IIROC Is A Threat To Our Freedom
In short:
IIROC prohibits some of the best foreign brokers to accept Canadians. Domestically, it controls our choices of leverage and over-regulates trading activities thus, hinders opportunity and competition. IIROC’s clueless bureaucrats refuse to acknowledge that traders have different trading styles, preferences and risk tolerances. Diversity, Difference and Respect is the keyword here.
The problem is not so much the restriction of broker and leverage preferences as the obliteration of freedom and choice. When you aren’t free to choose, then your human rights are at stake. And, this is the most important thing. Throughout history bureaucrats served the government – not the people. It’s always people that change the governments.
The government should back off and let traders defend themselves against leverages that they can’t risk. Instead of imposing arbitrary restrictions on traders it should encourage mindful trading and education. Moreover, Canada filtered out all brokers with excellent spreads so, it made scalping impossible. Thus, restrictions do not only interfere with our choices of brokers, but also trading tactics and strategies.
IIROC disrespects your humanity, therefore it’s reasonable to assume that it is a pro-establishment / anti-trader organization. That being said, it’s an anti-democratic agency. It also arrogantly assumes that it can make better trading decisions than we as traders can. If they could they would not work as administrators in an office.
It’s not IIROC officials that should create policies, but ethically sound thinkers.
In Detail:
IIROC created an over-regulated trading environment, which is founded on prohibitions – not sense. They also expanded their control over those foreign brokers who don’t accept Canadian trading conditions. By selling the idea that all foreign brokers are unsafe they created a reason for controlling Canadian traders: “We are here to protect you…” The issue of safety became a means to manipulate – this makes their endeavour unethical. The road to hell is paved with good intentions…
IIROC approves of brokers with the worst reviews in the Forex Peace Academy. They range in between 1-3 stars. Terrible market environments, primitive platforms for price action trading, limited account types, high spreads, bad currency conversion spreads, high bank exchange rates, no spot rate conversions, nonsensical promotional bonuses and false advertisements, etc. The application of "shadow spread" is downright insulting. I just came up with this term. It means that some of these "brokers" disallow orders close to the market price. This acts like a wider spread and widens your S/L often to their advantage, but to your disadvantage.
Competition is sparse; it’s virtually non-existent in Canada. The account types offered by brokers are very similar. Try to find a broker with 0.1 pip spread and $6 commission with a $2000 account – you can’t. Try to find one with $15,000 deposit, 0.1 pip spread and no commission. You can’t. As far as I know, you need about $25,000 to get an “advantageous” deal. Also, high spreads make it impossible for scalpers to trade tight entries and stop losses. IIROC got rid of brokers from Australia and New Zealand with the best spreads that I heard of. Despite to our aversion to MONOPOLY - that's exactly what it is we have here. Over-regulation kills competition.
The 50:1 leverage limit is not a regulation - it's a restriction. Regulations turn against traders when they seep into restrictions. Restrictions are forms of authoritarian manipulation - it's against dignity. True Regulations, on the other hand, protect you from being scammed. It’s there to control fraud - not people. It creates an order that does not restrict one's basic rights and freedom to choose. Over-protection is repression.
Leverage isn't your worst enemy - you are; your ignorance, greed, fear and temptation. It's self/market knowledge that protects you, not IIROC’s leverage restrictions. Leverage restriction is a form of wicked control - nothing else. As long as the government controls you, you can stay merry and dumb - you don't need to think for yourselves.
Conclusion
IIROC should never take away your freedom of choice. It should never dictate what leverage you should have, who you should trade with, what strategies should you use. That should be your choice alone. This would encourage you to sharpen your intellect and refine your choices. The money is ours and we have to reclaim a full control over it. I want to have the right to make bad trading decisions, to lose and to suffer from it. Practice makes the master – not restrictions. Authorities that tell you what you can buy, who you can buy it from and how much money you can spend are despotic.
Instead of imposing restrictions on our trading activities IIROC should push for mindfulness and education - if it really cares for traders. IIROC uses its authority to force and impose its own will on traders. We should never give up on our rights and freedom to fight back. We should fight back to keep our integrity and principles. When you find yourselves repeating (trading) mindless bureaucratic policies then you are doomed as a trader and a human being.
IIROC's self-imposition is belittling, unprincipled and demeaning. For what I know, government control in Canada is so embedded that most people don't even notice it. It's part of their lives - they wake, walk and sleep with it. As long as we accept IIROC there'll be no hope. Canadian Traders should press for changes. They should form a Union and fight back.
AttiM
In short:
IIROC prohibits some of the best foreign brokers to accept Canadians. Domestically, it controls our choices of leverage and over-regulates trading activities thus, hinders opportunity and competition. IIROC’s clueless bureaucrats refuse to acknowledge that traders have different trading styles, preferences and risk tolerances. Diversity, Difference and Respect is the keyword here.
The problem is not so much the restriction of broker and leverage preferences as the obliteration of freedom and choice. When you aren’t free to choose, then your human rights are at stake. And, this is the most important thing. Throughout history bureaucrats served the government – not the people. It’s always people that change the governments.
The government should back off and let traders defend themselves against leverages that they can’t risk. Instead of imposing arbitrary restrictions on traders it should encourage mindful trading and education. Moreover, Canada filtered out all brokers with excellent spreads so, it made scalping impossible. Thus, restrictions do not only interfere with our choices of brokers, but also trading tactics and strategies.
IIROC disrespects your humanity, therefore it’s reasonable to assume that it is a pro-establishment / anti-trader organization. That being said, it’s an anti-democratic agency. It also arrogantly assumes that it can make better trading decisions than we as traders can. If they could they would not work as administrators in an office.
It’s not IIROC officials that should create policies, but ethically sound thinkers.
In Detail:
IIROC created an over-regulated trading environment, which is founded on prohibitions – not sense. They also expanded their control over those foreign brokers who don’t accept Canadian trading conditions. By selling the idea that all foreign brokers are unsafe they created a reason for controlling Canadian traders: “We are here to protect you…” The issue of safety became a means to manipulate – this makes their endeavour unethical. The road to hell is paved with good intentions…
IIROC approves of brokers with the worst reviews in the Forex Peace Academy. They range in between 1-3 stars. Terrible market environments, primitive platforms for price action trading, limited account types, high spreads, bad currency conversion spreads, high bank exchange rates, no spot rate conversions, nonsensical promotional bonuses and false advertisements, etc. The application of "shadow spread" is downright insulting. I just came up with this term. It means that some of these "brokers" disallow orders close to the market price. This acts like a wider spread and widens your S/L often to their advantage, but to your disadvantage.
Competition is sparse; it’s virtually non-existent in Canada. The account types offered by brokers are very similar. Try to find a broker with 0.1 pip spread and $6 commission with a $2000 account – you can’t. Try to find one with $15,000 deposit, 0.1 pip spread and no commission. You can’t. As far as I know, you need about $25,000 to get an “advantageous” deal. Also, high spreads make it impossible for scalpers to trade tight entries and stop losses. IIROC got rid of brokers from Australia and New Zealand with the best spreads that I heard of. Despite to our aversion to MONOPOLY - that's exactly what it is we have here. Over-regulation kills competition.
The 50:1 leverage limit is not a regulation - it's a restriction. Regulations turn against traders when they seep into restrictions. Restrictions are forms of authoritarian manipulation - it's against dignity. True Regulations, on the other hand, protect you from being scammed. It’s there to control fraud - not people. It creates an order that does not restrict one's basic rights and freedom to choose. Over-protection is repression.
Leverage isn't your worst enemy - you are; your ignorance, greed, fear and temptation. It's self/market knowledge that protects you, not IIROC’s leverage restrictions. Leverage restriction is a form of wicked control - nothing else. As long as the government controls you, you can stay merry and dumb - you don't need to think for yourselves.
Conclusion
IIROC should never take away your freedom of choice. It should never dictate what leverage you should have, who you should trade with, what strategies should you use. That should be your choice alone. This would encourage you to sharpen your intellect and refine your choices. The money is ours and we have to reclaim a full control over it. I want to have the right to make bad trading decisions, to lose and to suffer from it. Practice makes the master – not restrictions. Authorities that tell you what you can buy, who you can buy it from and how much money you can spend are despotic.
Instead of imposing restrictions on our trading activities IIROC should push for mindfulness and education - if it really cares for traders. IIROC uses its authority to force and impose its own will on traders. We should never give up on our rights and freedom to fight back. We should fight back to keep our integrity and principles. When you find yourselves repeating (trading) mindless bureaucratic policies then you are doomed as a trader and a human being.
IIROC's self-imposition is belittling, unprincipled and demeaning. For what I know, government control in Canada is so embedded that most people don't even notice it. It's part of their lives - they wake, walk and sleep with it. As long as we accept IIROC there'll be no hope. Canadian Traders should press for changes. They should form a Union and fight back.
AttiM