Edited 3:40pm
Quoting Drolph
A lot of opinions, guessing, assumptions .. but no facts. .....
Did you wasted one thought about the fact that if you have similar losing percentages but 5 - 10 times less leverage available.... does that say something about the speed how fast retailers lose their money? Yes?.... so a bit more time for reflection and to find my thread before they lose it all and save a lot of money afterwards? Maybe?

The core problem is: If somebody list facts, he should be intelligent enough to interpret the results!

A brand new study of futures day trading in Brasil.... exactly the same mechanics like in retail forex.

https://www.forexfactory.com/showthr...1#post12500031

Whatever snake oilers and affiliate marketer are claiming.... this is what you find if you get access to the relevant data.
You find it in retail futures day trading, in retail stock or derivate day trading, in forex day trading.....everywhere very similar results, especially if there is significant leverage involved.
  • #35
  • Sep 12, 2019 9:12pm Sep 12, 2019 9:12pm
Quoting HudithePfupf
{quote} Did you wasted one thought about the fact that if you have similar losing percentages but 5 - 10 times less leverage available.... does that say something about the speed how fast retailers lose their money? Yes?.... so a bit more time for reflection and to find my thread before they lose it all and save a lot of money afterwards? Maybe? The core problem is: If somebody list facts, he should be intelligent enough to interpret the results! A brand new study of futures day trading in Brasil.... exactly the same mechanics like in retail forex....
But who are these people who think they can be in my head knowing what I'm doing and thinking.
Who ever said you are trading the same way when you are already a billionar or when you trade with 1000 AUD just to learn or even have fun
When you have already a big capital the first thing is keep rich. Are you seriously going to trade the same way than someone who is happy to take way more risk because he's trying to build a capital. And sure if he does, he will progressively change his way of trading and probably the leverage as well. They call people stupid but they actually presume they are. It is not because you don't believe everybody will get good results that you ban people of the game.
Otherwise, be consistent and close the casinos, the cash machines, las vegas..
I don't believe they tell us their real concern.
  • #36
  • Sep 13, 2019 12:04am Sep 13, 2019 12:04am
Quoting Cocoandco
{quote} But who are these people who think they can be in my head knowing what I'm doing and thinking. Who ever said you are trading the same way when you are already a billionar or when you trade with 1000 AUD just to learn or even have fun When you have already a big capital the first thing is keep rich. Are you seriously going to trade the same way than someone who is happy to take way more risk because he's trying to build a capital. And sure if he does, he will progressively change his way of trading and probably the leverage as well. They...
Their real concern is that you remain enslaved and pay taxes to those arch crooks so that they maintain the lifestyle they are accustomed to by parasiting off the produce of others. Shift your capital out of commie Australia or risk it being stolen by excessive taxation.
  • #37
  • Sep 13, 2019 2:01am Sep 13, 2019 2:01am
Quoting HudithePfupf
{quote} Did you wasted one thought about the fact that if you have similar losing percentages but 5 - 10 times less leverage available.... does that say something about the speed how fast retailers lose their money? Yes?.... so a bit more time for reflection and to find my thread before they lose it all and save a lot of money afterwards? Maybe? The core problem is: If somebody list facts, he should be intelligent enough to interpret the results! A brand new study of futures day trading in Brasil.... exactly the same mechanics like in retail forex....
I am really sorry for your selective perception, Hudi. If somebody list facts, he should be intelligent enough to interpret the results! Of course you miss the fact that you have to deposit way more money on broker accounts now which are naturally NOT a place to store unnecessary large amounts of money to achieve comparable results. Not to mention the fact, that you can as a result lose even more money this way since the winner/loser ratio did not change. Ever heard sth of risk capital? Yes? Of course a medal only got one side oin your world.

To save myself time, I simply go with Aussies beautiful reply here (Thanks Buddy!): https://www.forexfactory.com/showthr...7#post12500297

Get back to your cave and stay there Hudi, or I am going to post account statements showing more withdrawals than deposits again on a regular basis. The longer I am doing so, the harder (and more entertaining) you have to look for excuses to discredit my own success. All your assumptions and meanwhile insultings only undermine your personal failure in this business. People can decide on their own about your jabbering when they see people making money here for years.
  • #38
  • Sep 13, 2019 3:06am Sep 13, 2019 3:06am
Drolph,

so you:

  1. go on the personal insult level: selective perception, get back to your cave, jabbering.
  2. didn't address the facts I delivered - not with one single word because you can't.
  3. make promotion for team snake oil
  4. announce that you will improve your photo shop experience

.... I love this one from the paper I just listed on my thread:

After the publication of our study in March 2019, we see a clear break in the upward trend of retail day traders. If we look at the minimum number of day traders, which should capture more closely the dynamics of persistent day traders, the break in the upward trend is even clearer. Naturally, we do not
exclude the possibility that other unobserved factors may have also contributed to this.

Reality finally hits. Publishing facts is a good way to combat lies. IF day traders in Brasil have been able to see through the lies, so can every newbie here on FF. Trust your instinct that there is no such thing like long term profitable retail forex day trading for a living. They sell it to you because they have a 99.8% chance to get your money over a period of 5 years.

Compare arguments from Aussi, Drolph et al (anomynous snake oilers on FF) to the scientific paper (day trading for a living?) with real data, with real researchers behind it publishing solid information with their names signed on it.

Look through this scam and help to stop it now.

  • #39
  • Sep 13, 2019 3:48am Sep 13, 2019 3:48am
You can keep trying to build a logical chain of assumption. Still it is simply pitiful.

Quoting HudithePfupf
"Drolph et al (anomynous snake oilers on FF)"
You have disqualified yourself for a conversation driven by respect long ago, loser. I am simply adapting.

I let numbers speak for itself .. may users decide about my "photoshop" skills. This is by the way to best argument to address EVERY SINGLE WRONG ASSUMPTION from your side. I already told you so several times by now.

To cover my strategies I unfortunately cannot publish the detailed explorers, which I have to admit opens room for doubts. But my own future success is going over this ultimate argument to crush your pyramide of untenable assumptions.

Quoting HudithePfupf
"They sell it to you because they have a 99.8% chance to get your money over a period of 5 years."
Just look into my previos 212129 posts related to this repeating discussion where I emphasized to not sell or promote anything. Still I enjoy proving you wrong, although I do not argue with the situation that most retailers still are going to lose money.
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  • #40
  • Sep 13, 2019 8:40am Sep 13, 2019 8:40am
Typical profit growth curves of classical grid systems combined with averaging losers and increasing leverage to recover.

A lot of small gains but only big winners after luck turns a big loser to the point you recover - then the system moves again as before.
Most equity drawdowns recovered by averaging and increasing risk - a few partial blows explain the high drawdown up to 65%
I have seen many charts exactly looking like yours showing impressive gains till they blow up within 1 trade (aka margin call).
The lowest chart with 626% gain has an update from Jul 05,.... so you likely have blown this shortly afterwards....?

If you set up enough accounts and let such an EA 's run some of them will show massive gains over quite long period of time till the blow up.
All those blown in the process won't be shown or only the last day before it blew up.
The average of all EA constructed this way would show that this approach does not have an edge.

This looks like classical newbie bait material of a German snake oiler.

I don't need any further informations.
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