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NFA - "No more Limit or Stop Loss orders"

  • #61
  • Jul 2, 2009 3:40pm Jul 2, 2009 3:40pm
Quoting Kitara
it has a link that plays a video on how OCO orders works
Kitara is right, the video could probably do a better job explaining it , plus it has pictures.
  • #62
  • Jul 2, 2009 3:41pm Jul 2, 2009 3:41pm
Quoting oakie
Jason, I am currently trading a standard account (previously considered 100K - $10/pip). Now if I opt for the transfer to FXCM UK, the transfer form says Standard Account 10K (which is a micro account $1/pip). Have they also removed the 100K accounts?
In a straight transfer, you'll keep the 100k lot account
  • #63
  • Jul 2, 2009 3:45pm Jul 2, 2009 3:45pm
Quoting oakie
Jason, I am currently trading a standard account (previously considered 100K - $10/pip). Now if I opt for the transfer to FXCM UK, the transfer form says Standard Account 10K (which is a micro account $1/pip). Have they also removed the 100K accounts?
Hi oakie,

We used two different account types: mini and standard. A while back we combined them togethor into "standard 10k" accounts. Reasoning is that you can now trade both 10k and 100k lots in the same account. No need to restrict someone to trading only 100k or 10k lots. Less work on our side and greater trade flexibility with the amounts on your side. In the amt (k) field, it will only list 10 - 100, but if you want to trade a larger amount, just type in the amount: 100, 200, 250, 370, etc.

What you should do is use the standard 10k opt in form.

Jason
  • #64
  • Edited 4:14pm Jul 2, 2009 3:57pm | Edited 4:14pm
Quoting Jason Rogers
hi 8 fingers,

How is FIFO going to affect MT4?...
Thanks Jason-and I was wrong in my OCO understanding( no hard feelings I hope SmokyByers?) My only experience with OCO was at Forex.com way back when they only had their quarky Java platform. Very frustrating I remember. This post is my official apology-lol.Thank you as well Kitara.
FF = Forex Faggots
  • #65
  • Jul 2, 2009 4:11pm Jul 2, 2009 4:11pm
Glad i'm using only non US broker. Not being able to place simple "stops" will be a mess to manage order.

Instead of placing one order, you will have to place two orders...
  • #66
  • Jul 2, 2009 4:11pm Jul 2, 2009 4:11pm
Quoting Jason Rogers
Hi oakie,

We used two different account types: mini and standard. A while back we combined them togethor into "standard 10k" accounts. Reasoning is that you can now trade both 10k and 100k lots in the same account. No need to restrict someone to trading only 100k or 10k lots. Less work on our side and greater trade flexibility with the amounts on your side. In the amt (k) field, it will only list 10 - 100, but if you want to trade a larger amount, just type in the amount: 100, 200, 250, 370, etc.

What you should do is use the standard 10k...
I used the standard 10k opt in form but the system wouldn't let me trade 10k lots. If I tried to type in the amount manually, it wouldn't accept it and gave an error message
  • #67
  • Jul 2, 2009 4:28pm Jul 2, 2009 4:28pm
Quoting 8fingers
Thanks Jason-and I was wrong in my OCO understanding( no hard feelings I hope SmokyByers?)

No worries....
  • #68
  • Jul 2, 2009 6:01pm Jul 2, 2009 6:01pm
Quoting Jason Rogers
This method would enable you to use OCO orders as you would use stops/limits.

-Jason

If it's true (and it is!) why do we have this new rule from NFA? If everything remains the same (only a few more clicks) what is the point?

Attila
  • #69
  • Jul 2, 2009 6:19pm Jul 2, 2009 6:19pm
Quoting Howtoforex
what is the point?

Attila
Systematic erosion of the ability to trade the way *you* want. Don't be surprised if you start seeing much higher minimum contract sizes and 1:1 margin initiatives soon. They've already started on the margins.

It's getting easier and easier for them to put this stuff thru and before you know it... retail traders will be phased out of the game.
The trend always ends.
  • #70
  • Jul 2, 2009 6:20pm Jul 2, 2009 6:20pm
Quoting Jason Rogers
Hi Attila,

Thanks for the questions. While the NFA asks for "input" from forex dealer members on proposed rules, it's the NFA and CFTC's decision regardless of how many objections there may be.
If you feel strongly about the new rules, please contact the NFA.

-Jason

Hi Jason,
thanks for the reply.
The "business modell" described above reminds me the North Korean and Cuban system where everybody pay the dues and only one guy orders the music for all. Sick.

Yes I feel strongly about the new rules but as you described their operation I don't want to waste my time. They don't even listen to their members! ... why would they listen to a small guy?

Jason, would you be so kind to let us know how much is FXCM's yearly membership fee for NFA? How much money are you wasting for your unlistened "inputs"?

Attila
  • #71
  • Jul 2, 2009 9:25pm Jul 2, 2009 9:25pm
I received this in an email and it infuriates me , if true.

Does anyone here know anything about whether this may be true or bogus?

All serious feedback appreciated, thanks.

Hereit is:

A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. 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
These are valid for US brokerage companies
See also http://www.nfa.futures.org/news/PDF/...Notc021909.pdf This make possible the reduction of the leverage to 50:1 in a short period of time
I recomend to move to an European Broker as ACM. If you go to ACM let them know you are a Carlos Wolf student. This will help you into the tramits and assistance
Warm regards

Carlos Wolf
President
FXtectips
  • #72
  • Jul 2, 2009 9:33pm Jul 2, 2009 9:33pm
If true, I think the NFA is using their political clout to kill retail FX because it is taking liquidity and traders away from their futures market.

What's up NEXT...a f#ing LAW that says US FX traders can't open accounts outside the country?
  • #73
  • Jul 2, 2009 9:39pm Jul 2, 2009 9:39pm
who cares ...I trade at eglobal trade and finance group out of GB and its wonderful. Screw the NFA and all the rest of those clowns.
Its all automated moving of money and no frickng paperword.
  • #74
  • Jul 2, 2009 9:46pm Jul 2, 2009 9:46pm
Quoting * Snow *
I would like to note. I have another account with MB Trading and they still have not notified me about this. So I must say FXCM did notify me just in time to plan ahead.

Instead of pointing fingers, let’s find solutions. So far we know FCXM’s options. Either go to UK or use an “OCO”.

Does anyone here know what MB Trading solutions are?
thats becoz mbt order structure is already FIFO from e very beginning.
id vote for a complete overhaul to industry accounting standards and leverage to be reduced to max of 50:1.

irresponsible brokers who dun even have enough liquidity to supply to their customers, should be axed. coz these are the lads whos responsible for providing crazy leverages. i.e. 400:1 etc. They've manipulated enough.
  • #75
  • Jul 2, 2009 9:53pm Jul 2, 2009 9:53pm
Thanks for merging the threads, Mods. I see I am a little late to the "party," but glad I found it...I think!
  • #76
  • Jul 3, 2009 1:40am Jul 3, 2009 1:40am
Does anyone know what the tax consequences are if a U.S. citizen opens up a U.K. FX account?

Would I have to pay U.K. taxes, or file any U.K. tax forms?
Would I just pay regular U.S. taxes the same as with a U.S. broker?
Would I get the appropriate forms from a U.K. broker that I would file with my U.S. return?
Does having an off-shore account increase the probability to be audited?
Does it complicate the filing of U.S. taxes (or state taxes) in any way?

I'd like to know these answers before jumping to the conclusion that an offshore Forex account is going to make my life any easier...

Thanks in advance for any comments.
Pips4life
  • #77
  • Jul 3, 2009 2:06am Jul 3, 2009 2:06am
Quoting denverdude
The only way to close a BUY order that is running would be to open a SELL order for an equal amount.
There's a new hedging rule that just took effect that states a trader cannot have a buy order running at the same time as a sell order running.
So, who knows how this is going to work?

I think all these new regs are in preparation for some major upheavals in the markets and the gov't does not want speculators to profit.

And that is just pure speculation and my humble opinion.

I made a query about this in another thread.

http://www.forexfactory.com/showpost...8&postcount=28
Year of the Dragon Wise Choices-Good Fortune!
  • #78
  • Jul 3, 2009 2:40am Jul 3, 2009 2:40am
Quoting SmokyByers
Maybe Jason could be more desrciptive as he actually works for them, but I can summarize it in a few lines:

The opposing OCO order acts the same as a stop order, it only liquidates the open position, and does not open a new position. It is impossible to pay a spread on a position that is not opened.

Put things in perspective, a stop loss (as currently exists) is an order no different than an OCO. There are no spread costs on stop losses currently, so why would there be on an OCO?

Smoke
Smoky is right, but one have to remember one little difference. If You have some position open and two OCO orders to stop and limit, and You close position (all or partially) with market order, OCO orders will NOT closed (deleted). If don't delete them (eg forget), it could open new position without any protection (opposite order will be deleted).
Regards,

Andrew
  • #79
  • Jul 3, 2009 3:07am Jul 3, 2009 3:07am
Andrew is right on this one as well. OCO will work for stops and limits...... unless you close the trade manually. Then you must go and delete those pending orders. If you forget, they will open new positions when the price reaches them. I used to trade with that kind of broker and I didn't like it.

I dont understand the big drama with it because my current US broker says this:

Dear M*****, Thank you for your interest in FXTrade. [Our] platform
currently operates using a First-In, First-Out (FIFO) procedure. We do not
anticipate any change to your ability in how you trade with [us]. At present,
[we] will not be removing our Stop Loss or Limit order function from the platform.
Should this ever change, then we will certainly inform you in a timely manner.Please
do not hesitate to contact us with any questions.

**************************

Well, I do have a question....... If they can do it, and a lot of other brokers can continue in the same way, then what's the big reason for rushing your money off-shore ???
  • #80
  • Jul 3, 2009 3:16am Jul 3, 2009 3:16am
Another question is..... Why is Mr. Jason Rogers, Ambassador to FXCM, now "Temporarily Suspended by a Senior Member" ????
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