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European Traders - new ESMA regulations!

  • #121
  • Aug 5, 2018 2:07am Aug 5, 2018 2:07am
The only thing I like about the ESMA regulation.... I mean..... really like...., is the NEGATIVE BALANCE protection.
I donīt know if you guys read the stories that happend to people caught in the EURCHF and CABLE Black Swans.

-Brokers only honoured stop losses, after a whopping 1500 pip slide.
-Some brokers did not honour winners.The excuse: they needed the extra cash to cover for the losses.???!!!!!!!!!
-People had to sell their houses (literally), to pay for the negative balance.
-Traders are still stuck litigating in court.

So itīs fine to avoid ESMA and go overseas, and play leverage, but beware...You need to be aware of the "what if" scenario on every lot that you through on the table.
Remember, the sudden policy change from the Swiss government, was exctly that, sudden..no warning.
At least cable was in the middle of Brexit turmoil.
You people have a great (very hot here in Germany ) weekend.
  • #122
  • Aug 5, 2018 4:53am Aug 5, 2018 4:53am
Quoting cuchuflito
The only thing I like about the ESMA regulation.... I mean..... really like...., is the NEGATIVE BALANCE protection. I donīt know if you guys read the stories that happend to people caught in the EURCHF and CABLE Black Swans. -Brokers only honoured stop losses, after a whopping 1500 pip slide. -Some brokers did not honour winners.The excuse: they needed the extra cash to cover for the losses.???!!!!!!!!! -People had to sell their houses (literally), to pay for the negative balance. -Traders are still stuck litigating in court. So itīs...
Yep, agree, there's good and bad in everything...

Some people lost everything in that CHF Black Swan, and we are never completely safe from crazy events.

I guess the thing that most people agree on though is that as traders, we should be able to make our own choices, rather than being told what we can and can't do. After all, traders are probably some of the most independent and rebellious people out there!

Have a great weekend too... crazy-hot here!
  • #123
  • Aug 5, 2018 5:00am Aug 5, 2018 5:00am
Quoting coderr
{quote} ndd..and..ndd..commission 1/400 commission.7$ spreads..0.4eurusd...and..max.2pips--eurcad-gbpjpy
I would loose money with that since my targets are 1.5 pips in average my broker takes 2 dollar commision and 0.1 spread on EUR/USD and 0.6 on GBP/JPY,EUR/CAD Finpro...Even IC markets that i used before the only reason i changed because the low commision...IC market have 7 dollar commision and 0 spread i am sure i have written this many times before....Apology for my Altzheimer....
You win some you loose some do both with peace of mind
  • #124
  • Aug 5, 2018 9:09am Aug 5, 2018 9:09am
When you are in a trade you always get margicalled/kicked out of a trade when goes much against you hehe...I really dont get how a broker overseas are going too collect the money you end up owing them if there in a mysteries way you should be Able too get negative balanse....They can't just call the cops on you...As long as the broker dont have their office in the country you live i dont understand the problem...That really isnt a problem Because you get margincalled long before going negative...Mayby i am stupid...lol
You win some you loose some do both with peace of mind
  • #125
  • Aug 6, 2018 6:26am Aug 6, 2018 6:26am
Quoting Stillearnin
{quote} Just because you have 500:1 leverage you don't have to be a bonehead and use it. But it's nice to know it's there...Why the hell would you run a 'risky EA' on a real money account without proper testing it before? I feel that you should be on the esma board, you sound qualified!
Personally I prefer to trade on high leverage 1:400 / 1:500 bro I'm from the type of people who say - "everything or nothing", but I know how much can I afford to lose. I just shared the points of other type of traders, which if they lose all of their money- this will be the end of the world For such type of people- low leverage is better, because the margin restrictions will cover them from big loses => big dramas
  • #126
  • Aug 16, 2018 5:32am Aug 16, 2018 5:32am
I think many traders lose money as they do not stay updated with current rules and regulations of the market, You have to stay updated all the time by staying on forex related forums and other news bringing sources, It is an important part of the trading as far as I think!
  • #127
  • Aug 16, 2018 5:39am Aug 16, 2018 5:39am
Quoting militrader
I think many traders lose money as they do not stay updated with current rules and regulations of the market, You have to stay updated all the time by staying on forex related forums and other news bringing sources, It is an important part of the trading as far as I think!
I'd be very surprised if any trader didn't know about these new regulations, even if they don't frequent trading forums. At the very least, they would have had an email from their EU broker informing them of the upcoming changes.
  • #128
  • Aug 27, 2018 7:15am Aug 27, 2018 7:15am
Quoting leweg1
{quote} sorry for late reply. as far as i'm aware its commission free. I requested 3000GBP in the client portal of IC Markets (via PayPal) received 3000GBP in my PayPal wallet, 3000GBP deposited into my bank account. so yea moves freely Leweg1
Thank you. It does seem that IC Markets are special in many ways.
  • #129
  • Aug 27, 2018 7:36am Aug 27, 2018 7:36am
Quoting magne999
I really dont get how a broker overseas are going too collect the money you end up owing them if there in a mysteries way you should be Able too get negative balanse....They can't just call the cops on you...As long as the broker dont have their office in the country you live i dont understand the problem...That really isnt a problem Because you get margincalled long before going negative...
It is not that simple. They can use legal means to collect the money from you, even if you live in a different country. If they can prove that their claim is legit, then the local authorities will come and collect the money from you or take you to court. Maybe they won't take the hassle for a few hundret bucks, maybe they do.

If you live in Norway and get a speeding ticket in Italy, you can be sure they will nag you to pay it by all means, even if it is just 1000 NOK or so. You can find blogs from Americans who got a speeding ticket from Italy and the Italian authorities were very persistent to collect it. So ...
  • #130
  • Aug 27, 2018 7:40am Aug 27, 2018 7:40am
Quoting leweg1
{quote} sorry for late reply. as far as i'm aware its commission free. I requested 3000GBP in the client portal of IC Markets (via PayPal) received 3000GBP in my PayPal wallet, 3000GBP deposited into my bank account. so yea moves freely Leweg1
Yes I can confirm payments between IC Markets and Paypal are free and are instant.

Thanks leweg1 for your tip, this has saved me the international bank wire fee of AUD20 for each withdrawal I make. It all adds up! I'm not normally a fan of Paypal, but for this, I would forgive them a lot!
  • #131
  • Aug 27, 2018 7:41am Aug 27, 2018 7:41am
Quoting staassis
{quote} Thank you. It does seem that IC Markets are special in many ways.
Yes I agree, the best alternative for EU retail traders by a long shot!
  • #132
  • Aug 27, 2018 7:56am Aug 27, 2018 7:56am
Quoting mw108
{quote} It is not that simple. They can use legal means to collect the money from you, even if you live in a different country. If they can prove that their claim is legit, then the local authorities will come and collect the money from you or take you to court. Maybe they won't take the hassle for a few hundret bucks, maybe they do. If you live in Norway and get a speeding ticket in Italy, you can be sure they will nag you to pay it by all means, even if it is just 1000 NOK or so. You can find blogs from Americans who got a speeding ticket from...
Ok i really didnt think thoose corrupt policemen in Italy even wrote tickets i tought they where happy with 100 NOK too buy another beeer....But i know for a fact a friend of mine have like 150 parkingtickets from sweeden and doesnt hear a ting....I just dont understand how they are going too collect scammed money if you pay with creditcard you are not responseble for more moneey thatn withdraed from your card and what should they doo goo too my bank they wont get a penny there when deposited with creditcard,,,,Thats an insurence use your creditcard...
You win some you loose some do both with peace of mind
  • #133
  • Aug 27, 2018 7:56am Aug 27, 2018 7:56am
Quoting mw108
{quote} If you live in Norway and get a speeding ticket in Italy, you can be sure they will nag you to pay it by all means, even if it is just 1000 NOK or so. You can find blogs from Americans who got a speeding ticket from Italy and the Italian authorities were very persistent to collect it. So ...
Really? That amazes me! What happened when the nagging was ignored? I can't believe domestic authorities would use their (already over-stretched) resources to physically collect such small fees on the behalf of another country...
  • #134
  • Aug 27, 2018 8:02am Aug 27, 2018 8:02am
No forexbrokers are not a priority in Norway i can tell you that if they try too goo too Norwegian police ore gowerment it will stop there...But anyway with my 4 years of gambling Binarys and forex have never experienced that i could use more than is on my account...
You win some you loose some do both with peace of mind
  • #135
  • Aug 27, 2018 8:52am Aug 27, 2018 8:52am
Quoting tradesimply
{quote} Really? That amazes me! What happened when the nagging was ignored? I can't believe domestic authorities would use their (already over-stretched) resources to physically collect such small fees on the behalf of another country...
I don't know the procedures in America, but inside the EU they will send you letters from Debt Collection Agencies and eventually file a case if you keep ignoring it. But it will be a real problem if you come to visit the country again.

Of course Broker money is different, especially from overseas. But I wouldn't count on it and feel 100% safe. It is the same if you want money from them and they refused to pay it for whatever reasons. What would you do to get your money?
  • #136
  • Aug 27, 2018 9:22am Aug 27, 2018 9:22am
Thats true if you dont deposit with creditcard you have a problem if the broker i use now doesnt want too pay me i cant doo shit...because i deposited with Bitcoin.....Ore actually they have their offices in London so mayby i could get them on fraud but not likely
You win some you loose some do both with peace of mind
  • #137
  • Aug 27, 2018 11:16am Aug 27, 2018 11:16am
Quoting mw108
{quote} I don't know the procedures in America, but inside the EU they will send you letters from Debt Collection Agencies and eventually file a case if you keep ignoring it. But it will be a real problem if you come to visit the country again. Of course Broker money is different, especially from overseas. But I wouldn't count on it and feel 100% safe. It is the same if you want money from them and they refused to pay it for whatever reasons. What would you do to get your money?
Good point, but another reason why I don't want to deposit a huge margin with ANY broker, EU-regulated or not! It's ridiculous to suggest that any trader should deposit his/her whole capital with a broker and yet this crazy low leverage means that many now have to deposit 7x more than they did before the ESMA regs came into effect.
  • #138
  • Aug 27, 2018 11:35am Aug 27, 2018 11:35am
recommended:fibo
1/400
  • #139
  • Aug 27, 2018 1:13pm Aug 27, 2018 1:13pm
Quoting DwainUK
Many traders see great advantages in the new ESMA trading conditions. For example: Trading with low leverage is safer. If you use some risky EA, the high margin requirement will cover your account from huge loses or blow...
There is no relationship between risk and safe or risky trading . Higher the margin more you can lose....
  • #140
  • Aug 27, 2018 2:22pm Aug 27, 2018 2:22pm
Quoting todor113
Higher the margin more you can lose....
How do you come to this conclusion?
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