With annoying FIFO restrictions in the US, how do I set TP? | Forex Factory

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With annoying FIFO restrictions in the US, how do I set TP?

  • #1
  • First Post: Edited 1:26pm Jul 1, 2021 12:43pm | Edited 1:26pm
In Oanda Metatrader 4, with the stupid FIFO restrictions in the US, how do I set a single Take Profit (or even a stop loss) for all the positions I open?

Because of FIFO, I just get "FIFO violations", forcing me to have to be present in front of my computer to close all the positions manually (forcing me to sit at home and monitor my computer like every two minutes). It won't even let me set a stop loss at all, even when I'm attempting to set it on the first trade that I opened... ditto the take profit. I'm also unable to open a second position if it's the same size as the first position I opened.

Is there a way around this? These rules are ridiculous!
  • #2
  • Jul 2, 2021 11:59am Jul 2, 2021 11:59am
My first advice and the easiest solution is to stop using shitty US brokers and go offshore.

But if you absolutely insist on being married to your broker because you're scared and you think excessive regulation somehow makes you safer, then the only way around FIFO is to have trades opened with different sizes. Probably the only good thing about Oanda is that they allow nano lots so you can have trades open as small as a tenth of a pip.
  • #3
  • Jul 2, 2021 1:37pm Jul 2, 2021 1:37pm
Quoting Rhevl
My first advice and the easiest solution is to stop using shitty US brokers and go offshore. ...
That's not so easy to do, as most reputable offshore brokers won't do business with US citizens. Also, funding offshore accounts is problematic for US citizens. It's also a hassle to withdraw funds from such accounts. You have to jump through hoops to do these things. In my opinion, it's not worth the trouble.

As for losing your money due to possible shady business practices from offshore brokers, it is a legitimate concern.

But you are right about using different lot sizes. Another alternative is to have multiple MT4 accounts with the same broker. If a person wants to hedge on the same currency pair, then one account can be used only for buying and the other only for selling. This too, is a hassle. But it's not as big of a hassle as it is to fund an offshore account, and you have more assurance of your funds being protected because you are using a US regulated broker.
Learn from your mistakes and march on.
  • #4
  • Jul 2, 2021 3:36pm Jul 2, 2021 3:36pm
Quoting here2there
{quote} That's not so easy to do, as most reputable offshore brokers won't do business with US citizens. Also, funding offshore accounts is problematic for US citizens. It's also a hassle to withdraw funds from such accounts. You have to jump through hoops to do these things. In my opinion, it's not worth the trouble. As for losing your money due to possible shady business practices from offshore brokers, it is a legitimate concern. But you are right about using different lot sizes. Another alternative is to have multiple MT4 accounts with the same...
It's very easy to do, and it's getting easier as more and more brokers offer crypto as a means to fund one's account.

And the supposed "protection" offered by US regulations is an illusion. A US broker can steal your money just as easy as an offshore broker, but they also screw over your trading with their insane spreads, fees, and low leverage. I know most people on this site like the warm feeling of getting fucked up the ass by the nanny state, but if you're afraid of risk, you shouldn't be trading. Don't get married to a single broker because you think you owe it to her. Date around and get some fuck buddies.
  • #5
  • Jul 2, 2021 6:19pm Jul 2, 2021 6:19pm
Quoting Rhevl
{quote} It's very easy to do, and it's getting easier as more and more brokers offer crypto as a means to fund one's account...
Yes, crypto is certainly a way to fund your account and withdraw from it (if your broker offers this). However, you should know that if you wish to return your crypto to your wallet, the funds will have to be sent to the same wallet address you used to fund your account. If for some reason you lose access to your wallet and can no longer use that address, this could be problematic. Have you thought about that? You should ask your broker how they would handle this if such a situation occurs.
Learn from your mistakes and march on.
  • #6
  • Jul 3, 2021 1:46am Jul 3, 2021 1:46am
Quoting here2there
{quote} Yes, crypto is certainly a way to fund your account and withdraw from it (if your broker offers this). However, you should know that if you wish to return your crypto to your wallet, the funds will have to be sent to the same wallet address you used to fund your account. If for some reason you lose access to your wallet and can no longer use that address, this could be problematic. Have you thought about that? You should ask your broker how they would handle this if such a situation occurs.
And what if for some reason you lose access to your bank account? What if your car gets totaled? What if you get ass cancer?
  • #7
  • Last Post: Jul 3, 2021 2:35am Jul 3, 2021 2:35am
Quoting Rhevl
{quote} And what if for some reason you lose access to your bank account? What if your car gets totaled? What if you get ass cancer?
Try the Kiwi brokers
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