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NFA New Rule Not allowing stop and limit orders

  • #41
  • Jul 2, 2009 10:48am Jul 2, 2009 10:48am
Quoting Jason Rogers
Please read to entire press release to understand why Stops/Limits are being removed.
http://www.dailyfx.com/story/press_r...546593628.html
Taken out of context, I can see why it would be alarming but please read the entire release sent to FXCM traders....
sounds like a Broker/commision/spread paradise for all except the actual Trader? Not only out of context-out of Forex. Any sound theories as to why any one would want to drive even more business out of our country? This country used to be a home for the free and the brave- Free to follow your dreams and brave enough to take the risk-What the hell just happened? BTW Jason, I was wondering if u trade Forex and if so, with FXCM? Happy 4th and be safe!
FF = Forex Faggots
  • #42
  • Jul 2, 2009 11:52am Jul 2, 2009 11:52am
Quoting traider
Anyone else get the email today from FXCM regarding the removal of Stop-loss and limit features?
could u copy past the email?
  • #43
  • Jul 2, 2009 11:58am Jul 2, 2009 11:58am
u dont have to anymore , i just read the press release. Well Jason is right, but the way FXCM wrote it in the press release would have you thinking that they are no longer allowing stop and limit orders all together. So Jason speak to who ever wrote it and tell them that they need more practice in writing up PRs.
  • #44
  • Jul 2, 2009 3:55pm Jul 2, 2009 3:55pm
Quoting travpip
it is completely ridiculous whatever they came up with to work there way around.
to get into a position whereby they've agreed that we will not allow traders to place a direct Stop Loss on there order or a limit is ludicrous - it is out of this world
I say bail on FXCM. Who knows, if FXCM is the next Refco. I still have an account with them but recently transferred my funds to another broker. This way they can't keep artically triggering my stop losses. Pure BS. Funny how I am not having those issues with my new brokers. At least not yet. LOL
  • #45
  • Jul 8, 2009 1:33am Jul 8, 2009 1:33am
what were the m*ther f**#$r$ at NFA thinking when they decided this ???? Makes no sense at all . Who are they trying to protect with this ruling ???????? Who wins out of this ????? What crap shit is this bloody thing ????? Idiots need to go back to first grade and wrap back their diapers.
  • #46
  • Jul 9, 2009 7:49pm Jul 9, 2009 7:49pm
I got a call from my broker today asking if i had heard about people saying the new rules banned stops and limits and i kinda laughed and told him to check out forex factory... lol...

Long story short is apparently the nfa sent an email to all FDMs about the new rules saying that in no way does it ban STOPS and LIMITS and that anyone who is saying otherwise is MISINFORMING clients and subject to fines!

Where does this leave FXCM who came out and pretty much misinterpreted the rules? and caused a massive witch hunt??????
  • #47
  • Jul 9, 2009 10:56pm Jul 9, 2009 10:56pm
Doesnt change a thing from my perspective.NFA is still a useless Org. as far as Forex is concerned. Have they ever recovered,or been instrumental in recovering, a penny from scammed Forex Traders? I havn't heard of one. And if FXCM misinterpreted the new regs then thats more proof the NFA are idiots. In finance,the language must be exact or it can be misinterpreted. Just one more nail in the US Forex coffin.
FF = Forex Faggots
  • #48
  • Jul 10, 2009 11:04am Jul 10, 2009 11:04am
Quoting Voldemort
I got a call from my broker today asking if i had heard about people saying the new rules banned stops and limits and i kinda laughed and told him to check out forex factory... lol...

Long story short is apparently the nfa sent an email to all FDMs about the new rules saying that in no way does it ban STOPS and LIMITS and that anyone who is saying otherwise is MISINFORMING clients and subject to fines!

Where does this leave FXCM who came out and pretty much misinterpreted the rules? and caused a massive witch hunt??????
Hi Voldemort,

FXCM's trading platform will be compliant with the NFA's rules and allow stops and limits. The initial email did not do a good job of explaining how stops and limits would work after July 31 so a new announcement has been made http://www.forexfactory.com/news.php?do=news&id=180851

The rule does not ban the use of stops and limits. It's just regulating the order in which stops and limits can close positions.

Jason
  • #49
  • Jul 10, 2009 11:53am Jul 10, 2009 11:53am
Yes this is happening because of the way MT4 handles orders... Post 114
http://www.forexfactory.com/showthre...=174626&page=8


Here is a hyperlinked list of MT4 brokers not in the USA. I have tried to make the list accurate as to where the company is based or registered. The list is at the end of the first post of this link.
http://www.forexfactory.com/showthread.php?t=174626

Do well traders...
  • #50
  • Jul 12, 2009 5:41am Jul 12, 2009 5:41am
I've looked at the NFA website and the best I can tell the FIFO rule applys to "offseting positions". The brokers seem to be saying it applys to all positions and stops and limits can't be used as they were in the past. Anyone else looked at the rule on the NFA website?
  • #51
  • Jul 13, 2009 9:29am Jul 13, 2009 9:29am
I thought this short video explained it quite well.....

https://admin.acrobat.com/_a205571165/p91063619/
  • #52
  • Jul 13, 2009 11:05am Jul 13, 2009 11:05am
Quoting pipmutt
I thought this short video explained it quite well.....

https://admin.acrobat.com/_a205571165/p91063619/

Sounds pretty confusing to me... if you do this then that, if you do that then this... bla, bla, bla... They sure are making it hard for the little guy
:-(
  • #53
  • Jul 13, 2009 11:26am Jul 13, 2009 11:26am
Quoting 4xbiz-surfer
Sounds pretty confusing to me... if you do this then that, if you do that then this... bla, bla, bla... They sure are making it hard for the little guy
:-(
You just need to think about it, the concept is pretty simple.
  • #54
  • Jul 13, 2009 11:36am Jul 13, 2009 11:36am
Quoting pipmutt
You just need to think about it, the concept is pretty simple.

Ya maybe it's practical for longer term trades, but is it practical for scalping? With the OCO way do you enter your trade with a saftey net or do you have to add the second order after the first one?
  • #55
  • Jul 13, 2009 2:34pm Jul 13, 2009 2:34pm
Quoting pipmutt
I thought this short video explained it quite well.....

https://admin.acrobat.com/_a205571165/p91063619/
It does.

I agree that the new changes are intrusive and not needed but they certainly don't spell the "Death of Forex". I have live accounts with four US brokers. Three of them are unaffected as they've already met the requirements for years.

If, Then, OCO orders are nothing new in the trading business. Coming to Forex from equities, I always assumed that everyone understood these order types, even if their platform didn't support them.

I guess the lesson is, don't get married to a particular broker or platform. Don't rely on your broker's site for your entire trading education. At least demo a few different platforms. This way if you ever have to switch brokers or platforms, you won't be entirely lost. And you might just discover some new charting tools, ideas for trade management etc.

In other words, learn to ski on more than just one hill.
  • #56
  • Jul 13, 2009 4:51pm Jul 13, 2009 4:51pm
Quoting billflet

If, Then, OCO orders are nothing new in the trading business. Coming to Forex from equities, I always assumed that everyone understood these order types, even if their platform didn't support them.
Me too, but this change seems to have gotten everyone in a panic!

I guess conflicting info from brokers hasn't helped, it makes me wonder if some of them prefer clients to move across to their UK office so they can avoid the price adjustments rule....
  • #57
  • Jul 13, 2009 4:59pm Jul 13, 2009 4:59pm
Quoting 4xbiz-surfer
Ya maybe it's practical for longer term trades, but is it practical for scalping? With the OCO way do you enter your trade with a saftey net or do you have to add the second order after the first one?
I suppose it depends on the broker's platform but the 'normal' way would be to use an OCO order as your stop and limit, it's just an extra couple of clicks. If you're scalping quick in and out trades then it could be a pain, but as you'll be watching the trades anyway it might be easier to just manage trades manually.

The thing to watch out for is if you close a trade manually and then forget you've left an OCO order, otherwise you'll find yourself in a trade you weren't expecting to be in!
  • #58
  • Jul 13, 2009 5:35pm Jul 13, 2009 5:35pm
Just started reading through the thread and I almost fell out of my chair laughing when i read this one...SO TRUE!!! It just amazes me how some can see his light and others are unable to. I mean com on everyone knows Rudolph has a bright and shinny nose...


Quoting smjones
Rumor has it, they are Outlawing Santa Claus also, as he brings unrealistic false hopes.
It's me...
  • #59
  • Jul 13, 2009 5:53pm Jul 13, 2009 5:53pm
Quoting Jason Rogers
Hi Voldemort,

FXCM's trading platform will be compliant with the NFA's rules and allow stops and limits. The initial email did not do a good job of explaining how stops and limits would work after July 31 so a new announcement has been made http://www.forexfactory.com/news.php?do=news&id=180851

The rule does not ban the use of stops and limits. It's just regulating the order in which stops and limits can close positions.

Jason
Hi Jason. I am a current FXCM client. I would prefer to see my positions combined into one big position so that stops and limits can still be had on the one order. That way OCO's are no longer needed. It is the idea of keeping the orders separate that is a problem. Any chance you guys will just add to an order or take away from it instead of keeping separate ticket items based on time of entry?

Thanks
  • #60
  • Jul 14, 2009 8:11am Jul 14, 2009 8:11am
Quoting jmw
Hi Jason. I am a current FXCM client. I would prefer to see my positions combined into one big position so that stops and limits can still be had on the one order. That way OCO's are no longer needed. It is the idea of keeping the orders separate that is a problem. Any chance you guys will just add to an order or take away from it instead of keeping separate ticket items based on time of entry?

Thanks
Hi jmw,

No plans as of yet. The summary window will show your positions combined into one big position, but you would still need to add a separate OCO order acting as a stop/limit. I am taking all of your suggestions and feedback and making it known within FXCM.

Jason
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