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Americans : Whatcha Gonna Do About No More Mini Accounts?

  • #41
  • Jul 21, 2009 11:56am Jul 21, 2009 11:56am
Quoting scooby-doo
These rule changes only affect any trader that uses an american broker.

I am so glad i dont live in the good old USA. Lived in by muppets and run by muppets.

Before long, it will not be the major superpower or most prosperous nation, bring on China anyday.

USA, your days are numbered.
This is the stupidest shit I have read today.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #42
  • Jul 21, 2009 11:57am Jul 21, 2009 11:57am
Quoting billflet
They don't affect "any trader who uses an American broker". They affect some traders who use some American Brokers.

Many U.S. brokers' platforms are already FIFO compliant and have been for years.
Man I wonder if people read or educate themselves at all anymore on basic information
  • #43
  • Jul 21, 2009 11:57am Jul 21, 2009 11:57am
Quoting The Fool
This is the stupidest shit I have read today.
LOL this guy summed it up better then me
  • #44
  • Jul 21, 2009 12:24pm Jul 21, 2009 12:24pm
Quoting smittens4212
I don't think you quite understand the new rule changes and who they effect.

No more hedging: Most traders don't use hedging to begin with

No more stop-losses:

FIFO: Brings FX more in line with other markets.
Quite right! I personally don't employ hedging either. But why should my forex trading brothers not be allowed if they found something to work for them? Why shouldn't I be able to employ it down the road?

The whole point is they want to remove any flexibility we may have.

If we use the conventional number, "95% of retail traders don't make money", shouldn't the bucketshop brokers be happy with that? No. Would Walmart be happy with only 95% of customers? No. The nature of business is to go after every last customer/client, so if only 5% are winning/making money, they will still try to make the rules to suit them.

Even if 5% were making money on hedging, that irks them enough to change whatever rules they can to get that last winning client. Their ultimate goal is to have 100% deposit and lose. Why else would they have promotions like "get 10% bonus added to your account when you deposit this month"....an ECN broker wouldn't care.

we need ECN+MT4...i thought MBTrading was almost there, but I think they are also a member of NFA

my whole point was to explain to those who are whining because they wrongfully think its a "government thing"...
  • #45
  • Jul 21, 2009 1:31pm Jul 21, 2009 1:31pm
Thanks to nanningbob for posting this elsewhere today.....


SALT LAKE CITY— July 20, 2009—Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.

Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.

“Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant,” said Todd Crosland, Chairman and President of Interbank FX. “At Interbank FX, we have embraced the NFA’s efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies.”

The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures. The FIFO rule takes effect beginning July 31/August 1, 2009.

Interbank FX is currently working on a step-by-step video which will be available shortly on our web site, www.ibfx.com
"If The Fool persists in his Folly he will become wise." - William Blake
  • #46
  • Last Post: Apr 22, 2010 7:52pm Apr 22, 2010 7:52pm
Im using an InterbankFX demo act and it adheres to FIFO rules which suck
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