A sad day to be an American...
Mar 01, 2012 at 09:50
970 Views
4 Replies
Biedrs kopš
70 ieraksti
Mar 01, 2012 at 09:50
(labots Mar 01, 2012 at 10:03)
USA is lumped together by the forex broker, with all the most isolated countries in the world. That's how bad U.S. forex regulation is.
here is a picture: https://imagebin.org/201498
here is a picture: https://imagebin.org/201498
Pielikumi
go with the flow; just be on the right end of the wave
Biedrs kopš
70 ieraksti
Mar 01, 2012 at 09:58
(labots Mar 01, 2012 at 10:00)
The Last Broker didn't have any problems to send a cash equivalent to US Based Contestants, the reason this one won't send a cash equivalent is because,
-besides the fact that the rules state the prize is a funded account and therefore a 'US Citizen' is not eligible to open the ACCOUNT (NOT from RECEIVING A PRIZE!)-
the dirty little secret is, the broker does not want you to have the chance to KEEP the money because by giving you a funded account, they are betting that you will lose it all. so far a WIN WIN for the broker sponsoring this contest, and LOSE LOSE for myfxbook and the contestants.
Yes although I am sure nobody cares about the specifics because after all it is the BIGGEST PRIZE EVER, it's just too bad that probably nobody will get to keep it.
-besides the fact that the rules state the prize is a funded account and therefore a 'US Citizen' is not eligible to open the ACCOUNT (NOT from RECEIVING A PRIZE!)-
the dirty little secret is, the broker does not want you to have the chance to KEEP the money because by giving you a funded account, they are betting that you will lose it all. so far a WIN WIN for the broker sponsoring this contest, and LOSE LOSE for myfxbook and the contestants.
Yes although I am sure nobody cares about the specifics because after all it is the BIGGEST PRIZE EVER, it's just too bad that probably nobody will get to keep it.
go with the flow; just be on the right end of the wave
forex_trader_33781
Biedrs kopš
202 ieraksti
Mar 01, 2012 at 10:43
(labots Mar 01, 2012 at 10:44)
horse1bun posted:
the dirty little secret is, the broker does not want you to have the chance to KEEP the money because by giving you a funded account, they are betting that you will lose it all.
Yup, this is spot-on. But although U.S. regulations are a pain the butt, sometimes they're good at keeping U.S. brokers in line as far as your money etc. It's harder for a broker in the USA to scam clients.
Yes, disappointing that U.S. citizens aren't eligible for the contest, but that gives us more time to focus on real trading 😉
Biedrs kopš
70 ieraksti
Mar 01, 2012 at 11:01
haha thanks splexin. And yea US Regulation is finally forcing brokers to give positive slippage as equally as negative slippage. The Result? A lot less slippage....
BTW when I said wannabe-buffet 'mentors' I wasn't talking about you. You know your stuff.
ALSO, in hindsight, it looks like the surge in heavy metals was the market pricing in the announcement of more QE, but bernanke can't do that until he first says it won't happen, stocks crash, and then they will begging for QE. Just another roller coaster ride.
BTW when I said wannabe-buffet 'mentors' I wasn't talking about you. You know your stuff.
ALSO, in hindsight, it looks like the surge in heavy metals was the market pricing in the announcement of more QE, but bernanke can't do that until he first says it won't happen, stocks crash, and then they will begging for QE. Just another roller coaster ride.
go with the flow; just be on the right end of the wave
Biedrs kopš
70 ieraksti
Mar 03, 2012 at 00:56
Not Actual Prize Money.
I started this thread while lamenting a time when we could use any broker in the world we wanted, and complaining that we couldn't anymore, because Rule 1 of the contest was that a person from USA can't receive a prize. I got distracted and didn't read the rest of the rules.
Now after I read what rule 2 says,
'b) The funds will remain in the account for a duration of three (3) months and can be used for trading. Once the three month period ends, DF Markets will withdraw the funds from the client’s account (Winners can withdraw all profits made within those three months, but not the prize itself).'
it says that you don't actually WIN the prize amounts, you only win it as equity to TRADE a live account, and AFTER THREE MONTHS THEY TAKE BACK THE BALANCE OF THE PRIZE.
Still a good prize, the chance to trade with real money on a live account, is quite a good opportunity really.
HOWEVER, I think that point isn't clear to everyone of the participants, as the 'Contest' page is misleading. Nicely done, myfxbook has a great 'theme' and always looks good, but still misleading.
I am just trying to be 'constructive' with my criticism when I say I am honestly I am little bit disappointed by this trading contest, and the others, for a few different reasons.
Besides the two points I have made already (no US prize winners, no actual prize money to keep)
The challenge aspect could be improved.
We need a contest for realistic investors to showcase their skills. What I mean by 'realistic' is that most regular investors do not feel comfortable using all of their leverage or setting a goal of 4000% in a month. I am not at all questioning the skills of the prize winners, no doubt they have skills and they proved it.
If some aspects were limited, I think it would be a better challenge.
Xag/Usd and Xau/Usd, (aka Spot Silver and Gold), while I like trading them, are not traditional currencies and should not be allowed, sort of like the other contest where you could 'unlock' indices if you knew how to enable them. This is bad because not all the contestants knew they could use those instruments, and also a misleading aspect because indices are not currencies either.
I know that anytime you change the way the contest is setup it's controversial.
I just want to see some rules that actually make the trading a challenge against yourself, besides just a challenge with the leader board, which is unattainable and frankly discouraging for most of us.
I know some brokers use Sharpe Ratio, or combinations of metrics, to rate contestants.
Who else has ideas for the myfxbook team, specifically HOW TO MAKE THE RULES OF THE CONTEST FUN, as well as challenging??????????????????????
I started this thread while lamenting a time when we could use any broker in the world we wanted, and complaining that we couldn't anymore, because Rule 1 of the contest was that a person from USA can't receive a prize. I got distracted and didn't read the rest of the rules.
Now after I read what rule 2 says,
'b) The funds will remain in the account for a duration of three (3) months and can be used for trading. Once the three month period ends, DF Markets will withdraw the funds from the client’s account (Winners can withdraw all profits made within those three months, but not the prize itself).'
it says that you don't actually WIN the prize amounts, you only win it as equity to TRADE a live account, and AFTER THREE MONTHS THEY TAKE BACK THE BALANCE OF THE PRIZE.
Still a good prize, the chance to trade with real money on a live account, is quite a good opportunity really.
HOWEVER, I think that point isn't clear to everyone of the participants, as the 'Contest' page is misleading. Nicely done, myfxbook has a great 'theme' and always looks good, but still misleading.
I am just trying to be 'constructive' with my criticism when I say I am honestly I am little bit disappointed by this trading contest, and the others, for a few different reasons.
Besides the two points I have made already (no US prize winners, no actual prize money to keep)
The challenge aspect could be improved.
We need a contest for realistic investors to showcase their skills. What I mean by 'realistic' is that most regular investors do not feel comfortable using all of their leverage or setting a goal of 4000% in a month. I am not at all questioning the skills of the prize winners, no doubt they have skills and they proved it.
If some aspects were limited, I think it would be a better challenge.
Xag/Usd and Xau/Usd, (aka Spot Silver and Gold), while I like trading them, are not traditional currencies and should not be allowed, sort of like the other contest where you could 'unlock' indices if you knew how to enable them. This is bad because not all the contestants knew they could use those instruments, and also a misleading aspect because indices are not currencies either.
I know that anytime you change the way the contest is setup it's controversial.
I just want to see some rules that actually make the trading a challenge against yourself, besides just a challenge with the leader board, which is unattainable and frankly discouraging for most of us.
I know some brokers use Sharpe Ratio, or combinations of metrics, to rate contestants.
Who else has ideas for the myfxbook team, specifically HOW TO MAKE THE RULES OF THE CONTEST FUN, as well as challenging??????????????????????
go with the flow; just be on the right end of the wave
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