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Cable Update (GBPUSD)

  • #141,881
  • Jul 1, 2009 9:06pm Jul 1, 2009 9:06pm
you can use buy/sell entry orders that will act as t/p and stop loss

Quoting wormboy
good morning.

"A major new NFA rule goes into effect after July 31, 2009 which affects all US regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the Open Positions Window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009 will be deleted."

No stop loss in trading anymore? Did I misunderstood this?
Its all in the mind.
  • #141,882
  • Jul 1, 2009 9:07pm Jul 1, 2009 9:07pm
i like this idea!
  • #141,883
  • Jul 1, 2009 9:07pm Jul 1, 2009 9:07pm
yes i got that, but why is this change in rules. what is the rationale??

Quoting jack.canadia
if you buy 10k GBP/USD at 1.65, to close the trade is the same as selling the position back, correct? so in this case, you click on 'close trade' which then sells your position.

instead of entering in a number in the 'limit order' box, you have to place an entry order at your target price opposite your position.

so you buy 10k at 6500 and want to TP at 6530, so you place an order to sell 10k at 6500. this will close your position at the target price

you stop loss is the same. say you wanted to risk 15 pips, you place an order to sell at 6485....
Its all in the mind.
  • #141,884
  • Jul 1, 2009 9:10pm Jul 1, 2009 9:10pm
Quoting 5abi
yes i got that, but why is this change in rules. what is the rationale??
thats how it is in futures ..

there is also the first in first out .. so when u want to close a market order for a pair and you have like 3 open, the first is closed first, second second etc.

it will enforce smarter trading
  • #141,885
  • Jul 1, 2009 9:10pm Jul 1, 2009 9:10pm
well, one implication is that the broker will no longer get the 2 spread you only pay spread when you open, when you close you are basically paying the other trader who took position against you lol

Quoting jack.canadia
i like this idea!
Its all in the mind.
  • #141,886
  • Jul 1, 2009 9:11pm Jul 1, 2009 9:11pm
Quoting wormboy
good morning.

"A major new NFA rule goes into effect after July 31, 2009 which affects all US regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the Open Positions Window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009 will be deleted."

No stop loss in trading anymore? Did I misunderstood this?
Gosh...they are implementing so many rules now
I'm thinking of switching to broker outside US.
  • #141,887
  • Jul 1, 2009 9:12pm Jul 1, 2009 9:12pm
Quoting Nisda_
Gosh...they are implementing so many rules now
I'm thinking of switching to broker outside US.
why! i like this! im glad my broker follows this (FXCM), the more regulated the broker is, the safer your money is!
  • #141,888
  • Jul 1, 2009 9:12pm Jul 1, 2009 9:12pm
welcome to the afraid new world under NOBAMA. I am actually thinking of moving to Asia along with my broker! Lol

Quoting Nisda_
Gosh...they are implementing so many rules now
I'm thinking of switching to broker outside US.
Its all in the mind.
  • #141,889
  • Jul 1, 2009 9:14pm Jul 1, 2009 9:14pm
Canadia,

you know what is next? Does anyone knows what is next? Half the people at FF will be decimated wrt their micro accounts. Next is that NFA says leverage is reduced. So you need a few thousand dollars to make any decent $$$

Quoting jack.canadia
why! i like this! im glad my broker follows this (FXCM), the more regulated the broker is, the safer your money is!
Its all in the mind.
  • #141,890
  • Jul 1, 2009 9:15pm Jul 1, 2009 9:15pm
Quoting jack.canadia
You can still place a stop! you just place it as an entry order.

That only allows you to place the entry order once before the trade gets closed then. Like myself, when being in a trade, I usually move my stops as my trade progresses to lock my gains. I can't do that anymore yea? I'd have to re enter the trade again & again.
That's what happens when I try to hedge, place a new "buy" while the existing sell trade is running & the existing trade will end instantly.
Thank You
  • #141,891
  • Jul 1, 2009 9:16pm Jul 1, 2009 9:16pm
Quoting 5abi
Canadia,

you know what is next? Does anyone knows what is next? Half the people at FF will be decimated wrt their micro accounts. Next is that NFA says leverage is reduced. So you need a few thousand dollars to make any decent $$$
no one knows. but until then ill keep trading with a US broker.

and i love micro. they are fast on withdrawals and my positions can be as large as need be, and as small as 1k
  • #141,892
  • Jul 1, 2009 9:17pm Jul 1, 2009 9:17pm
basically traling stop is dead. I did not use it usually.


Quoting wormboy
That only allows you to place the entry order once before the trade gets closed then. Like myself, when being in a trade, I usually move my stops as my trade progresses to lock my gains. I can't do that anymore yea? I'd have to re enter the trade again & again.
That's what happens when I try to hedge, place a new "buy" while the existing sell trade is running & the existing trade will end instantly.
Its all in the mind.
  • #141,893
  • Jul 1, 2009 9:17pm Jul 1, 2009 9:17pm
Quoting wormboy
That only allows you to place the entry order once before the trade gets closed then. Like myself, when being in a trade, I usually move my stops as my trade progresses to lock my gains. I can't do that anymore yea? I'd have to re enter the trade again & again.
That's what happens when I try to hedge, place a new "buy" while the existing sell trade is running & the existing trade will end instantly.
I dont understand what good hedging does. Why lock in profit, just take it.

I would assume u can change the entry orders around the same as moving a stop up or down.
  • #141,894
  • Jul 1, 2009 9:19pm Jul 1, 2009 9:19pm
Ok I have a question. I often do as Jack was saying, simply place a counter order to position to act as a SL. It works great, especially when I am sitting in front of the computer. I always thought it was vulnerable though because I didn't know if my computer triggered the counter trade or the broker's servers did. With a TTO or Stop Loss order placed with the initial entry, I know the broker's computer triggers it, so I always felt much safer walking away for longer term trades. So who triggers the countertrade, my computer or the broker's?
  • #141,895
  • Jul 1, 2009 9:21pm Jul 1, 2009 9:21pm
your computer is just a window to ur borkers servers. whaever happens to ur account is ur brokers servers doing it.

Quoting Racin_rick
Ok I have a question....
Its all in the mind.
  • #141,896
  • Jul 1, 2009 9:24pm Jul 1, 2009 9:24pm
Quoting jack.canadia
why! i like this! im glad my broker follows this (FXCM), the more regulated the broker is, the safer your money is!
I'm ok with no hedging eventho I'm kind of hating it in the beginning
but this one and many more rules to come, I'm not sure. I really need to opt for an option now.
  • #141,897
  • Jul 1, 2009 9:29pm Jul 1, 2009 9:29pm
nice little nose dive!
  • #141,898
  • Jul 1, 2009 9:32pm Jul 1, 2009 9:32pm
Quoting jack.canadia
I dont understand what good hedging does. Why lock in profit, just take it.

I would assume u can change the entry orders around the same as moving a stop up or down.
No no. I don't hedge. I'm just using that as an example to the oco orders you mentioned.
Looks like I will have to work on a new trading method. Maybe I should just go back to trading just 1usd/pip!
Thank You
  • #141,899
  • Jul 1, 2009 9:33pm Jul 1, 2009 9:33pm
Quoting jack.canadia
nice little nose dive!
Where the devil did that come from? Let's see if it bounces any.
  • #141,900
  • Jul 1, 2009 9:34pm Jul 1, 2009 9:34pm
Quoting 5abi
basically traling stop is dead. I did not use it usually.
Well it's bullshit. I wonder what funny ideas they'll think of next
Thank You
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