An Odd Problem I'm Unaware Of, Help, Plz

[ezrydn]

I was just on the phone with a student in the US. He informed me that IBFX has "greyed" the XAUUSD in Market Watch and that US citizens are NOT allowed to trade Gold against the USD. Is that common up there?

Are all of you US folks banned from that specific trade? The world can trade it but YOU can't?

Now, the bottom line question. Has anyone found a "work around" broker?

There's got to be a viable answer to this fiasco.

 

[Enivid]

CFDs are illegal in US. XAUUSD is a CFD for gold.

 

[Fxpipper]

This is not something new or even recent, here's the link that provides more info on this, check it out.
http://www.forbes.com/sites/jonmatonis/2012/04/09/another-market-not-available-to-u-s-citizens/
By the way, the ban is "supposed" to be temporary..yeah, we all know what what stands for..

 

[ezrydn]

I agree with him wholeheartedly. Oh, well. Work around still in the mix then.

Thanks, guys. I truly didn't know.

 

[Rambo35]

The US has become a very uncompetetive country when it comes to trading, at least in my opinion. I feel sorry for all traders forced to run a portfolio out of the US.

 

[ezrydn]

Again, you express my exact feelings. We've gotta end this "Nanny State" concept. Meanwhile, a buddy and I are experimenting with a workaround for US traders to use with the Money Pump instead of Gold. Unkle can kiss my ---! When I heard the term "Patriot Act," I saw trouble ahead and started making plans. I wasn't far wrong, was I?

Carl Levin has a new book out called "The Liberty Amendments" that I'm buying. Describes, in detail, the US Constitution, Section 5, Para. 3-4. Congress isn't the only ones who can write/vote on Amendments. States can do it, it's constitutionally legal yet has never been done before. Thanks, Founding Fathers, for giving us an "out."

 

[Rambo35]

Good luck with the workaround and I am glad that there is a way to write amendments. I may have to check out that book myself.

 

[ezrydn]

Right now, we're thinking about substituting GBPJPY for Gold and readjusting lot sizes to match a XAUUSD trade amt. And THAT undercut's the intent on our lazy Congress!

 

[Rambo35]

That's a rather interesting idea, but how would you offer it to others or do you suggest how to trade that in one's account in order to get a simulated effect?

 

[ezrydn]

We simply verify if GBPJPY has the volatility we seek, then adjust lot sizes to match XAUUSD trades (that's my part). Then, just explain it like I explained scaling Gold. We'll scale GBPUSD, or whatever, with corrected lot sizes. It's a simple workaround that won't call for ID documents to prove where you live, as XAUUSD would cause.

We should have it ironed out by week's end.

 

[Fxpipper]

Why GBP/USD cross? And glad you have worked out a way to get around the gold ban, let us know how it works out. The current policy is idiotic and that's an understatement..

 

[hayseed]

gold

hey ez....... most of us here in the states trade the gold etf's ........

there are bull and bear versions that offer 3x's the movement for those that like high returns....

and there are options on those etf's for those who like stratospheric returns...... or losses.....

we also trade the miner stocks themselves..... some trade futures.....

you can double your money in a few days...... or lose it all in half the time..... h

 

[ezrydn]

Here's our work around: http://www.earnforex.com/forum/f4/scaling-answer-gold-ban-us-14951/

 

[Rambo35]

We simply verify if GBPJPY has the volatility we seek, then adjust lot sizes to match XAUUSD trades (that's my part). Then, just explain it like I explained scaling Gold. We'll scale GBPUSD, or whatever, with corrected lot sizes. It's a simple workaround that won't call for ID documents to prove where you live, as XAUUSD would cause.

We should have it ironed out by week's end.

Let me know when it is done if you don't mind.

 

[ezrydn]

It's done. Since I don't have US problems (living in Mexico), I'm scaling BOTH GBPJPY and CHFJPY together, along with XAUUSD. Great results, too! The two JPY pairs almost equal Gold and are good to scale.

 

[reed]

That's quick thinking. This is a quality that we all need in the business, ability to adapt.

 

[ezrydn]

I call it "Combat Readiness." I learned to think on the move in the rice paddies and vills. I do the same with Forex. In combat you either adapt, moment to moment, or you lose (die). Same in Forex but not so "final."

 

[reed]

The US has become a very uncompetetive country when it comes to trading, at least in my opinion. I feel sorry for all traders forced to run a portfolio out of the US.

Am sensing that things could get worse! But i believe that, they know why they are doing such things.

 

[ezrydn]

I'm as fluid as the market. It changes, I examine the change and adapt accordingly, without missing a shot. I've been taught that any problem encountered has a solution. People today are just too lazy to look for it. They think someone should hand it to them. BS! Just read posts if you don't believe me.

I ask once then, nothing appearing, I track down the solution. Do they even teach "Critical Thinking" in school any more? I sure don't see it. The answer is there waiting for you. You might have to do a bit of mining to find it though. And, therein lies the rub.

 

[reed]

The US has become a very uncompetetive country when it comes to trading, at least in my opinion. I feel sorry for all traders forced to run a portfolio out of the US.

There are some measures taken that you won't just understand.