Hi Everybody

I’ve got an e-mail from a very reliable source that I wanted to share with you.

He is talking about growing rumour in the market that NFA is going to raise capital requirements for FX brokers. This rumour have dramatically raised traders concern that brokers with less capital than $5 million could be forced to shut down or even worse, to go bankrupt making people loose their money.

Here I’m reproducing my colleague’s e-mail for you as I consider this a very important issue to closely follow in the next months

”Dear Francesc

Don’t get me wrong, I do believe that some serious firms that currently don’t have enough funds could get enough funds to meet the requirements, but I do think that your safety of funds in some smaller firms could be under risk.
 
The rumour on the street that NFA will raise capital requirement to 9 million by end of this year, but it’s still a rumour.  If that happens, I am sure we’ll have most small Forex brokers go out of business, and we’ll probably only have 15 or 20 left, which I think is a good thing. “

Also, please read in interesting post from forexscholar I´ve found today at FXstreet’s Forum. He goes in the same direction than my colleague:

http://www.fxstreet.com/forum/showthread.php?t=1005

All the best

Francesc

Hi everybody,

I did not give you correct information in my previous post  when I was talking about SFBC’s decision to not allow Swiss FX brokers to charge overnight charges anymore. My Swiss source warned me about it so I must immediately correct what I said wrong.

What my source was telling me was that the Swiss Banking Commission has decided that fx brokers can still charge clients overnight charges but they are not allowed to pay overnight interest to their customers anymore.

Please, accept my apologies for the misunderstanding

Francesc

Hi Everybody 

As you may probably already know, SFBC (Swiss Federal Banking
Commission) is decided to regulate the Foreign Exchange business in
Switzerland .

This process already started a couple of months ago and some
important brokerages are already going through the process of getting
SFBC’s approval.   

One of my sources in Switzerland told me this morning that SFBC is
implementing big changes in the way Swiss brokers use to work as for
instance the fact that overnight charges are not going to be allowed anymore.

The restrictions that SFBC will require to brokers to implement to
get their approval will probably force those not strong enough to
disappear and this process could be faster than we think and could take place before the end of the year. 

I’ll keep you posted about all this very interesting process. 

Under my point of view, the fact that SFBC puts
order in the Swiss Foreign Exchange business should be considered as a
very good news for all the community, but we must remain alert over the
whole process.   

Francesc

Hi everybody

As a reader of this weblog, you now have the opportunity to download and use the Beta Version of TRENDEX application for free!

Below is a brief explanation of TRENDEX and how to download and install it. If you have any problem during the process, please post a comment to this post with the issue you are experiencing.

To use it, here are login details: LOGIN: blog PASSWORD: fans

I really hope you’ll find it a great trading tool, have it as your trading partner and really enjoy the experience. Your feedback is welcome!

Francesc

Trendex is an online instant alert service that sends real-time market alerts to traders. These alerts are generated by some of the best experts in the field.

Trendex content contributors are :

Dave Floyd, President of Aspen Trading
James Wiley,  President of FXToday.co.uk
Timothy Straiton, partner of Stoploss.ch
Gerard Bergsma, technical analyst and owner of currencytradingadvisory.com
Toni Juste, MAP Director & Head of Trading at FXstreet.com Oracle Calls as well)

Trendex works through short messages that pop-up on the bottom right-hand side of your screen. By double clicking on Trendex logo, you get a list of the last alerts delivered.

To download trendex to your computer, follow these steps:

1. Click this link below to download the software:
http://updates.fxstreet.com/trendex/1.0.0/Setup.msi

2. Go to Start/Programs/FXstreet.com and click on Trendex

3. Enter login details and click login

4. The small red TX icon you will see at the bottom right-hand side of your screen will turn to green when you´ll gain access to Trendex

5. Then just wait for next message to pop-up or double click on the Trendex green icon to see the last posts’ list

6. Remember that this is Beta 1.0.1 Version! So many glitches should arise in the next few weeks.

Please report bugs, technical problems or suggestions at supportATfxstreet.com or posting a comment to this post.

If when you try to install Trendex your system states you needed to have some .NET program installed first, then, the program you must install is .NET Framework 2.0

The link to get .NET Framework 2.0 from Microsoft site is:

http://www.microsoft.com/downloads/details.aspx?FamilyID=0856EACB-4362-4B0D-8EDD-AAB15C5E04F5&displaylang=en

When the application is working, right click the ‘TX’ icon for menu options, such as getting last messages, and more! (especIally if you walked away from the screen for some time)

Next week it will be the first month our FX Trader of the Year 2007 contest will be running and I’m still so amazed by the extraordinary performances I’m seeing

So far, profits accumulated by top5 guys from June 1st to Friday 22nd are as follows:

Longhorn    65.62%
aguspiza     38.70%
ekaram       34.34%
computer    20.48%
zunismyst    16.98%

I’m really amazed

Well done guys!

Francesc

Download copia_de_fx_contest_ranking_250607.xls

Already Friday so I packed my family – or better said my family packed me – a little bit earlier than usual and went to my wife’s village named Argilaga, a 4 streets – yes only four streets - village located 10 kilometers from Tarragona and around 100 kilometers away from Barcelona.

We packed early today as tomorrow we celebrate “la revetlla de Sant Joan”. The night before Saint Joan day, we celebrate the night of fire. Big piles of old furniture and anything you can burn will get lighted at night and kids and their parents will be playing all night with firecrackers.

It is a night to enjoy with your friends and family and to hate it if you just want to get to sleep!

See you next week

Francesc

Hi there

I’m in initial conversations with Merlin Jeffries from Forex Factory to organize a charity event in the FX industry.

The idea is to involve as many brokerage firms as possible with the goal to raise to charity all pips spread originated when trading from all traders willing to participate in this human project.

So FX traders will have to express us their willingness to participate in the event and give their name, their broker’s name and trading account number. With only such information we would be able to contact the broker and let him know that as long as the event takes place; all pips generated from that account would go to charity.

It would then be necessary that all people involved in that account as IB’s, referral agents and brokers give up their pips to let them to charity. 

We at FXstreet.com are willing to give up the rebates we receive from our Premium members if they decide to participate in the event.

Merlin’s and my idea was that the event – probably called “TRADE FOR THEM” - would last 3 months, starting January 1st 2008.

All money collected would go to a non-profit organization named New Light that is doing a wonderful work in India. They are trying to build a hospital to fight against AIDS and other diseases that are killing poor people in Calcutta.

A friend of mine was working at New Light last year and he told me wonders about the job they were doing there and how great was their leader Ms. Urmi Basu.

As I said before, Merlin and I are now trying to put together all the necessary pieces before going to brokerage firms and try to get them on board.

What do you think? Could this work or is it a silly idea?

As always, your feedback would be much appreciated.

Francesc

Hi everybody,

I forgot to attach the contest performance ranking list

Here it is:

Download ranking_contest_130607.xls

Francesc

Hi everybody,

I was just taking a look at performances made by FX Trader of the Year contestants during these initial two weeks of the contest and I’m very impressed.

We really have gathered a group of FX pros!

Our contestants have definetly made great trades last week with the top five
traders winning a 33% average return while losers had an 18% average
loss. There’s no doubt this is a hot start and there are high level
traders who will make the contest very exciting.

Remember we have extended the contest registration period until this Friday… so come on, hurry up, you could be the winner!

FX Trader of the year top 5 contestants’ list:

Week from June 04th to 08th:

Username                          Acc. Return

Longhorn                                   42.01%

alfie                                         36.28%

computer                                  33.20%

nomfer308                                 31.93%

marcosfernandezm                    22.69%

Hi everybody,

FXstreet.com The Futures Market was removed as it was last Thursday and became a section fully integrated in FXstreet.com.

With such a change we intend to focus the section on all Futures’ aspects really related to Forex - as oil, gold, stock indices, currency futures and metals - and ignore commodities not directly related to it- as grain, meat or soy.

Our biggest problem with the new Futures section is that our quotes and charts provider, eSignal, has been cancelling most of the features we were offering. We are in advanced conversations with other providers to offer back such information and, if possible, to provide an even better service than the previous one.

We are on it so please be patient while we’re concluding a good deal!

Francesc