10.7

[nanningbob]

here is the message from I B F X :

Cheers

Tommaso

Well I am screwed. Letting positive swap trades run has been part of my strategy this year. Time to look for out of country brokers. Crap.

[Gertje]

here is the message from I B F X :

Cheers

Tommaso

Well I am screwed. Letting positive swap trades run has been part of my strategy this year. Time to look for out of country brokers. Crap.

Maybe open an sub-account for these trades?
I believe it will be hard to find a foreign broker that accepts US-citizens...

[nanningbob]

here is the message from I B F X :

Cheers

Tommaso

Well I am screwed. Letting positive swap trades run has been part of my strategy this year. Time to look for out of country brokers. Crap.

Maybe open an sub-account for these trades?
I believe it will be hard to find a foreign broker that accepts US-citizens...

Because I live in China and have a Chinese credit address etc. I can do it. I have one now with Easy Forex but it is just a small account I play around with. They have an office here in China but I dont know if I want to put large amounts with them. If Cowboy IBFX will still do the quick transfer from one account to the other I can hedge one against the other but that would be a pain. Going back to being a one in one out trader sickens me. Stupid way to trade. Higher lots, higher risk, fewer trades going on at the same time.

I talk to a guy at Forex Factory who runs 250 trades at a time. He has 2500 in his account and trades 1 penny lots. His DD is minimal because he hedges at a certain loss point and then uses his winnings to close out his hedges and profits the rest. Interesting. But due to great wisdom (stupidity) of our govt. bureaucrats, out of the box multidimensional trading is banned. We now have to think one dimensional like them. Idiots.

HEY NSA, you read this, make yourself useful and get rid of some them in Washington.

[Pedigree]

here is the message from I B F X :

Cheers

Tommaso

Well I am screwed. Letting positive swap trades run has been part of my strategy this year. Time to look for out of country brokers. Crap.

Positive swap or not, it is hard to understand how any trader could manage with FIFO. I really would like to know how the yanks have been coping with it. And what has suddenly advised compliance by Cowboy IBFX? How have they been able to carry on business up till now without implementing it?

[nanningbob]

here is the message from I B F X :

Cheers

Tommaso

Well I am screwed. Letting positive swap trades run has been part of my strategy this year. Time to look for out of country brokers. Crap.

Positive swap or not, it is hard to understand how any trader could manage with FIFO. I really would like to know how the yanks have been coping with it. And what has suddenly advised compliance by Cowboy Cowboy IBFX? How have they been able to carry on business up till now without implementing it?

Well its easy, they report the trades one way to the govt. and another way to us. It was just an exercise in paperwork. What the crap the govt. wants to know that a trade on May the 3rd was closed after a trade on May 15 is stupid.

[Pedigree]

Well its easy, they report the trades one way to the govt. and another way to us. It was just an exercise in paperwork. What the crap the govt. wants to know that a trade on May the 3rd was closed after a trade on May 15 is stupid.

Sad they are having now to join the ranks. Maybe someone somewhere has been breathing down their necks. Why the govt. will choose to concern itself with this detail has to be the height of meddlesomeness. It deserves nothing short of being studiously ignored as Cowboy IBFX appears to have been doing. I hope you are able to find some workable solution soon.

[nanningbob]

Well its easy, they report the trades one way to the govt. and another way to us. It was just an exercise in paperwork. What the crap the govt. wants to know that a trade on May the 3rd was closed after a trade on May 15 is stupid.

Sad they are having now to join the ranks. Maybe someone somewhere has been breathing down their necks. Why the govt. will choose to concern itself with this detail has to be the height of meddlesomeness. It deserves nothing short of being studiously ignored as Cowboy Cowboy IBFX appears to have been doing. I hope you are able to find some workable solution soon.

there is a guy in NY that started his own forex brokerage in Belize and trades his funds that way. I dont think he wants to open it to others but we will see.

[dudest]

One can not belabour the point enough that FIFO is just daft....

..

Anyway, FinFx may also be a good place to check

Best of luck!

[Gertje]

Well its easy, they report the trades one way to the govt. and another way to us. It was just an exercise in paperwork. What the crap the govt. wants to know that a trade on May the 3rd was closed after a trade on May 15 is stupid.

I have been involved with a PAMM ( huge mistake) where the broker did the fifo at the background. On paper they closed the first trade instead of the trade you closed in real live. Made the P/L journals a mess, only after all trades on a pair were closed the real P/L would show.

[nanningbob]

I met a guy from New York who set up his own Forex brokerage in Belize. He is the only customer and doesnt have to deal with the NFA. Interesting concept.