Saturday, 21 November 2009

Why reduced trades on Friday?

Yes, I reduced the trades on friday and tried to close only open positions. Like all traders in US, Canada, Australia and Japan; I know that NFA leverage Change is about to hit. If you are unaware of this change chck with your broker. Don't be surprised if 30,Nov 2009 your Margin Level % reduced or your account is cleaned out. You'll see less trading next week and many traders closing their accounts and moving theirs to offshore brokers. The new NFA change will limit all resident brokers to 100:1 leverage on all major pairs.

So try to close as many trades and survive the big day.I expect all NFA rule implementing brokers to go bankrupt or move offshore - Evil Me!!!

I need to move my account from my current broker - any suggestions?
Posted by Jeeson Augustine

12 comments:

  1. Richard Ruskin21 November 2009 at 18:33

    FXCM in a U.K. account.

    ReplyDelete
  2. Richard Ruskin21 November 2009 at 18:37

    I don not know about other country rules but in the UK, account holders are considered primary shareholders in case of bankruptcy.

    FXCM "seems" to have low spreads.

    I would like to know who you pick as I am sure you will do a very through comparison of many brokers.

    ReplyDelete
  3. Jeeson Augustine21 November 2009 at 19:32

    I been offered many UK brokers but I'm thinking of tax heavens or something like swiss but the brokers are high risk; still weighing security vs leverage vs platform

    ReplyDelete
  4. Jeeson Augustine21 November 2009 at 19:35

    Plus I think UK will too do something similar to NFA soon as brokers will move all accounts to UK all NFA abiding brokers will complaint. Swiss may continue with current leverages. But cyprus and mauritius brokers too are very attractive.

    ReplyDelete
  5. Richard Ruskin22 November 2009 at 06:57

    UK has upped margin requirements but much less than the US. ie, from 25 for 1 mini to 160 for 1 mini of E/U in the US but only up to 42.50 from 25 in the UK.
    uJ has stayed the same in UK but up to 100 from 25 in the US.

    ReplyDelete
  6. Jeeson Augustine22 November 2009 at 11:43

    I decided to go divide my account to two - cyprus & mauritius. I guess in one account I'll be trader & other I'll be a player - two sides of me. You can call it hedging.

    ReplyDelete
  7. Richard Ruskin22 November 2009 at 11:47

    which company?

    ReplyDelete
  8. Jeeson Augustine22 November 2009 at 18:50

    This comment has been removed by the author.

    ReplyDelete
  9. Jakie23 November 2009 at 01:43

    I did run a demo with FX Pro and found that there moving average indicators were some way off the mark compared to other brokers so I would check this out if you are going to use the charting ????

    ReplyDelete
  10. Jeeson Augustine23 November 2009 at 04:41

    wow that will help; I'll try the demo today. they said the spreads are better than anybody in market

    ReplyDelete
  11. Jeeson Augustine23 November 2009 at 04:56

    Jackie do recon anybody else; I'm yet to make my a/c transfer.

    ReplyDelete
  12. Jeeson Augustine23 November 2009 at 08:46

    I agree with Jackie their MA are bit off from my current broker. I found the reason too; their prices are one more decimal and this tends to make MA bit more narrow range. But the spreads are v.good for 1 mins trades; will spend some time today & t'mrrow to do somemore investigation.

    ReplyDelete

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