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R E TA I L F O R E XMARKET WATCHSWISSTRADER MAGAZINEBROK ER SINTERVIEWSMID YEARFUNDAMENTALA N A LY S I CIALIZATIONTHEcommoditiesa realOFCOMMODITIESREGULATORSAWAKENINGCOMMODITIES DUMMy’s SYNTHETHIC GUIDEJULY - SEPTEMBER 2011diversifier?

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CONTENTsFX14RETAIL FOREX INDUSTRY WATCHEvolution, Regulations and Current TrendsFX MID YEARREVIEWThe IMF situation,the current goldtrend and thecurrency crossesto be watched forthe last six monthsof 201134COMMODITIES:A real diversifier?And beware of regulators.Commodities for Dummies –a synthetic guide for FX traders0805 EDITOR’S NOTEtechnical analysis of the EuroDollarCurrency Analyst at InterbankFXSWISS BROKERS:Exclusive interviews with31 Alain Broyon, CEO of DukascopyBank27 Marc Bürki, CEO of SwissquoteBankTECHNICAL ANALYSIS:66 Majors analysis, using IchimokuKinko Hyo72 Majors Report:EUR/GBP, EUR/USD, EUR/JPY,USD/JPYTECHNICAL OUTLOOK:76 USD/SGD, GBP/USD,EUR/RON, EUR/CHFTrends and Targets for Major CrossRatesINTERVIEWS:50 Ulf Lindhal, CEO & CIO of AGBisset & Co Capital Management56 Carol Harmer, Founder ofCURRENCY WATCH:CharmerCharts.com45 Which direction for the EUR/USD? 61 Raghee Horner, Trader andA combined fundamental and author at RagheeHorner.com, ChiefCOACHING:22 Solution Focussed Trading:Getting the biggest bang for your buckINTERNATIONAL DATA:80 FX Spot Monitor81 Central Bank Rates82 Economica Data - FX Poll83 Markets View84 ECONOMIC CALENDARFX TRADER MAGAZINE July - September 2011 3

STEALTH TECNOLOGIA PURATITANIO CARBONIO ACCIAIO SUBACQUEO VETRO ANTIGRAFFIOA partire da 195 euro.WWW.LOCMAN.ITL O C M A NS . P. A .-M A R I N AD IC A M P O-I S O L AD ’ E L B ABOUTIQUES LOCMAN: MILANO: VIA M. GONZAGA, 5 - TEL 02 36512893 FIRENZE: VIA TORNABUONI, 76/R - TEL 055 211605 BRESCIA: CORSO ZANARDELLI, 30 - TEL 030 280055 MARINA DI CAMPO: PIAZZA G.DA VERRAZZANO,7 - TEL 0565 977734 P O R T O F E R R A I O : C A L ATA M A Z Z I N I , 1 7 - T E L 0 5 6 5 9 1 5 8 9 6 P O R T O A Z Z U R R O : V I A V I TA L I A N I , 2 0 - T E L 0 5 6 5 9 2 0 3 1 2 M O N T E C AT I N I T E R M E :V I A S . M A R T I N O, 2 / A - T E L . 0 5 7 2 9 0 4 0 9 4 P O R TO C E R V O : V I CO LO D E L C E R V O - T E L 0 7 8 9 9 2 4 2 5 C E R V I N I A : V I A C A R R E L - T E L 0 1 6 6 9 4 0 1 9 5E IN TUTTE LE MIGLIORI GIOIELLERIE

EDITOR’s noteFXDodd-Frank new rulesfor FX and commoditiesIn his comprehensive article oncommodities, Alessandro Balsottiunderlines the contiguity betweenthe commodities and the FX markets.And as we dedicate an importantpart of this edition to the evolutionof the retail FX industry and thecommodities sector, new rules fromthe Dodd-Frank financial reforms arestarting to affect both markets.derivatives contracts to bet on theprice movements of gold and silver.“We were seeing a lot of fraud in thisarea, and we felt that it needed tobe regulated,” said NFA spokesmanLarry Dyekman. Some firms suchas Forex.com have stopped offeringover-the-counter gold and silverproducts to retail investors in the U.S.,the FDIC. And as confirmed by DrewNiv, chief executive of FXCM “thebiggest issue in retail FX is the lack ofsafety of customer funds”. So whenbig banks enter the retail FX space,this might give them a competitiveadvantage over brokers.InSwitzerland, where FINMA(the Swiss Financial MarketSupervisoryAuthority)The nearly one-year oldrequests that forex brokersreform, also known as thehave a full banking license,Wall Street Reform andthe market went from a fewConsumer Protection Act,hundreds of brokers to onlymandates tighter restrictionsa few authorized ones. In thisthroughout the financialedition we’ve interviewedworld and requires the variousMarc Bürki, CEO ofregulatory agencies to issueSwissquote Bank, and Alaintheir own rules. For retailBroyon, CEO of Dukascopycurrency trading, a handfulBank, who define the Swissofregulators,including Senator Chris Dodd and Representative Barney Frankbanking environment as securemost recently the Office ofand stable. The acquisitionthe Comptroller of the Currency others, such as Oanda, have chosen to of ACM by Swissquote Bank andand the Federal Deposit Insurance continue offering those contracts but the banking license that DukascopyCorporation,haveannounced without leverage, so that they can be obtained from FINMA give furtherrules that mirror those issued by in compliance with the new law when protection to their clients and showthe Commodity Futures Trading it takes effect on July 16.that the Swiss regulator has now joinedCommission (CFTC).the U.S. CFTC and NFA, the U.K.Another important consequence of FSA and the Australian ASIC in beingNew rules for the over-the-counter the new law for retail traders is that an efficient force in the regulation ofderivatives market won’t just hit they might soon have the possibility the Forex market in Switzerland.big banks and firms, but also retail to trade currencies through big USinvestors who buy short-term banks that have deposits insured byEmmanuelle GirodetFX TRADER MAGAZINE July - September 2011 5

FXCONTRIBUTORSAlessandro Balsotti, worked for several yearsas market maker of Italian Lira, Greek Dracmaand Czechoslovak Koruna in JP Morgan.He was then in charge of the FX trading deskin Abax Bank and Caboto. He is currentlyresponsible in JW Partners for the FX SingleManager strategies.Maud Gilson, is communications andeducation manager at FXStreet.com where shemanages the live Webinars and the educationsection as well as media relations. Maud isalso the organizer of the International TradersConference, a yearly event held in Barcelona.Steve Jarvis, has provided technical analysisto FX professionals since 1988. He is chiefanalyst for InterpreTA (Tradermade’s technicalanalysis service), which combines daily & intraday Technical Analysis commentaries with liveannotated charts. Recent enhancements includedaily TV broadcasts at www.tradermade.tv , FXnewsfeeds, Break-out alerts (including movingaverage breaks). www.tradermade.com.Alex Kazmarck, is a professional analystand trader, focusing on both fundamentaland technical analysis within the currencymarkets for the past 7 years. He currently worksas Chief Analyst in Vanguard Axis, a boutiqueabsolute return manager that specializesin systematic, technical and fundamentalinvestment strategies in a Global Macro Fundfocused on currencies, both emerging andmajor markets. Prior to joining Vanguard Axis,Alex worked with SpotEuro, LLC, as SeniorCurrency Strategist and Chief Trader. Alexhas provided analysis that has been distributedacross many media outlets and has establishedrapport amongst many experienced traderswithin the Foreign Exchange Community.http://www.vanguardaxis.comGabor Kovacs, is a technical analyst specializedin the Ichimoku Kinko Hyo indicator, as wellas a qualified journalist with more than 8 yearsexperience. Gabor is the writer and editor of theIchimoku World website, where he providesarticles and video presentations about tradingwith the Ichimoku Kinko Hyo charting system.His weekly analyses of the major currency pairs6 FX TRADER MAGAZINE July - September 2011can be viewed on: www.ichimokuworld.com.Maurizio Milano, began his career as ForexDealer in 1995. After five years’ experience inthe FX market, he started the technical analysisdepartment at Banca Sella Group.He is also a journalist and his contributions canbe found in the most renowned Italian financialnewspapers and televisions. He is member ofSIAT (the association of the Italian technicalanalysts), for which he gives lectures and sits inthe Board of Directors. He is also IFTA’s liaisonfor Italy. www.analisitecnica.netKevin Sollitt, is an FX Portfolio Manager. Heacquired an extensive FX trading backgroundin Europe, Asia and North America, managingthree bank trading teams. Kevin’s longevity inthe FX world has been assisted by a willingnessto embrace a collaborative approach at alllevels. Combining this with his clear grasp ofmarket dynamics and by using a wide range ofdisciplines has achieved positive results in manydifferent circumstances and market conditionsover the years.Steve Ward, provides coaching, training, anddevelopment programs for top tier tradinginstitutions. Mr. Ward also has a wealth ofexperience in working with retail traders andinvestors. He was the consultant performancecoach to BBC 2’s Million Dollar Traders, comanaged a team of 40 professional proprietarytraders in London, is a regular and approvedtrainer at the London Stock Exchangeand has traded FX and stock indices. Heis the owner of High Performance Global.www.highperformanceglobal.comElite Forex Training, provides investors andtraders with a comprehensive training packagecovering Economics, Forex, Banking, I.T., andAutomated Systems Development. To learnmore visit http://eliteforextraining.comJW Partners, is an independent FX solutionprovider, based in Milan, with a strong FXspecific know-how. JW supports institutionalinvestors and HNWI in building quality FXmultimanager portfolios, and FX underlyingstructures.Editor :Emmanuelle Girodeteditor@fxtradermagazine.comFor er:Hristo Katzarskiwebmaster@fxtradermagazine.comGraphic design:Preslav DobrevEditorial support:Luca AvelliniSimon HolmesTrading carries a high level of risk, and may not besuitable for all investors. The objective of FX TraderMagazine is to give readers the tools, training andinformation which will help them be better preparedto trade on the foreign exchange. However, any analysis,news, research, strategy, or other information containedon this magazine is provided as general marketinformation and does not constitute investment advice.FX Trader Magazine, will not accept liability for anyloss or damage, including without limitation to, any lossof profit, which may arise directly or indirectly from useof or reliance on such information.For subscriptions to thepaper edition, visit:www.fxtradermagazine.com

FXFundamental Analysis2011Forex Mid Year ReviewThe currency landscape continuesto be spattered by nervous,trend-absent trading as variousand fluctuating levels of uncertaintycontinue in all major regions.In no particular order or relevance, FXmarkets have so far contended withecological disasters like Japanese nuclearmeltdowns, two bouts of earthquakes inNZ, tornadoes and wildfires in the USand flooding in Australia.Additionally, deteriorating economicsituations such as mounting burdensof US & EU debt, widespread risks ofcorporate and municipal defaults, mullingof QE3 by the Fed, a growing perceptionof flip-flopping to its previously hawkishstance by the ECB, leadership chaos atthe IMF, Bank of England grapplingwith inflation above target despitesoggy GDP, risk of default by PIIGSbased on associated ratings downgrades,implications of Swiss National bank lossescaused by Franc strength, mixed signalsfrom RBA indicating a disconnect intransparency and most recently somepotentially significant topping patterns8 FX TRADER MAGAZINE July - September 2011as being in shock by mainstream mediaafter recent events, yet Lagarde beat outseveral heavyweight lobbying attemptsby senior politicians from around theworld to the MD post, including StanleyConspicuously absent from dramatic or Fischer of Israel and Agustin Carstenspotentially negative headlines and ticking of Mexico, who one must imagine allover nicely have been Brazil, Norway, see the prospect of better times aheadSweden and Singapore. Maybe short at the IMF. It’s a fairly sure bet that noEUR/NOK or EUR/SGD are the ‘no- viable candidate was simply attracted tobrainer’ trades, but it’s never that simple, the job by the accompanying 320,000GBP/350,000 EUR/500,000 USD taxis it?free annual salary.That all sounds more like a review of theyear than six short months and despite Interestingly and perhaps in a reflectioneverything so far FX markets have been of our fast-changing times, Lagarde’ssurprisingly sanguine in dealing with appointment has broken one of the mainthese events and issues both singularly and traditions by becoming the first femalecollectively, evidenced by relatively narrow chief since the IMF’s creation in 1945.ranges in most currency pairs, despite the However the other breach of traditionpreviously on the cards remains intact,sensationalism of some headlines.a non-European appointee remainingsomething for the future.in global equity and commodity prices,caused by a combination of the above,amid the prospect of China pausing forbreath in its lengthy expansion.IMFGiven the far-reaching implications of theAs we go to print, a new Managing Director recent global crises and an accompanyingof the IMF has finally been appointed, rise in prominence of non-Europeancongratulations to Christine Lagarde of monetary powers, it was certainly rationalFrance. The institution itself was portrayed that the choice of IMF head may not have

Fundamental AnalysisFXautomatically deferred to a European The IMF is evidently not yet ready initial intervention; we have often seencandidate. It is the IMF, not the for an ‘outsider’, not least due to the how quickly currency markets run outEMF, after all. In much the same lack of consensus among the rising of patience and then punish weakness.way that governments have for years influence of BRICS, Africa and Arabicbeen urging a need for transparency, countries who, although entitled to Positively, Lagarde has a greatcommunication, cooperation and be represented by a voice closer to opportunity here and sticking toglobal awareness in monetary respective homes, could not narrow her known qualities of independentpolicy and exchange of goods and the field down significantly enough to thinking, forthrightness and policyservices between members, the same make a single and collectively popular initiatives could enable her tenure atarguments were valid when leadership choice, although to be fair Lagarde is the IMF to be even more successfuldeliberationswereunderway. an advocate for greater allocation of than that as French FM, especially ifSuch an outcome wouldthe contentious issuesperhaps have been anof debt restructuringoverdue nod to theand perceived bias tofact that the world hasallocating IMF resourceschanged much recentlyfor European usage areand will likely continuedealt with efficiently.on this path. That said,the European powerTheoretically,structure and Westernestablishment of theinfluence controls mostmost positive credentialsof the votes on the boardof legitimate leadershipand the grapevine’s initialmay be achieved by anchatter that prevailingironic twist of fate: in itspowers would ultimatelyrole as what some mightback France’s Lagardecall a lender of last resort,Christine Lagarde elected new managing director of the IMFwasaccurate.Herthe IMF is bound toparticipation and positive input in voting shares and therefore greater enforce its loan conditions on nationsspearheading and rallying for financial representation at board level for that have made use of the facility.aid to Greece were omnipresent these ‘emerging market’ nations.during one of the most challengingBy drawing attention to certainfinancial eras ever when French After the inevitable honeymoon inefficiencies (standing up to otherfinance minister and surely played a period and potential for a small rally in European leaders) from a greaterhuge part in her appointment. Critics the Euro, some very interesting times position of power, Lagarde at themay say a larger question now arises, and topics are still ahead, not least IMF’s helm could, if necessary,namely whether qualifications and because the IMF has provided around authorise withdrawal of fundingsuccessful longevity in her previous 100 billion EUR or approximately to nations that do not adhere toposition will be enough to satisfy 30% of Greek aid to date. What repayment schedules and/or fiscalthe future broader sphere and more happens if the wheels come off in discipline, which although a longdiverse demands on her skill-set Greece and bondholders take a shot, is definitely a possibility basedthat will likely be encountered when haircut? If mishandled, Lagarde could on austerity riots, already happeningdealing with a vaster array of issues and easily become at best unpopular and on the streets of Greece - and we’reproblems that will be found at the IMF. at worst a scapegoat, given her heavy only at the beginning of the process.FX TRADER MAGAZINE July - September 2011 9

FXFundamental AnalysisGOLDCurrently at 1526, below its best levelsof around 1566 earlier this year, withanecdotal yet somewhat ironic evidencein some depressed cities reflecting that thefew people doing well happen to be thesemi-permanent yet perhaps ultimatelytransitory retail buyers of the preciousyellow metal. Given the 300% or so risefrom 561 in the past 5 years the numericappreciation of this boom is somewhatreminiscent of the tech-stock bubble circa2000 with a cycle that was bid on everydip and on the whole trending higher.That market seemed toogood to be true at thetime and eventually thisproved to be the case, butit sure had a good runand squeezed the shortsbeforefundamentalsfinally realigned witha sharp fall in prices,never yet regainingthose lofty heights.Who is to say what willhappen next in the goldmarket and what constitutes a bubbleanyway? Some arguments suggest it’ssimply a combination of the bigger fooltheory that can then become embeddedand fed by a lack of credible information/ignorance, coupled with voraciousappetite/greed of buyers. Once started,an increase in a bubble’s size is inevitable,especially since buying downside insuranceusing liquid and efficient optionsmarkets has not really been economicallypractical until relatively recently, whichmade it difficult to express a viablebearish view on certain commodities.10 FX TRADER MAGAZINE July - September 2011The bottom line is that gold may havebeen in a bubble for several thousand yearsso why should it stop now? One reasonthat gives credence to this argument is theapparent discovery that almost 7 billionof US Dollar bills that were sent to Iraqand intended to be distributed, ensuringthe post-Saddam economy got off to agood start, have gone missing, and on aworst case, potentially stolen. Not so easyto heist gold in that way so as a store ofvalue it definitely makes sense from thatstandpoint. On the other side of thisequation we have the simplistic yet trueexample that even if one buys gold andthe price of the base metal rises, once costsof carry, insurance, commissions, capitalgains and sales taxes are accounted for, itwould be amazing if most participantsever actually made a profit from owningthe metal, timing would almost have to beperfect, which in itself would be a preciousand rare commodity in FX or any market.In times of uncertainty people flock totheir comfort zone, where they feel safeand with who or what they know. Miseryloves company and history tells us thatin times of angst, gold prices rise andhuman behaviour is very hard to changeonce habits become embedded. Wehave often seen the expensive theoreticalcost of fighting market trends but goldis certainly an enigmatic puzzle andalthough the theory behind a gradual yetsharp rise in valuations is relatively easyto grasp, the fact remains that gold as ameans of speculation to preserve capital orgenerate wealth might be best left alone atthese relatively elevated levels, particularlyas supply and demand are the drivingfundamentals in any valuation and thesetwo key criteria with respect to their directeffect on bullion prices are extremelyunknown, when all is said and done.We touched previously onthe prospect of a remoteyet still possible chanceof a ‘super-revaluation’of gold, for example anounce of gold could beallocated a new worthor value of a hugemultiple vs. its currentrate, enabling owners ofgold to cash the metal infor larger quantities ofthe currency in concernthereby allowing holders to pay creditorsin effectively devalued paper currencies.This is a reach but anything is possible incurrency and commodity markets. In thesame article we also suggested a theme thatwe think is more realistic, in that food,irrigation and arable land may eventuallyturn out to be the new ‘gold’ or storesof value as the global population risesand implementation of more efficientmethods of food production becomenecessary amid scarce resources likewater, crops and effects of unpredictableand indiscriminate weather patterns.

Fundamental AnalysisFX2011 final six monthsrates as expressed by forward interestrate differentials may indicate thatrates are high now as a payoff forOther issues that may come into play in check, could lead to some further the likely future and lower valuationduring the second half of 2011 and or even escalated social unrest, as of the currency. Until now the carrybeyond can be found in discussions already seen in Europe on the back trade has largely been a case of havingon the subject of wealth transference; of imposition of austerity measures. one’s cake and eating it but as withwe have had several conversations There’s only so much people will the theory on gold, the days of easyin which sources claim that despite stand for.money in what is a very tight and stillprotestations from society’s elite,vulnerable global economy are surelythe top one percent of the globally Given the muddied waters and over.wealthy have seen their combined and backdrop discussed here, withoutcollective global net worth increase being seen as harbingers of doom We do not think the Fed will enterfrom around 10% in 1980 to around we do realistically see the current QE3 and we do think the ECB25% in 2011.optimism expressed via ‘risk-on’ FX will not embark on a hiking cycledespite its (outdated) mandate toblindly maintain price stability atthe expense of everything else. Ifcorrect the Dollar will strengthenagainst the Euro anyway, evenbefore any accounting for damagethat will surely be wreaked upon theEuropean states once bondholders ofnations like Greece, who as a nationare struggling having lost abilityto devalue their currency, take theseemingly inevitable haircuts.World Wealth Levels - Source: Credit Suisse Global Wealth DatabookThis figure is astonishing giventhe general rise in population,borderline and abject poverty insome countries and stubbornness ofwidespread unemployment.trades such as long AUD, long NZDand even long EUR as having hugepotential to be misguided, The RBAis out of touch with its audience andthe NZD seems grossly overpriced atbest, importantly the markets seemThere is a latent danger of a tipping comfortable sitting long despitepoint approaching that at best both currencies being around 60% orwill hopefully see a leveling of the better above their 2008 lows.playing field and redistributionof this wealth to significantly If this theory were true we wouldassist the majority of the world’s expect a return to more traditionalpopulation and at worst if not kept FX valuations where high interestA good example of why the Eurois overvalued besides the currentpotential domino effect of defaultcombined with Eastern Europeanstates rolling back plans to join isto also look at where the GreekDrachma entered the Euro in 2002 interms of US Dollars and where thoserates would be today if Greece left theunion at that same rate:The Euro replaced the Drachma in2002 at 340.75 to the Euro, or around365.62 to the USD (conversion1EUR 0.932 USD).FX TRADER MAGAZINE July - September 2011 11

FXFundamental Analysisthat includes purchasing Yen wouldalso seem to have capacity to end intears for the buyers and although thisprojection might seem ludicrous givenpresent valuations, we would expectThe fact that an inflation target is momentum to build over the nextbeing mulled at this early juncture year or so for a substantial devaluationmight have a three-fold effect, of the Yen, say to around 120 to theone of injecting confidence as Dollar.economic expectations rise as a directconsequence of anticipation of better The Swiss Franc seems overvaluedtimes ahead, two of deflecting or despite much fanfare over safe havendisarming criticism of recent monetary status, again it is a very crowded tradestimulus that many commentators and all good news looks priced-in,have said would lead to out of especially with the increased regulatorycontrol inflation and perhaps more aspects and transparency in Switzerlandimportantly three setting a realistic and an impending vote by authoritieslevel of expectations in the future as on raising capital requirements of thethe country emerges from this slump. banks, which if passed would also deterThere may be a few hurdles to clear the rush of hot money into the country.first in terms of needing better data;we therefore expect an announcementclose to the end of Q3 2011, whichwould still keep the Fed ahead of thecurve.Fed officials to assist in their futureefforts to spur growth and reduceunemployment without fueling higherprices.Today’s implied rate with the Euroat 1.430 would generate a rate ofapproximately 238 .28 Drachmato the Dollar, (1EUR 1.43 USD,340.75/1.43). Appreciation seemsat best outrageous given the likelyimminent impact of Greek debtrescheduling, whatever details mayeventuate and in reality is simplyridiculous.As we go to print, stark warningsfrom the ratings agencies include apossible downgrade of French banksby Moody’s and of Greek banks byS&P. These two further componentsof a perfect storm started last weekby Trichet’s ‘flexible’ comment mayturn out to be the ultimate catalystsin sending the Euro on a downwardspiral and if Greece is forced to leave,the systemic risk aversion could pushEuro down to its recent lows at around 1.18.To continue on the theme of Dollarstrength we have learned of talksbetween various US officials that mayresult in the adoption of one of BenBernanke’s preferred ‘toolkit’ options,namely an inflation-target strategy by12 FX TRADER MAGAZINE July - September 2011Yen may also weaken for its owndomestic and mainly demographicreasons, the US population is youngerthan Japan’s and replaces itself at afaster rate whereas Japan’s birth rate isnot enough to stop the current spiralany flight to quality or risk aversionPerhaps better long-term value canbe found amongst currencies that arestealthily appreciating such as BRL,SGD and NOK which we feel shouldnot be ignored in the macro picturegiven their superior ratings, GDP,surpluses and higher interest rates.Kevin SollittWeekly updates @ Blog http://greatlakesforex.wordpress.com/

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FXMarket WatchR E TA I L F X I N D U S T R Y W AT C H“For the first time we may have a situation with Forex that retail traders can havethe same opportunities as large market players such as banks and Hedge Funds”14 FX TRADER MAGAZINE July - September 2011

Market WatchFXR ETA I L F O R E X :evolution, regulation, and current trendsThe retail Forex market has evolved quickly, from being nearly non-existent 20 yearsago, to being a major Forex liquidity provider (about 5% of Forex volume is retail traders). Unlike other more established financial markets, such as the Stock, Commodity,and Bond markets, Forex trading didn’t start until the early 1970’s and the retail Forexmarket didn’t begin until the early 1990’s. With the retail offering of forex brokerssuch as Oanda, Saxo Bank, and others, retail traders had the same access as banks andother large institutions. So retail Forex can be examined and defined by brokers offering retail trading, because without this market access, the retail Forex market wouldnever have evolved.Also, because Forex was an unregulated market, it allowed for many unethical practicesand outright fraud. This has been approached by the regulator, the National FuturesAssociation, although not explicitly a Forex regulator, they became the de-facto globalForex regulation model.Defining RetailEven the definition of what ‘retail’is has evolved. Retail used to be a100,000 minimum, now at somebrokers retail is 100. Generally,retail is considered to be individualtraders opening accounts withrelatively small deposits. The NFAdefines retail as anyone who isn’ta QEP (Qualified Eligible Person)i.However, reading the regulatorydefinition precisely, one notesseveral categories that althoughQEP’s, would by industry standardsbe considered retail: “non-UnitedStates persons” and “KnowledgeableEmployees”. The thinking hereis that the NFA doesn’t regulateforeign persons and foreign markets,which is correct. However mostwould consider a non-US personfrom India with a 500 depositretail.goes bankrupt, the player with thelower amount of capital has a higherprobability of going bankrupt first.Since the retail speculator is eff

Trading off-exchange foreign exchange on margin carries a high level of risk and is not suitable for all investors. . rules that mirror those issued by the Commodity Futures Trading Commission (CFTC). . chief executive of FXCM “the biggest issue in retail FX is the lack of safety of customer funds”. So when

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