Hi,
Earlier today I emailed one of the 4x Gurus and asked the following:
My question:
I'm still a bit confused about this new NFA rule and what your said, "It does a good job, and since it only opens 1 trade at a time, it should still be OK at IBFX and other U.S. brokers". Are you telling me that if I trade one trade at a time with a US broker I can still use a s/l and t/p. Or do I have to use the OCO way instead?
Reply:
I can only answer for IBFX, since I have seen their memos on the subject. If there is only 1 trade open for a given currency pair, then, from what I have read of their memo, a TP or SL is still allowed, since the first order opened would be the first order closed. You only run into problems when there is more than one trade opened, and wish to close the 2nd trade before the 1st trade. I have not heard that IBFX will be implementing a OCO pending order setup. I think we will need to hear more from them before we can be totally sure about that part of it.
Can anyone please clear this up for me, I would like to know if I open one trade at a time via a US broker can I still use a s/l and t/p with MT4?
Thanks,
Ralph
Earlier today I emailed one of the 4x Gurus and asked the following:
My question:
I'm still a bit confused about this new NFA rule and what your said, "It does a good job, and since it only opens 1 trade at a time, it should still be OK at IBFX and other U.S. brokers". Are you telling me that if I trade one trade at a time with a US broker I can still use a s/l and t/p. Or do I have to use the OCO way instead?
Reply:
I can only answer for IBFX, since I have seen their memos on the subject. If there is only 1 trade open for a given currency pair, then, from what I have read of their memo, a TP or SL is still allowed, since the first order opened would be the first order closed. You only run into problems when there is more than one trade opened, and wish to close the 2nd trade before the 1st trade. I have not heard that IBFX will be implementing a OCO pending order setup. I think we will need to hear more from them before we can be totally sure about that part of it.
Can anyone please clear this up for me, I would like to know if I open one trade at a time via a US broker can I still use a s/l and t/p with MT4?
Thanks,
Ralph