Please, everybody take a deep breath and hear me out before you continue to allow this thread to turn into an ET type thread where folks who themselves do not understand how this issue is being discussed assume that they do understand and come out in force to berate the thread's participants. And how about a little civility? I do not know what it is about the internet that brings out the foul-mouthed Napolean in some folks, but in the real world of real people and real working relationships that I inhabit, no one, and I mean no one would ever speak to another person in the manner as I have read here. I don't care how many posts one has or doesn't have, anyone who feels he or she is right to treat others in such a way ought to be removed from this community.
Now, back to the specific topic at hand:
Just to remind everyone, here is the topic of this thread: FXCM, in response to new NFA regulations, has decided it will no longer make available automatic bracket orders on their trading platform for its customers.
Yes, I know that the title of the thread does not mention FXCM by name, and the title should have been FXCM - "No Stop or Limit Orders" rather than 'NFA ...' but if anyone had taken the time to read some of the posts, especially the first post of the thread, before interjecting, he or she would readily see that the thread's name is a bit too generic, and the specific issue being discussed is FXCM and its policies. Specifically, it is about bracket orders.
I trade futures with IB, and IB has automatic bracket orders.
I trade futures with Infinifty, and Infinity has automatic bracket orders.
I trade spot fx with FXCM, and until this week, FXCM had bracket orders.
All three are now subject to the same FIFO accounting standard with respect to customer positions. Only FXCM has decided to interpret those regulations as meaning that an entry order cannot therefore have an attached stop and limit orders "bracketing" the entry order. This is the issue.
It is not about whether or not someone knows how to enter orders. It is about a specific forex dealer removing functionality necessary for proper risk management.
As for the FIFO accounting, I know how FIFO is supposed to work.
I know how IB applies FIFO to my positions.
I know how Infinity applies FIFO to my positions.
The way in which FIFO is applied in the rest of the world is not the way FXCM is telling its traders it is going to apply it. FXCM is not going to net positions out.
If FXCM were going to net positions like the rest of the world, then there would be no need to do away with bracket orders.
I know how simple this should be. I agree with those who are now ridiculing and ranting at the participants of this thread as to how trading works in the real world outside of FXCM (though I do not at all agree with the fact that they choose to flex and to stroke their their weak egos at the expense of this thread's participants by ranting and ridiculing them rather than discussing the issue with them). Within FXCM, at least as FXCM itslef has explained its position to its customers, it is a whole different ballgame.
If I am wrong, and my interpretation of the effects that FXCM's interpretation of the new regulations is wrong, then someone needs specifically to address where I am mistaken with respect to FXCM and its treatment of cutomer positions.
For the record, the bracket orders, and lack thereof, are the issue of this thread. Bracket orders are available to futures traders. I could care less about FIFO. And personally, I have no idea why someone would take a swing trade that might last days, weeks, or even months would trade it in a bucket shop account. Spot is for day trades. I use CME listed futures for any position that I intend to hold for more than a few hours. Why pay the scam rollover fee day after day when you can hold the same position in futures without your broker taking a daily scalp out of your position?
It is not about whether we know how to enter orders.
It is not about whether or not we know how FIFO is applied as an accounting standard.
It is all about the manner in which FXCM, for whatever reason, has decided not to apply FIFO the way it is usually understood, so as to remove the ability of its customers to use a commonly used entry order and position management method.
If our discussion enrages you so much, then why not just scroll by without comment. My goodness, do you know how much I read here at FF that I find boring, wrong, ridiculous, dangerous, etc.? And yest not once have I felt it necessary to make know to the boring, the wrong, the ridiculus and the dangerous just how boring, wrong, ridiculous and dangerous I find them to be. I just scroll on by. I wish all were strong enough and well mannered enough to do the same.
Now, back to the specific topic at hand:
Just to remind everyone, here is the topic of this thread: FXCM, in response to new NFA regulations, has decided it will no longer make available automatic bracket orders on their trading platform for its customers.
Yes, I know that the title of the thread does not mention FXCM by name, and the title should have been FXCM - "No Stop or Limit Orders" rather than 'NFA ...' but if anyone had taken the time to read some of the posts, especially the first post of the thread, before interjecting, he or she would readily see that the thread's name is a bit too generic, and the specific issue being discussed is FXCM and its policies. Specifically, it is about bracket orders.
I trade futures with IB, and IB has automatic bracket orders.
I trade futures with Infinifty, and Infinity has automatic bracket orders.
I trade spot fx with FXCM, and until this week, FXCM had bracket orders.
All three are now subject to the same FIFO accounting standard with respect to customer positions. Only FXCM has decided to interpret those regulations as meaning that an entry order cannot therefore have an attached stop and limit orders "bracketing" the entry order. This is the issue.
It is not about whether or not someone knows how to enter orders. It is about a specific forex dealer removing functionality necessary for proper risk management.
As for the FIFO accounting, I know how FIFO is supposed to work.
I know how IB applies FIFO to my positions.
I know how Infinity applies FIFO to my positions.
The way in which FIFO is applied in the rest of the world is not the way FXCM is telling its traders it is going to apply it. FXCM is not going to net positions out.
If FXCM were going to net positions like the rest of the world, then there would be no need to do away with bracket orders.
I know how simple this should be. I agree with those who are now ridiculing and ranting at the participants of this thread as to how trading works in the real world outside of FXCM (though I do not at all agree with the fact that they choose to flex and to stroke their their weak egos at the expense of this thread's participants by ranting and ridiculing them rather than discussing the issue with them). Within FXCM, at least as FXCM itslef has explained its position to its customers, it is a whole different ballgame.
If I am wrong, and my interpretation of the effects that FXCM's interpretation of the new regulations is wrong, then someone needs specifically to address where I am mistaken with respect to FXCM and its treatment of cutomer positions.
For the record, the bracket orders, and lack thereof, are the issue of this thread. Bracket orders are available to futures traders. I could care less about FIFO. And personally, I have no idea why someone would take a swing trade that might last days, weeks, or even months would trade it in a bucket shop account. Spot is for day trades. I use CME listed futures for any position that I intend to hold for more than a few hours. Why pay the scam rollover fee day after day when you can hold the same position in futures without your broker taking a daily scalp out of your position?
It is not about whether we know how to enter orders.
It is not about whether or not we know how FIFO is applied as an accounting standard.
It is all about the manner in which FXCM, for whatever reason, has decided not to apply FIFO the way it is usually understood, so as to remove the ability of its customers to use a commonly used entry order and position management method.
If our discussion enrages you so much, then why not just scroll by without comment. My goodness, do you know how much I read here at FF that I find boring, wrong, ridiculous, dangerous, etc.? And yest not once have I felt it necessary to make know to the boring, the wrong, the ridiculus and the dangerous just how boring, wrong, ridiculous and dangerous I find them to be. I just scroll on by. I wish all were strong enough and well mannered enough to do the same.
