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Feb
10thU.S. retail Forex Traders: Find an overseas broker.

U.S. based retail Forex Traders should find an overseas broker to realize the maximum potential of Forex Trading. Most overseas Forex brokers that have a branch of operation in the U.S. have suspended the offshore accounts of retail Forex traders or transferred those accounts to their US branches. These changes have come as a result of the Dodd-Frank Wall Street/Consumer Protection Bill that was recently passed. Language in this Bill limits the maximum leverage available to retail Forex traders to 50:1. As a member of FXCM UK, a trader would be afforded leverage equal to 200:1. The implications of this new change are extremely significant. Of the advantages, a member of FXCM UK offers 200:1 maximum leverage on your trading account opposed to a max of 50:1 in FXCM NY. This is very significant because if you learn when and how to use this leverage, it can increase profitability on a position exponentially. The difference of leverage power in the US FOREX market is a 75% decrease or handicap when compared to that of the UK. This leverage was changed as a result of Financial Regulators taking notice to many small retail traders wiping out their accounts due to misuse or misunderstanding of the concept of leverage. Truth be told, increased leverage can work both for you and against you equally. While the use of higher amounts of leverage can result in big gains, it can also make for big losses, sometimes resulting in the drawdown of all or most [...]