The CFTC may be changing the rules for retail traders in the US. This affects many of us in a negative way and we need your help getting our voices heard.
Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment decisions. Guide, don’t dominate – government was invented to protect people and their property, not to limit their potential.
We at BabyPips.com disagree with the CFTC proposal.
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Include “Regulation of Retail Forex” in the subject line of the message and the identification number RIN 3038-AC61 in the body of the message. Please, help us to spread the word!
I think this is a very important matter that affects us all, and we should try our hardest to ensure that things will be done for the best of the trading community.
The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
The entry was at the close of the candle at 1.5421 with a stop at the most recent swing high at 1.5443. Since I was 21 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5400.
Entry: Short at 1.5421 Stop: 1.5443 Target: 1.5400.
3:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.5400 and set my next target at 1.5350.
3:30am EST- Unfortunately I got stopped out at my initial target at 1.5400. (+21 pips)
The entry was at the close of the candle at 1.5402 with a stop at the most recent swing high at 1.5461. Since I was only 2 pips away from the nearest 50 or 00 level (1.5400), I decided to go for the same amount of pips I was risking on the trade, which in this case was 59 pips. This put my initial target at 1.5343.
Entry: Short at 1.5402 Stop: 1.5461 Target: 1.5343.
8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30 I decided to manually exit my trade. I exited at 1.5404. (-2 pips)
The entry was at the close of the candle at 1.5424 with a stop at the most recent swing high at 1.5458. Since I was 24 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.
Entry: Short at 1.5424 Stop: 1.5458 Target: 1.5400.
11:30am EST- Unfortunately I got stopped out of my trade. (-34 pips)
Trade Result: +21 -2 -34= -15 Pips (NOT INCLUDING SPREAD) R-Multiple: 0.95; -0.03; -1.00