Thanks simplegreen, I'm already looking into a UK account from one of the links I found here on the board.
Yeah that leverage rule would be death for sure. That would nail it for me. But even this FIFO rule, as I lean more about it...it just seems like a completely moronic move on their part and one that only serves to hurt the retail trader as I'm sure this rule does not apply to institutional trading. Screwing the little guy seems to have become corporate America's favorite pastime:-(
The advantages of trading Forex without that FIFO rule are starting to look fairly big to me.
Are there any tax issues with opening a UK account or does it have no affect on US tax filing?
Hey SG. How does the NFA FIFO rule hurt traders? The only thing I can see is if you are long a position and think its going higher but its making a pullback and you dont want to close your long but just add a short this rule makes that not possible? Is that the biggest problem with the rule or is it something else.
I can see the benefit to be able to do that. In case the pullback doesnt happen or isnt as deep as you thought then you can just close the short and continue up with your long profits.
I trade with MB trading. Love their spreads and customer service. Am I handicapping myself by not using an overseas broker?
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