Yes another post about the new proposal in the US.
I know some people think this is fine and for some it may be, but if you notice these anti "little guy" rules getting more common and easier to pass it's because they are met with very little opposition.
That is why if you make money trading (part time or full time) and live in the US please take a moment to send an email to the CFTC otherwise who knows what new rule will force you to hang up your trading hat.
I am reposting this from the VSA thread here and it includes a small blurb for those of you that are unsure what to write in the email.
Sorry to do this here but I want to reach as many people as possible.
Please take a moment (If you reside in the US) to voice your disapproval of the new 1:10 Leverage proposal by the CFTC
Here is a form letter to use if you are uncertain what to say. I would suggest altering it slightly so they don't get hit with all the same emails.
---------------------------------------------------------------------------
To whom it may concern,
I am a retail trader and I am strongly opposed to the 10:1 leverage proposal by the CFTC. This regulation/requirement will drive many of the "smaller guys" out of the markets entirely or to offshore (ie unregulated) brokers.
The liquidity provided by retail traders increase the efficiency of the markets. Removing them, or unfairly pricing them out of the markets will result in increased price volatility overall and decrease the efficiency of the markets which is bad for everyone.
Please reconsider this proposal.
Thank you
Sign Your Name Here
----------------------------------------------------------------------
Send it via email to : [email protected]
Use the subject line: Regulation of Retail Forex
It is very important that we get as many people as possible to email/complain about this new pending restriction. Please pass it along to a friend or post it at other forums (Forex related forums only) you are a member of.
I am also in the process setting up a virtual address and document service for people that would like to trade outside the US with a valid overseas (UK) address. FXPro has already stopped taking US customers and I fear many other brokers will do the same if the CFTC and NFA keep passing these stupid restrictions.
Thank you for your time and good luck trading. For those of you that hang in the chat I'll see you there.
I know some people think this is fine and for some it may be, but if you notice these anti "little guy" rules getting more common and easier to pass it's because they are met with very little opposition.
That is why if you make money trading (part time or full time) and live in the US please take a moment to send an email to the CFTC otherwise who knows what new rule will force you to hang up your trading hat.
I am reposting this from the VSA thread here and it includes a small blurb for those of you that are unsure what to write in the email.
Sorry to do this here but I want to reach as many people as possible.
Please take a moment (If you reside in the US) to voice your disapproval of the new 1:10 Leverage proposal by the CFTC
Here is a form letter to use if you are uncertain what to say. I would suggest altering it slightly so they don't get hit with all the same emails.
---------------------------------------------------------------------------
To whom it may concern,
I am a retail trader and I am strongly opposed to the 10:1 leverage proposal by the CFTC. This regulation/requirement will drive many of the "smaller guys" out of the markets entirely or to offshore (ie unregulated) brokers.
The liquidity provided by retail traders increase the efficiency of the markets. Removing them, or unfairly pricing them out of the markets will result in increased price volatility overall and decrease the efficiency of the markets which is bad for everyone.
Please reconsider this proposal.
Thank you
Sign Your Name Here
----------------------------------------------------------------------
Send it via email to : [email protected]
Use the subject line: Regulation of Retail Forex
It is very important that we get as many people as possible to email/complain about this new pending restriction. Please pass it along to a friend or post it at other forums (Forex related forums only) you are a member of.
I am also in the process setting up a virtual address and document service for people that would like to trade outside the US with a valid overseas (UK) address. FXPro has already stopped taking US customers and I fear many other brokers will do the same if the CFTC and NFA keep passing these stupid restrictions.
Thank you for your time and good luck trading. For those of you that hang in the chat I'll see you there.
The trend always ends.