I am looking at a number of new brokerages. Two of them are in Switzerland - both highly respected and have been around a long time. They are Saxo Bank and Dukascopy. The other one I'm checking into is in the UK.
So far I'm looking at international brokerages due to the changes being contemplated by the CFTC. If they implement the new maximum leverage of 10:1 on retail accounts, most of the retail forex currency market will be eliminated. For all practical purposes it would require the smallest of accounts to be in excess of $50,000. Even then, the flexibility and margin needed would be difficult at best to trade.
These rules should not affect international brokers, or the FIFO and no hedging rules implemented last August by the NFA.
Meanwhile, I've been doing limited trading on a demo account in the US and made a decent gain since last Wed. of 4.27%. It's too bad demo does not count. The key is to keep my trading skills sharp and regain my winning edge.
Regarding SummerstreetFX, I'm looking into several possible actions. Taking legal action is one, another is filing a formal complaint with a governing body. Either one may apply some pressure on them to offer a settlement for the trade manipulations that occurred on Thanksgiving.
I will keep you updated.
The Pipmaster
Email: titangroupfx@gmail.com
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