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Attachments: NFA - "No more Limit or Stop Loss orders"
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NFA - "No more Limit or Stop Loss orders"

  • #281
  • Edited 7:31pm Jul 15, 2009 7:17pm | Edited 7:31pm
Well I am just wondering what % of people use, or how prevalent the use entry orders is, to enter a position, therefore having the risk of entry order not being executed and ending up with an OCO entry... I do it sometimes but not enough that I need to move the account immediately, i am willing to wait a little bit to see what happens...it seems that ddaytrader uses entry orders and 60minman too...FXCM did not get to be one of the biggest by being stupid...if they see less trading volume or loss of accounts they will do something quickly. I am just wondering why initially they didn't change to an aggregate position system for each pair, that would have ended the problem right away. Is there some other reason for not making their system compliant in that manner? I have been reading other threads about this and it seems Oanda, and other brokers, because of the way they treat orders, are not changing anything to comply with FIFO. Do they think that the NFA will not agree with Oanda's and the others' stance on the matter?

Quoting ddaytrader
According to the FXCM, that's your problem.

I still like FXCM. I really do want to keep my acount with FXCM. I just do not like the options that they are presenting to me.
  • #282
  • Jul 16, 2009 12:16am Jul 16, 2009 12:16am
All this BS and all I got to say is "I have to go back to england for freedom." It all boils down to freedom, I should have the freedom to trade the way I want to regardless. I thought I had freedom here in the US , guess not.
  • #283
  • Jul 16, 2009 8:15am Jul 16, 2009 8:15am
Jason,

Please make sure to make a suggestion for the “Market + OCO” order type. This way we can default the OCO order prior to trading and don’t have to spend extra time placing the profit and loss after I’m in a trade (resulting in time being wasted). With the “Market + OCO” feature all we have to do is click once.

I don’t have time to place extra orders after I’m in, so for now I will be trading with MB Trading since they already have this feature. Once FXCM has this, then I’ll consider coming back.

Thank you.
Money Talks - Wealth Whispers . . .
  • #284
  • Jul 16, 2009 8:29am Jul 16, 2009 8:29am
Quoting * Snow *
Jason,

Please make sure to make a suggestion for the “Market + OCO” order type. This way we can default the OCO order prior to trading and don’t have to spend extra time placing the profit and loss after I’m in a trade (resulting in time being wasted). With the “Market + OCO” feature all we have to do is click once.

[font=Times New Roman][size=3]I don’t have time to place extra orders after I’m in, so for now I will be trading with MB Trading since they already...
You're right on the money. This is exactly what I want as well. I'm sure the folks would be working on that. It would be pretty lame not to implement this simple thing.
Until then, I'm in UK.
  • #285
  • Edited Jul 17, 2009 8:53am Jul 16, 2009 9:37am | Edited Jul 17, 2009 8:53am
Does anybody know the taxes implication for a US citizen transferring his/her account to an offshore broker, FXCM UK for instance? Most of us seem only concerned with spreads values and the new FIFO rule but are we going to be double taxed or penalized once our trading capital is transfered abroad. I heard doing this, its calling for trouble by raising a red flag with the IRS and put one in front of the taxman audit list, then again it might be just hearsay and I don't have any facts to sustain these comments but more info sure will be appreciated.
  • #286
  • Jul 16, 2009 10:02am Jul 16, 2009 10:02am
Quoting PipsRaker
[color=black][font=Verdana]Does anybody know the taxes implication for a US citizen transferring his/her account to an offshore broker, FXCM UK for instance?...
Hi PipsRaker,

This is the closest answer I have found without being able to give tax advice http://www.greencompany.com/Educatio...lTraderTax.pdf

Jason
  • #287
  • Jul 16, 2009 10:04am Jul 16, 2009 10:04am
Quoting * Snow *
Jason,

Please make sure to make a suggestion for the “Market + OCO” order type.

Thank you.
I certainly will.

-Jason
  • #288
  • Jul 16, 2009 10:27am Jul 16, 2009 10:27am
Thanks Jason
  • #289
  • Jul 16, 2009 11:55am Jul 16, 2009 11:55am
Well here is another inconvenience, and this one has pecuniary value as it may cost you some money while you sleep. Since you cannot attach stops to a particular order, the OCO part for the stop will not be able to trail automatically. There has to be a better way to handle FIFO.
  • #290
  • Jul 16, 2009 1:36pm Jul 16, 2009 1:36pm
Quoting wwwin
Well here is another inconvenience, and this one has pecuniary value as it may cost you some money while you sleep. Since you cannot attach stops to a particular order, the OCO part for the stop will not be able to trail automatically. There has to be a better way to handle FIFO.
There is, and the NFA provided it: FIFO does not need to apply to different sized positions. Keep everything the same, and just have the system reject orders or warn on orders which are for same pair/same size as an existing position.

The problem with MB when I was there was that my costs were higher paying commish + their spread versus paying FXCM's spread.
  • #291
  • Jul 17, 2009 7:27am Jul 17, 2009 7:27am
Quoting ddaytrader
The problem with MB when I was there was that my costs were higher paying commish + their spread versus paying FXCM's spread.
Very true. It will cost more with MB (about an extra 2 pips). It’s just a price I’m willing to pay for now. I rather add in the extra cost to be certain.

I need a clear mind and can’t trade with uncertainty, and wonder about my money being overseas, taxes, legal action(s), etc.

If I were a UK resident it would be a different story.
Money Talks - Wealth Whispers . . .
  • #292
  • Jul 18, 2009 4:36am Jul 18, 2009 4:36am
Many traders concern about the New NFA rules -- will they kill MT4 trading in the USA? Will they ban stop loss and take profit? Will they let you close only first position first even if the last is in profit now and due to closure? Today I decided to find out the answers and created my NFA report - you can read it here http://forex-systems-reviews.com/NFAreport.pdf
  • #293
  • Jul 18, 2009 7:35am Jul 18, 2009 7:35am
How does FXCM respond to the attached message from the NFA?
Attached Image (click to enlarge)
Click to Enlarge Name: From NFA to Member FDMs1.jpg Size: 142 KB
  • #294
  • Edited 10:18pm Jul 18, 2009 8:02am | Edited 10:18pm
Quoting ddaytrader
How does FXCM respond to the attached message from the NFA?
answer is never clearer, a f-sponsored blog site is att NFA now on the frontpage hahahaha
  • #295
  • Jul 18, 2009 10:57am Jul 18, 2009 10:57am
Quoting ddaytrader
How does FXCM respond to the attached message from the NFA?
Nice find, do you have a link to that document please?
  • #296
  • Jul 18, 2009 11:19am Jul 18, 2009 11:19am
Quoting pipmutt
Nice find, do you have a link to that document please?
clearly it's a emal send to forex brokers (FDM) internally from NFA and not published.

which means some f competitors is att f for misuse.

this is called dog bite dog hahahaha, competition instead of monopoly is good for customer in that you always hear different voice which makes up the whole picture.
  • #297
  • Jul 18, 2009 12:28pm Jul 18, 2009 12:28pm
Quoting ddaytrader
How does FXCM respond to the attached message from the NFA?
WOW. I am floored by the attached memo. Floored...shocked....and angered. These Chicken S jerks at NFA are just that...a bunch of Chicken S's. These little tiny-brained fools at NFA "don't like it when people say bad things about them" and so they try to bully, threaten, and intimidate.

I am disgusted. Hey NFA, guess what?? You'll NEVER bully, threaten, or intimidate ME. I am an AMERICAN, and proud of it. And I won't back down. Not today....not tomorrow....not EVER.
  • #298
  • Jul 18, 2009 1:08pm Jul 18, 2009 1:08pm
Quoting Ghostman
WOW. I am floored by the attached memo. Floored...shocked....and angered. These Chicken S jerks at NFA are just that...a bunch of Chicken S's. These little tiny-brained fools at NFA "don't like it when people say bad things about them" and so they try to bully, threaten, and intimidate.

I am disgusted. Hey NFA, guess what?? You'll NEVER bully, threaten, or intimidate ME. I am an AMERICAN, and proud of it. And I won't back down. Not today....not tomorrow....not EVER.
Wow is right, what are you getting all riled up about?

Looks like it's the brokers who misunderstood the meaning of FIFO and decided to apply their own interpretation, IBFX even went as far as banning the placing of long and short pending orders on the same pair!!

NFA aren't wrong when they said "Compliance Rule 2-43(b) does not prohibit either type of order but simply requires that executed stops and offsetting limit orders be applied to the oldest open position or, at the customer’s direction, to the oldest open same-size position."

The whole thing is a non-issue as far as I can see, other markets have operated like this for years, it was about time retail forex brokers caught up.
  • #299
  • Jul 18, 2009 1:38pm Jul 18, 2009 1:38pm
Quoting pipmutt
Nice find, do you have a link to that document please?
It is quoted in the doucment found in post #292 of tis thread by MLforexT.

The link can be found in that post. I can't remember on which page of the document it can be found, but that is where I found it.

What stood out to me is that is exactly what I have been saying - the fifo really does not require disabling the auto stop loss and limit feature, it just requires that when a stop loss is hit it is applied to that pair on a FIFO basis. So, that is exactly what FDM's can do. However, if I were an FDM taking the other side of my customers's trades I can see how it would be very advantageous not to allow fo auto stops and limits.
  • #300
  • Jul 18, 2009 3:39pm Jul 18, 2009 3:39pm
Quoting ddaytrader
How does FXCM respond to the attached message from the NFA?
Very interesting stuff. Good find. As I stated many times on this thread...There had to be a better solution... and there is...now FXCM will have to scramble to provide full functionality minus just the hedging capability...MT5 style...If it looks like fish, and you smell it and it smells like fish...and then you taste it, and it tastes like fish, dam it is fish.
I was not gonna post on this thread anymore as it was getting me frustated, but this is one too good to pass up.

PS. and while they are at it, let OCO stay and add contingent OCO. OK? Just do it.
PS2. Poor Jason, he is gonna be bombarded with questions, the FXCM Ambassador's job is not gonna be easy for awhile. He has to post what the position of FXCM's management is, whether or not he totally agrees with it or not. When is FXCM's NFA rule interpreter gonna throw the white flag. It's overdue.
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