Just a brief entry tonight, as some traders have checked in, having received notices from their brokers about new margin requirements and leverage limits.
There is a simple way around all this. It may seem a bit foreign, but it is perfectly fine.
Many brokers, mine included (FX Solutions), have branches that are outside the US. It is generally just a matter of paperwork to move your account inside the same company to another location.
My accounts are actually in the UK, even though I am in the US. The transfer was simple. I filled out the paperwork, and the broker took care of the rest. My US account was closed and they took my balance and used it to fund the new UK account.
It is still denominated in USD (not Sterling) so there is no change in my balance, or having to recalculate exchange rates.
If your broker does not have a UK office, and you feel constricted by the US requirements into forex financial affairs, give FX Solutions a call. I am not reimbursed by them, I just really like the way they treat me, and the way they handled this transaction for me.
Happy trading,
Bill
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