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NFA Rule "No Stop/Limit Orders" Not for all US Brokers

  • Post #1
  • Quote
  • First Post: Jul 2, 2009 1:01pm Jul 2, 2009 1:01pm
Guys and gals, hold your horses.

I was told that my broker (Forex Club) will continue to allow stops and limits because the FIFO rule doesn't apply to the way they trade. Their support told me that they adjust existing positions instead of opening new ones, so there's no need for them to open a new position every time you adjust your trade and no need for you to have to close said positions one at a time when you want to exit a trade (FIFO), so the NFA's no stop/limit order doesn't apply to them.

Instead of venting, call up your broker to see if this rule applies to them. If the rule doesn't affect them, let's make a list here of US brokers who will continue to offer stop/limits.
I did the same thing and had a live chat with my broker (Oanda) and they said the rule will not affect their clients either. So I guess nothing will change on my trading.

Quoting sfx
Guys and gals, hold your horses.

I was told that my broker (Forex Club) will continue to allow stops and limits because the FIFO rule doesn't apply to the way they trade. Their support told me that they adjust existing positions instead of opening new ones, so there's no need for them to open a new position every time you adjust your trade and no need for you to have to close said positions one at a time when you want to exit a trade (FIFO), so the NFA's no stop/limit order doesn't apply to them.

Instead of venting, call up your broker to see...
well my brokers affected and i think that is a very weak decision by the NFA.
i could say fifth graders are even smarter than the NFA staff. hate those rules
Quoting xscamx
well my brokers affected and i think that is a very weak decision by the NFA.
i could say fifth graders are even smarter than the NFA staff. hate those rules
"Don't hate the player, hate the game."-Mac Dre
Quoting sfx
Guys and gals, hold your horses.

I was told that my broker (Forex Club) will continue to allow stops and limits because the FIFO rule doesn't apply to the way they trade. Their support told me that they adjust existing positions instead of opening new ones, so there's no need for them to open a new position every time you adjust your trade and no need for you to have to close said positions one at a time when you want to exit a trade (FIFO), so the NFA's no stop/limit order doesn't apply to them.

Instead of venting, call up your broker to see...
Forex club must have the dumbest or the shadiest execs I have ever meet. This is a joke!!!
Quoting Siuol
I did the same thing and had a live chat with my broker (Oanda) and they said the rule will not affect their clients either. So I guess nothing will change on my trading.
Nothing will change for me either. Here's what I was told by email:

Ticket Number: HD######
Short Description: FIFO rule question

Dear M**********,Thank you for your interest in FXTrade. [Our] FXTrade 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. You may reply here via email,
call us at ..................
Quoting mike999
Forex club must have the dumbest or the shadiest execs I have ever meet. This is a joke!!!
What's so funny about their policy? Or Oanda/FXTrade's policies, for that matter? I don't follow...
Forex Club utilize a standard banking practice when you can manage only one position per currency pair and whenever you size up or size down your position the opening price will be averaged. That system gives you a huge flexibility. You can size up, size down, reverse without closing and the best part of it is that orders are not connected to any particular operation and technically you can do with your position everything you want. Just try their Rumus 2. You will like it.
  • Post #9
  • Quote
  • Last Post: Jul 8, 2009 10:32am Jul 8, 2009 10:32am
Quoting sfx
What's so funny about their policy? Or Oanda/FXTrade's policies, for that matter? I don't follow...
when it comes down to it, it will always be the same. They could change the terminology behind it, but all US brokers will be the same
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