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Myforexfunds

Lessons from MFF's Regulatory Challenge in Forex TradingYesterday, MFF (My Forex Funds) was hit with an unexpected and sudden blow when both the provincial securities regulator in Canada and the commodities regulator in the United States issued orders that effectively prevented them from trading securities or accessing their bank accounts. This significant action was taken without any prior notice or opportunity for discussion. As a consequence, MFF now finds itself in a state of uncertainty, with its future hanging in the balance. At least until these freeze orders are lifted or modified, the business is effectively frozen as well. This situation has imparted several important lessons: 1) The Proprietary Trading Firms in the US and Canada are likely embarking on a complex and protracted journey that may ultimately result in the establishment of more robust and transparent regulations within this industry. While the outcome remains uncertain, the hope is that such measures will enhance the safety and security of similar businesses in the future. 2) Given the inherent volatility and uncertainties associated with businesses like MFF, it becomes evident that regularly withdrawing profits is a wise practice. Relying solely on compounding, as enticing as it may be, can leave businesses vulnerable to unforeseen regulatory actions or market fluctuations. 3) This incident underscores the importance of relying on one's own private funds for trading endeavors. While Proprietary Trading Firms offer opportunities for profit, they also expose traders to external risks beyond their control. Maintaining control over personal funds provides a layer of security and autonomy that cannot be easily replicated in external trading environments. In summary, the events surrounding MFF underscore the constantly changing nature of financial regulation. They emphasize the importance for traders and businesses to remain adaptable and prioritize sound financial strategies in an unpredictable market. One key takeaway is that while being funded may be an intriguing avenue, it can be challenging to generate substantial revenue. Any such revenue should be deposited into our primary trading account, where it is shielded from external interference, ensuring that no entity can hinder your performance or restrict your trading activities unexpectedly. The core focus should always be on continuous learning, studying, and improving our trading and investment methods and strategies. This commitment to self-improvement should remain at the forefront of your priorities.
EIGHTCAP:XAUUSD
by FOREXN1
11
EURCAD Alternative CountEURCAD is in an interesting situation where we have alternative scenario, where in the short-term they are indicating the same direction but in the long-term are different. The idea is we have a zig-zag correction and also a leading contracting diagonal pattern. Zig-Zag correction pattern we will see price break below previous low to make new lows, suggesting long-term bearish trend. Leading Contracting Diagonal pattern suggesting we will make short-term bearish move to complete a corrective pattern as motive waves are always followed by corrections. With that in mind we cant make new low or break old low that would only invalidate the Leading Diagonal scenario. What are your thoughts?
by Weshareio
EURGBP and XAUUSD ForecastXAUUSD Analysis The possibility of GOLD to buy are slightly high, but we do have to look at the old low which can be used as an invalidation level as waves 1 and 2 are never equal. We could potentially see price rally we reached the 78.6 Fibonacci golden zone. And the recent down wave looks to be corrective than impulsive. EURGBP Analysis The upside is potentially over as the impulse move pattern looks complete wave 1 and 4 are equal, waves 1 and 4 not overlapped. Chances are we will soon see price unfold as correction pattern( corrective phase).
by Weshareio
1
CADJPY and EURUSD Forex Market ForecastEURUSD Analysis The euro has been weakening for a while trading to an old time low in years. From a Technical view we are most likely to see pullbacks in the upside direction how long they will take it hard to tell now but considering that we can have short term opportunities. Looking at previous pullbacks we can see it doesn't last forever in Elliott Wave Theory terms we can consider it to be correction( 2nd wave or 4th wave). It would be wise to be optimistic about the downside as its still in tact. EURUSD and XAUUSD situation aren't any different as the pullbacks are have great correlation, the time it took may be different but we have a clue. Waiting for a bit of pullback in the downside direction to form the 2nd or B wave before the next rally. The retracement level that price will reach can be quite tricky but keeping in mind of the 4 golden zones( 38.2, 50, 61.8 and 78.6/76.8) but its always better to look at the fractals or sub-waves as it can give us a clear idea of where price will call it a bottom. CADJPY Analysis Price has been moving bullish for while now I would consider this to be an impulse(1-2-3-4-5 sequence) formation waves 1 and 4 are still in gaming. "Waves 1 and 4 never overlaps" we can use that idea to be able to trade wave 5 comfortably knowing where our stops are at. The deeper the pullback the more increase in R/R.
Long
by Weshareio