Hi everyone
I asked Andrei a few words describing the purpose of his initiative to create a Traders Alliance.
Andrei said: “At the moment, obviously our first and primary focus is to raise awareness of and fight the CFTC proposal. They might not listen to the opinion of an individual trader or two, but they will have to listen if we approach them as an organized group of several thousand with a common platform (and if they won’t I’m sure CNBC will). We are collecting e-mail addresses, so that the moment new information becomes available on this subject, or a coordinated action is required, we can disseminate the information to everyone all at once. We encourage particularly bloggers and forum owners to subscribe as well, so they can re-post the info on their websites as well. But this is just the beginning.
In the future, we hope to tackle other issues besides just regulation… things like keeping brokers and service providers fair, honest, and accountable. Imagine screwing someone over and within an hour the entire trading community knows about it. We also plan to add a forum for public discussion and debate of key issues, a database with reviews of brokers and other service providers, a community chatroom, and other features along these lines. This, I believe is the way to have safer markets, not restricting how traders can and cannot trade, or whom they can and cannot do business with and under what circumstances.
I believe one thing that the forex community has been missing is a coordinated voice and common platform. The futures brokers obviously have their trade organization (the NFA, which masquerades as a public-serving regulator), we have the CFTC which is essentially a puppet of the CME, and now we have forex brokers forming the Forex Dealers Commission. So I found myself asking the question who speaks for the traders? Traders are the lifeblood of the markets… without us, there are no markets. So it is time for us to have our voice as well.”
Thanks Andrei and good luck
Francesc
The CFTC leverage issue has made people stand up; the TradersAlliance is alive – Andrei Pehar
FXstreet.com (Barcelona) – Despite the fact that the CFTC proposal to limit leverage to 10:1 is not the main problem in the new proposed regulation, this rule has made traders stand up and think about their market, according to Andrei Pehar, Senior Technical Analyst at fxKnight.com. Independent traders have created the TradersAlliance.org forum to protect retail traders’ interests in front of brokers, fraud and regulators.
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