Day Trading Forex Currency - This Move Could KILL The Industry
Those clever yahoos at the CFTC know full well what the ramifications are for the latest proposal - and it looks like they are going ahead anyway.
Now the questions and all the fuss suggest that they are UNAWARE of the consequences of their actions - that this would completely destroy the Forex trading here in the U.S.
But there is just NO WAY that the DON’T know.
So this begs the REAL QUESTION: Who will benefit and how?
Here’s the BIG problem:
“Leverage in retail forex customer accounts would be subject to a 10-to-1 limitation.”
Here’s where you can read the press release about it.
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5772-10.html
Most importantly, here is how to make your opinions known.
You may submit comments, identified by RIN3038-AC61, by any of the following methods:
1) Federal eRulemaking Portal: http//www.regulations.gov/search/ index.jsp Follow instructions for submitting comments.
2) Email : secretary@cftc. gov. Include “Regulation of Retail Forex” in the subject line of the message.
3) Fax (202)418-5521
4) Mail: Send to David Stawick, Secretary, Commodity Futures Trading Commission, 1155 21st Street,. N.W., Washington, DC 20581
Cheers
Brian
P.S. Let’s hope and pray that they really are so blindly ignorant that they didn’t realize what this would do and that receiving truckloads of emails will get them to do the right thing.
P.P.S. Here’s a thread discussing this in more detail
Day Trading Forex Currency - What’s More Important Than Entry, Stop and Exit?
So many trading systems completely miss the most important part of being profitable.
It’s a real shame too because all they seem to focus on is the setup, stop, entry and exit.
Now to the novice trader, this is what a trading system is all about.
They think that so long as you have these four bits of information, you should be able to consistently produce profitable trades.
But if that were true, then how could it be possible for random-entry systems and coin-flip trading systems be profitable?
The key is strategic money management.
WITH sound money management, even a purely random entry system, even a trading system that chooses entries based on the flip of a coin, can be quite profitable.
Without it, even a great selective trading system can lose money.
Now there is more to it than simply setting your maximum per-trade loss, while at the same time, it isn’t that difficult - when you know what to do.
Join me and David Jenyns for a live webinar tomorrow night where you’ll discover how to control YOUR profit and risk through strategic money management.
There is no cost to attend!
You’re only cheating yourself if you don’t!
Cheers
Brian
P.S. What does this notion about money management mean for YOU?
The underlying implication is that you could probably take your existing system, even if it hasn’t been profitable for you so far and make it profitable through sound money management!
Still skeptical? That’s understandable. But there is a quick and easy way to PROVE IT to yourself with ZERO risk.
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