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Thread: OBAMA KILLS US FOREX

  1. #11

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    I will repeat myself: The roots of your anger are much deeper than just this bill, it is almost impossible to have any kind of civilized discussion with you.

    Actually it is very easy to be an expert since our source of news are much cleaner than your Foxnews and CNN crap you listen to.

    50:1 will blow your account! Enlighten me please! The only way to blow your account is by NOT watching "price" and not use SLs wisely. The fact is you can blow your account much easier with a 500:1 account than a 50:1 account.

    Perhaps that is what we will need, it will put a lot of these pseudo-brokers out of business.

  2. #12

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    I will repeat myself.. You are an uniformed democratic idiot (in an unremarkable place half way around the world) who doesn't have an F'ing clue about the USA, Obama or Forex.....

  3. #13
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    as an european my statement is:
    OBAMA is not the right man at this time for US. yes he was made some popular (election) decisions, but he have no knowledge about economy.
    US have more imports then exports, so a strong usd is good. on the other side if you weaken the usd (fed), you have to invite investors to invest in the us, but without limitations! therefore the new rules (not for forex alone) are silly, investors leave the us, yen is to high, so only the eur is the logical alternative for investors - look at the current eur/usd price....and gold price!

    we know all, the eur area have not leaving the crisis, but its easy, if the us economy, usd is weak - look at german factory

    what have the eu region done - new basel III rules, banks have to rise their own assets from 4.8% to 6.5% - yes 480 million eu citizen have to pay this by higher credit rates, but its better to weaken the whole economy in a country.

    OBAMA profession is lawyer and not economy, therefore he is the wrong man at this time for the US - sure he is a good one, in another time....

    my 2c

    IX
    IXBONE
    Business Internet Services | IX Trader Forex Software
    Registered Internet Service Provider (Ripe: AS 16195)

  4. #14

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    Wasn't Clinton a Lawyer also?

  5. #15

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    Quote Originally Posted by BillR View Post
    I will repeat myself.. You are an uniformed democratic idiot (in an unremarkable place half way around the world) who doesn't have an F'ing clue about the USA, Obama or Forex.....
    ...alright I exhausted my patience with you so here it goes: ...and you are a republican pig! How's that for a change?

  6. #16

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    Quote Originally Posted by ixbone View Post
    as an european my statement is:
    OBAMA is not the right man at this time for US. yes he was made some popular (election) decisions, but he have no knowledge about economy.
    ...and that is why Presidents and Prime Ministers hire economic advisers! Is the Prime Minister of your country an economist?

    Quote Originally Posted by ixbone View Post
    US have more imports then exports, so a strong usd is good.
    Somewhat true. Your exports tend to increase with a weaker currency

    Quote Originally Posted by ixbone View Post
    on the other side if you weaken the usd (fed), you have to invite investors to invest in the us, but without limitations! therefore the new rules (not for forex alone) are silly, investors leave the us, yen is to high, so only the eur is the logical alternative for investors - look at the current eur/usd price....and gold price!
    I never said that they were "not silly"!


    Quote Originally Posted by ixbone View Post
    OBAMA profession is lawyer and not economy, therefore he is the wrong man at this time for the US - sure he is a good one, in another time....

    my 2c
    Would you care to tell us what kind of man would fit to be President? Did Bush fit?

    Listen, the whole point is the guy that started this thread misunderstood many things about the new rulings. First of all, the American Brokers that have offices outside of the US with American Accounts are required to bring those accounts to the US so they can comply with the new rulings. This ruling is not official yet and many US brokers are still fighting it and it only applies to Brokers with offices in the US and Outside the US. The Idea that American Citizens can't go overseas and open another account to avoid the new CFTC rulings is incorrect. Americans can still open an account overseas to avoid these rulings as long as that broker doesn't have an Office in the US, this ruling only applies to brokers with offices in both sides of globe. I just wanted to make that clear.

  7. #17
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    prime: yes, our prime minister is an economist
    export: correct, especially germany, a neighbor country from mine, therefore the us gov should stay away from weaken usd, which makes import expensive for us people and investors leaving the usa. look at eur/usd, usd/jpy, usd/chf, gbp/usd and usd/gold - the markets tells you whats going on, look at the unemployment claims, ISM PMI, CB consumer, ADP too

    no, bush didnt fit, or clinton, both have not the knowledge of economy - during this crisis, a economist should be elected, not a brilliant political man

    i dont want to insult anyone personal or political (you, Bill or Obama), but from a ecomony sight, obama is not the best solution at this time for the us - my personal opinion

    yes i know the new CFTC rules close, yes you can open an account, but your money transfers will be controlled and investigated closer! (not a cftc rule, a us gov rule) we have a similar rule in europe: till 50,000 euros inner europe. 25,000 from europe to foreign, transfers over this limits, needs a confirmation of the national central bank, but this is much much more then in the us, this silly us rule will stress:
    - us investors
    - us companies exports
    - foreign companies imports to usa
    - foreign investors, which wants to invest in the usa

    to control this transfers, the cftc and us gov rules are made - not the 50:1 is the problem (us broker can decrease the lot size from 0.01 to 0.001) the transfers should be controlled...like the gaming rules....

    this rule is from obama not from fed/bernanke or the us secretary of the treasury! further, puntitive tariff duty will be applied to asia companies especially china
    this rules are good for publicity but not for the country itself..."bad banks, financial market, we hit them all"

    to close my statement, obama have made some good decisions in the past: leaving irak, health insurance coverage and so on - thats fine, but not enough to increase the us economy.
    IXBONE
    Business Internet Services | IX Trader Forex Software
    Registered Internet Service Provider (Ripe: AS 16195)

  8. #18

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    Idude again you don't have a clue.... YOU ARE WRONG!! Here are your comments.... and below that are the realities about no more offshore Forex for USA (AS OF JULY 2011)... And again you are WRONG I'm not a Republican Pig... Crawl back into your uniformed clueless little Portuguese hole.

    Listen, the whole point is the guy that started this thread misunderstood many things about the new rulings. First of all, the American Brokers that have offices outside of the US with American Accounts are required to bring those accounts to the US so they can comply with the new rulings. This ruling is not official yet and many US brokers are still fighting it and it only applies to Brokers with offices in the US and Outside the US. The Idea that American Citizens can't go overseas and open another account to avoid the new CFTC rulings is incorrect. Americans can still open an account overseas to avoid these rulings as long as that broker doesn't have an Office in the US, this ruling only applies to brokers with offices in both sides of globe. I just wanted to make that clear.



    Dear Mr. XXXXXXXX,

    Your email has been forwarded to me for response. In answer to your first question, in the year 2000, Congress amended Section 2(c)(2)(B) of the Commodity Exchange Act (7 USC 2(c)(2)(B)), setting out who is allowed to serve as a counterparty to a retail off-exchange forex transaction; these are often referred to as the “enumerated” or “eligible” counterparties. Among the eligible counterparties were affiliates of CFTC-registered FCMs and financial institutions (which includes foreign banks). It was through these two categories that off-shore entities were allowed to serve as counterparties.

    However, two things have changed. First, in 2008, the Congress passed the Farm Bill, which directed the CFTC to register counterparties as either FCMs or Retail Foreign Exchange Dealers (RFEDs). The recently published final rules, which take effect on October 18, 2010, reflect this statutory mandate, so as of October 18th, foreign affiliates of US FCMs will no longer be able to offer to serve as counterparties to US retail customers unless they become registered with the CFTC as FCMs or RFEDs.

    Second, although foreign banks are currently able to offer to serve as counterparties, the recently pass Wall Street Reform and Consumer Protection Act has once more amended Section 2(c)(2)(B) eliminating the provision permitting foreign banks to serve as counterparties. This change will be effective in July of 2011.

    I realize this is a long answer, but the upshot is, if your “foreign broker” is an unregistered affiliate of an FCM, as of October 18th, it will either have to be registered as an RFED or FCM, or transfer accounts to someone who is. If your “foreign broker” was a foreign bank, it can continue to serve as a forex counterparty to US retail customers until July of next year. Security deposit/leverage rules will apply to all registered entities doing business with US retail customers.

    I hope this proves helpful.

    Sincerely,


    William Penner
    Deputy Director, Compliance and Registration
    Division of Clearing and Intermediary Oversight
    Commodity Futures Trading Commission

    (202) 418-5407

  9. #19

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    "foreign affiliates of US FCMs will no longer be able to offer to serve as counterparties to US retail customers unless they become registered with the CFTC as FCMs or RFEDs." read the statement

  10. #20

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    Yes Dude... YOU SHOULD read...and understand....If they register they must obey same FIFO, No Hedge ...shit leverage as US brokers! The US is now regulating the rest of the world Forex brokers...glad you're happy at that thought. You're an F'ing idiot.... Thank God you're not in America.
    Last edited by BillR; 09-29-2010 at 11:38.

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