For Some reason the orginal thread was moved to the members lounge. Which is inappropriate for this issue. The contention of this thread is to not only make members, but also traders, and not just forex traders but American citizens aware of the loss of freedom and what they can do to protect that freedom. This is Forex related as many retail Forex traders will no longer be allowed to trade and some have lost their ability to be profitable as well. In addition this thread relates to the Forex Industry and how they are incompetently governed by an entity that ignores the people and even specifically those directly associated with its decrees. We Call for the immediate removal of Mr. Gensler of the CFTC
In order to send a strong and resounding message that our government was established and formed for the people in order to send a strong and clear message that the people of the United States will no longer tolerate unnecessary abuse and unwarranted removal of our personal freedoms we must ask for the removal of Mr. Gensler and the Removal of the absurd decree by the CFTC limiting leverage to 1:50 on majors and 1:20 on minors respectively.
My argument is not even whether 1:50 leverage or 1:400 or 1:100 leverage is sufficient. It is the freedoms that they continue to claw away and boldly assert that they do it in the best interest of the American people. How incredibly psychotic, to assert that you, the American individual are so stupid that the government needs to step in between you and your broker in a free trade environment and place rules on the amount of money you can receive and essentially raising margin requirements in order "to protect you" and allow the rich to stay rich and the poor stay poor.
I will not even go into the fact that leverage is not at all proportional to the amount of money that you choose to risk depending on your trading strategy it just means higher margin requirements and and more frequent margin calls contributing to more losses. I won't even go into the fact that this will make U.S. Forex almost completely uncompetitive except that U.S. citizens sometimes get a hassle when trying to open an account in the U.K. with a regulated entity. I won't even go into the fact that they already just limited leverage from 400:1 to 100:1 a couple years ago and now they are at 1:50 and 1:20 ignoring all of your comments and failing the American public again to "protect you" and this is just a warm up act to get you ready for 1:10 leverage. I won't even go into the fact that I actually do hear from alot of rich people that the Forex leverage was to high and it annoys them that anyone can get started in that market and that 100:1 is absurd and undercapitalized people should not be trading Forex anyways. I won't even go into the fact that the rest of the world is watching how we the U.S. deal with this situation and will most likely decrease leverage and act in a similar fashion.
Imagine that you are in the marketplace and a business associate offers to advance you money for your small business. Next you are denied the money because the government deems this business venture unsafe because "they want to protect you" and your too stupid to know what to do with the money. That's what is around the corner if we don't take a stand. More meddling by the government in the free market in the name of "protecting you" because your stupid. This government controlling ideology that you the consumer are incredibly stupid and do not deserve to be allowed to make a decision on your own is spilling over into many other sectors as well. But they are continuing to attack your money. Just as there will probably be more government programs in the future to seize a portion of your money "to protect you" because your too stupid to know what to do with it.
My point is this is America. Whether 100:1 or 1:50 or 1:400 appropriate you should be allowed to choose. Mr. Gensler and CFTC just ignored your comments, pleading, and financial circumstances and stole another of your freedoms "to protect you" because your stupid. What are you going to do about it. I just called the CFTC to ask them straightforward how to have him removed and the statute repealed. They answered that they could not tell me that but that he was appointed by the President.
Conclusion:
1. We need to bring this problem to your senator asking for Mr. Gensler's immediate removal and repeal of this law.
2. We need to find a way to communicate this publicly to the President.
3. We need to get this circulating in the media because frankly the Americans that don't trade Forex don't care about it until there number gets called and the government starts enacting a new rule that relates to them that steals their freedoms "to protect them" because they are stupid. It is easy for them to say no or ignore us when there is no fear of losing their job or worrying about answering to someone. The CFTC is supposed to work for us. Our government is supposed to work for us. They should be listening to what we say.
4. We need to get organized and come together and call for Mr. Gensley's removal. We can't have our senators thinking this is just one fanatic writing in. We must make it perfectly clear to our politicians, the President included, that if they ignore us completely and do not look into this matter that they will be losing our votes.
5. Write your representative and ask for Mr. Gensler's immediate removal and repeal of this law here is the link https://writerep.house.gov/writerep/welcome.shtml
In order to send a strong and resounding message that our government was established and formed for the people in order to send a strong and clear message that the people of the United States will no longer tolerate unnecessary abuse and unwarranted removal of our personal freedoms we must ask for the removal of Mr. Gensler and the Removal of the absurd decree by the CFTC limiting leverage to 1:50 on majors and 1:20 on minors respectively.
My argument is not even whether 1:50 leverage or 1:400 or 1:100 leverage is sufficient. It is the freedoms that they continue to claw away and boldly assert that they do it in the best interest of the American people. How incredibly psychotic, to assert that you, the American individual are so stupid that the government needs to step in between you and your broker in a free trade environment and place rules on the amount of money you can receive and essentially raising margin requirements in order "to protect you" and allow the rich to stay rich and the poor stay poor.
I will not even go into the fact that leverage is not at all proportional to the amount of money that you choose to risk depending on your trading strategy it just means higher margin requirements and and more frequent margin calls contributing to more losses. I won't even go into the fact that this will make U.S. Forex almost completely uncompetitive except that U.S. citizens sometimes get a hassle when trying to open an account in the U.K. with a regulated entity. I won't even go into the fact that they already just limited leverage from 400:1 to 100:1 a couple years ago and now they are at 1:50 and 1:20 ignoring all of your comments and failing the American public again to "protect you" and this is just a warm up act to get you ready for 1:10 leverage. I won't even go into the fact that I actually do hear from alot of rich people that the Forex leverage was to high and it annoys them that anyone can get started in that market and that 100:1 is absurd and undercapitalized people should not be trading Forex anyways. I won't even go into the fact that the rest of the world is watching how we the U.S. deal with this situation and will most likely decrease leverage and act in a similar fashion.
Imagine that you are in the marketplace and a business associate offers to advance you money for your small business. Next you are denied the money because the government deems this business venture unsafe because "they want to protect you" and your too stupid to know what to do with the money. That's what is around the corner if we don't take a stand. More meddling by the government in the free market in the name of "protecting you" because your stupid. This government controlling ideology that you the consumer are incredibly stupid and do not deserve to be allowed to make a decision on your own is spilling over into many other sectors as well. But they are continuing to attack your money. Just as there will probably be more government programs in the future to seize a portion of your money "to protect you" because your too stupid to know what to do with it.
My point is this is America. Whether 100:1 or 1:50 or 1:400 appropriate you should be allowed to choose. Mr. Gensler and CFTC just ignored your comments, pleading, and financial circumstances and stole another of your freedoms "to protect you" because your stupid. What are you going to do about it. I just called the CFTC to ask them straightforward how to have him removed and the statute repealed. They answered that they could not tell me that but that he was appointed by the President.
Conclusion:
1. We need to bring this problem to your senator asking for Mr. Gensler's immediate removal and repeal of this law.
2. We need to find a way to communicate this publicly to the President.
3. We need to get this circulating in the media because frankly the Americans that don't trade Forex don't care about it until there number gets called and the government starts enacting a new rule that relates to them that steals their freedoms "to protect them" because they are stupid. It is easy for them to say no or ignore us when there is no fear of losing their job or worrying about answering to someone. The CFTC is supposed to work for us. Our government is supposed to work for us. They should be listening to what we say.
4. We need to get organized and come together and call for Mr. Gensley's removal. We can't have our senators thinking this is just one fanatic writing in. We must make it perfectly clear to our politicians, the President included, that if they ignore us completely and do not look into this matter that they will be losing our votes.
5. Write your representative and ask for Mr. Gensler's immediate removal and repeal of this law here is the link https://writerep.house.gov/writerep/welcome.shtml