Hi all,
This thread is dedicated to finding a solution to enable US citizens to enjoy the same trading freedom as the rest of the civilized world. I am not sure how to accomplish this, so I am hoping by everyone sharing ideas we may be able to accomplish something.
I have been trading offshore for several years, but this is becoming more and more difficult as well as they are now shutting down payment processors and several of the top choices have pulled out of the US recently.
Our situation has become beyond ridiculous. I am not really even speaking of the lower leverage, no hedging or the FIFO rule. What I am speaking of is:
1. No true ECN/DMA broker available. This is absolutely ridiculous. The NFA/CFTC are supposed to be the toughest regulators in the world, yet they allow the 3 remaining market maker brokers to get away with basically whatever they wish. Freezing platforms, rejected orders, random price spikes, etc. Last week when GBP crashed, my "unregulated" ECN broker didn't miss a beat while OANDA froze their platforms. This was done so anyone short couldn't book their profits while everyone long got crushed. How can we have such tough regulations and they do not see the need to eliminate dealing desks and price manipulation. We are trading with a conflict of interest where the other party controls the software.
2. Protect our funds. UK does, Australia does. Here in the US, the regulations actually prohibit it. Even if the brokers wanted to segregate our funds, they are not allowed to. How does this protect the trader?
3. Allow us to trade with these regulated brokers who protect our funds. If they are so concerned about protecting us, why do they not realize how much better off we would be trading with a well regulated broker in the UK or Australia where our funds are safe than the options presented here in the US.
4. Precious metals and stock indices. Why can't I trade gold or silver, the DAX or the DOW? Everyone else in the world can.
5. Going back to leverage, hedging and FIFO. While these can be worked around. 200:1, even 100:1 would suffice, FIFO is just plain stupid and hedging, while I only do it in rare situations, it does allow you to recover positions when used properly.
The problem is we are just sitting back and accepting it. I mean when your really look at the horror stories behind the 3 remaining options here in the US, you have to be completely oblivious or completely addicted to be trading with them.
So what can we do, open floor, everyone please chime in, even non US residents, even though it doesn't affect you, if you have some great suggestions, let us know!!
Looking forward to hearing from everyone.
This thread is dedicated to finding a solution to enable US citizens to enjoy the same trading freedom as the rest of the civilized world. I am not sure how to accomplish this, so I am hoping by everyone sharing ideas we may be able to accomplish something.
I have been trading offshore for several years, but this is becoming more and more difficult as well as they are now shutting down payment processors and several of the top choices have pulled out of the US recently.
Our situation has become beyond ridiculous. I am not really even speaking of the lower leverage, no hedging or the FIFO rule. What I am speaking of is:
1. No true ECN/DMA broker available. This is absolutely ridiculous. The NFA/CFTC are supposed to be the toughest regulators in the world, yet they allow the 3 remaining market maker brokers to get away with basically whatever they wish. Freezing platforms, rejected orders, random price spikes, etc. Last week when GBP crashed, my "unregulated" ECN broker didn't miss a beat while OANDA froze their platforms. This was done so anyone short couldn't book their profits while everyone long got crushed. How can we have such tough regulations and they do not see the need to eliminate dealing desks and price manipulation. We are trading with a conflict of interest where the other party controls the software.
2. Protect our funds. UK does, Australia does. Here in the US, the regulations actually prohibit it. Even if the brokers wanted to segregate our funds, they are not allowed to. How does this protect the trader?
3. Allow us to trade with these regulated brokers who protect our funds. If they are so concerned about protecting us, why do they not realize how much better off we would be trading with a well regulated broker in the UK or Australia where our funds are safe than the options presented here in the US.
4. Precious metals and stock indices. Why can't I trade gold or silver, the DAX or the DOW? Everyone else in the world can.
5. Going back to leverage, hedging and FIFO. While these can be worked around. 200:1, even 100:1 would suffice, FIFO is just plain stupid and hedging, while I only do it in rare situations, it does allow you to recover positions when used properly.
The problem is we are just sitting back and accepting it. I mean when your really look at the horror stories behind the 3 remaining options here in the US, you have to be completely oblivious or completely addicted to be trading with them.
So what can we do, open floor, everyone please chime in, even non US residents, even though it doesn't affect you, if you have some great suggestions, let us know!!
Looking forward to hearing from everyone.