On a personal note, looks like Im always late to the party, first I got into day trading AFTER the PDT rule went into effect (so I'm stuck paying high commissions to a prop firm), and now I'm looking into Forex and have to deal with this crap.
Look at the picture below it was taken off the comments from the forex leverage proposal. It is a comment from Senator Orin Hatch from Utah. Interesting that a senator gets in the mix, but for some reason I cannot see what the comment was, has anyone had better luck seeing the comment and what it was about?
I thought the same thing before I saw the cftc get pounded by congress about the leverage issue about a week or so ago, which is a big step.
Totally disagree. The CFTC is going to buckle on this one. Congress is hammering CFTC on leverage. The CFTC's mandate is to stop fraud, not destroy retail forex. 10 to 1 leverage is dying a slow death. Write to secretary@cftc.gov and FINISH 10 to 1 Leverage for good!
Hey sulley good to see you here as well, its me Ranger from FF. Thanks to Sully for finding this letter from Orin Hatch, who is on our side. http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/frcomment/10-001c172.pdf
Last week's WSJ.com article was very telling... http://online.wsj.com/article/SB10001424052748704869304575103992931864182.html?mod=googlenews_wsj This comment was from CFTC Commissioner Bart Chilton: And another great comparison:
Rob Booker just did a fantastic webinar on the CFTC's leverage proposal. For those of you who don't know Rob he is a regular speaker at the forex trade shows and knows this industry inside and out. Great info, have a look: http://www.screencast.com/users/robbooker/folders/Default/media/78b85741-358e-44db-ac73-565868d632c4
as long as you can trade with a 50:1 on Globex (EUR) why should it be 10:1 on FOREX (EURUSD) ??? makes no sense