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NFA - "No more Limit or Stop Loss orders"

  • #421
  • Aug 4, 2009 9:51am Aug 4, 2009 9:51am
Quoting SmokyByers
I've never read a more mis-informed article in my life. OCO orders are what replace traditional stops and limits, OCO's aren't being eliminated.
I would have to agree. LOL. I don't know where that came from.
  • #422
  • Aug 4, 2009 9:59am Aug 4, 2009 9:59am
"Bye-Bye 'Little Guys'...

Many traders like to hedge their positions by opening several positions at once and deciding which one(s) to close. With the new NFA requirements, hedging is no longer an option. Instead, orders will be closed on a FIFO (First In, First Out) basis for RETAIL customers.

Retail customers, get it -- not institutional.

Let's see how this works. Trader Joe purchases 200,000 of the EUR/USD currency pair (i.e., simultaneously buying the euro and shorting the U.S. dollar) at 8 a.m. at price X. And then at 11 a.m., he purchases another 200,000 EUR/USD at price Y.

Maybe the 11 a.m. trade was at a lower price and he wants to add to his position. Combined, he has 400,000 EUR/USD. He averages the two prices to determine his profit.

Before Aug. 1, Joe could decide to close out the 11 a.m. trade and keep the 8 a.m. trade. However, now Joe must close his 8 a.m. trade before he can close the 11 a.m. trade.

Seems arbitrary, doesn't it?

Again, this rule (in fine print) applies to retail customers, not larger institutions."



Haha, what is this garbage?


The rule applies only to retail traders because institutional traders already trade FIFO. No institutional traders 'hedge' in the way that is talked about on the forums and offered by certain brokers.

What a stupid, misinformed article.
  • #423
  • Edited 10:31am Aug 4, 2009 10:16am | Edited 10:31am
Well it looks like FXCM and Jason have decided not to answer any of the questions posted in this thread and have given the boot to the old customers. It looks like their game plan is to pick up new ones, lead them to UK MT4, and forget the old ones. Several people have asked questions here that have been ignored. In the mean time good old Jason has been actively promoting in other threads.
I am not too keen on Boston Technology powering MT4 UK. They are the ones that programmed the virtual dealer plug in. Too close for comfort.
http://www.forexfactory.com/t/70582/...-plugin-1.html
IS THE NFA DOING ANYTHING ABOUT THIS VIRTUAL DEALER PLUG-IN IN U.S.?
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  • #424
  • Aug 4, 2009 10:36am Aug 4, 2009 10:36am
Quoting wwwin
Well it looks like FXCM and Jason have decided not to answer any of the questions posted in this thread and have given the boot to the old customers. It looks like their game plan is to pick up new ones, lead them to UK MT4, and forget the old ones. Several people have asked questions here that have been ignored. In the mean time good old Jason has been actively promoting in other threads.
I am not too keen on Boston Technology powering MT4 UK. They are the ones that programmed the virtual dealer plug in. Too close for comfort.
http://www.forexfactory.com/t/70582/...-plugin-1.html
IS...
I think the FXCM anser is obvious: "This is how we're doing it, stupid Americans. If you don't like it, leave!"
  • #425
  • Aug 4, 2009 10:38am Aug 4, 2009 10:38am
The freedom of choice plan should be considered by everyone trading with a US based NFA complying Broker-IMO. My experience with this "company" was my main educational tool in my 1st years of Forex(expensive). As a result, I now know EXACTLY what I expect from a Broker and EXACTLY what I wont tolerate.
FF = Forex Faggots
  • #426
  • Aug 4, 2009 11:11am Aug 4, 2009 11:11am
Quoting 8fingers
The freedom of choice plan should be considered by everyone trading with a US based NFA complying Broker-IMO. My experience with this "company" was my main educational tool in my 1st years of Forex(expensive). As a result, I now know EXACTLY what I expect from a Broker and EXACTLY what I wont tolerate.
who are you with now, 8fingers?
  • #427
  • Aug 4, 2009 11:46am Aug 4, 2009 11:46am
Quoting ddaytrader
who are you with now, 8fingers?
I have my main active account w/FXPro.com(and happy) and an inactive(but open) account w/MBT.(undecided). I have my EA set to only enter trades(Market Orders) that have Spread of .8 or less(I regularly see those Spreads at .5 w/o slippage I might ad). I have no major issues with either Broker(MBT is a bit more expensive for small lot trading and that is why I use FXPro.com presently).
FF = Forex Faggots
  • #428
  • Aug 4, 2009 11:51am Aug 4, 2009 11:51am
Quoting smittens4212
[color=#333333]"Bye-Bye 'Little Guys'...

Many traders like to hedge their positions by opening several positions at once and deciding which one(s) to close. With the new NFA requirements, hedging is no longer an option. Instead, orders will be closed on a FIFO (First In, First Out) basis for RETAIL customers.

[size=2][font=verdana,arial,sans-serif][color=#333333]Retail customers, get it -- not...
LOL i know right? I can't even believe how much misinformation can be in one thread too

Then you have people screaming 1920 Chicago gangster = NFA = Obama. Jeez, no wonder so many people fail at trading

Please guys read up a bit on a subject
  • #429
  • Aug 4, 2009 11:55am Aug 4, 2009 11:55am
Hehe, yep

Of course... it's not like any prominent or important securities organizations are located in Chicago... that wouldn't have anything to do with it, right?
  • #430
  • Aug 4, 2009 1:05pm Aug 4, 2009 1:05pm
Quoting 8fingers
I have my main active account w/FXPro.com(and happy) and an inactive(but open) account w/MBT.(undecided). I have my EA set to only enter trades(Market Orders) that have Spread of .8 or less(I regularly see those Spreads at .5 w/o slippage I might ad). I have no major issues with either Broker(MBT is a bit more expensive for small lot trading and that is why I use FXPro.com presently).

Thank you.
  • #431
  • Aug 4, 2009 1:15pm Aug 4, 2009 1:15pm
The thing is this -

If you have ever traded on a true ECN platform, this is nothing new. There is no conspiracy here, except perhaps to steadily march forex towards a regulated market.

As far as having several positions in both directions.....why not just make winning trades more than losing ones? It's a lot more simple that way.
  • #432
  • Aug 4, 2009 2:06pm Aug 4, 2009 2:06pm
Don't know if this has been mentioned - havent read the whole thread yet but heres something else about EA's...

If your current broker is registered (and therefore regulated) by the NFA then there is a very, very high probability that any EAs will cease to function. Depending upon the order types used, there is still a slight possibility that an EA might continue to function if it was the sole trading system used on a particular currency pair, but, under the new rules there is no safe way of simultaneously running multiple EAs on the same currency pair - even if they were all trading in the same direction as the FIFO rule prevents an EA from monitoring and managing its own positions.

Remember: This does not just affect traders using EAs - anyone trading more than one manual strategy is also going to find things incredibly difficult from this week.

I dont use one myself but i know a lot of poeple do -
Time hides Nothing
  • #433
  • Aug 4, 2009 2:30pm Aug 4, 2009 2:30pm
Quoting CindyXXXX
Don't know if this has been mentioned - havent read the whole thread yet but heres something else about EA's...

If your current broker is registered (and therefore regulated) by the NFA then there is a very, very high probability that any EAs will cease to function. Depending upon the order types used, there is still a slight possibility that an EA might continue to function if it was the sole trading system used on a particular currency pair, but, under the new rules there is no safe way of simultaneously running multiple EAs on the same currency...
That would depend on how the broker interprets the rule. I have not heard of any report indicating MT4 EA breakdown. I did read that IBFX got fined 225,000 but not b/c of any issue with FIFO
  • #434
  • Aug 4, 2009 2:37pm Aug 4, 2009 2:37pm
Quoting wwwin
That would depend on how the broker interprets the rule. I have not heard of any report indicating MT4 EA breakdown. I did read that IBFX got fined 225,000 but not b/c of any issue with FIFO
I was just sent that in an email... Along with the other changes that have occured - But then again there were some promotional links at the bottom of that email to some UK brokers lol
Time hides Nothing
  • #435
  • Edited 3:09pm Aug 4, 2009 2:46pm | Edited 3:09pm
Quoting CindyXXXX
I was just sent that in an email... Along with the other changes that have occured - But then again there were some promotional links at the bottom of that email to some UK brokers lol
There you go...these broker wars are getting so outrageous that I don't believe anything they say and do not take anything they say at face value. I want to see proof, not "we only charge 1/10 of a pip higher to compensate Boston Technology" and then the increase is always much higher than that. Also, don't forget that BT was the company that had previously put out the Virtual Dealer Plug-In.
  • #436
  • Aug 4, 2009 3:22pm Aug 4, 2009 3:22pm
Quoting wwwin
There you go...these broker wars are getting so outrageous that I don't believe anything they say and do not take anything they say at face value. I want to see proof, not "we only charge 1/10 of a pip higher to compensate Boston Technology" and then the increase is always much higher than that. Also, don't forget that BT was the company that had previously put out the Virtual Dealer Plug-In.
Facinating the transperencies to actual trading here - "Hypeing up a situation and capatilising on "the herds" fear and emotional reactions..."

Just a thought
Time hides Nothing
  • #437
  • Edited 4:35pm Aug 4, 2009 4:11pm | Edited 4:35pm
here is a little gadget to use against "ill intended traders" LOL
http://www.bostontechnologies.com/free_tools.html
Hmm..nice little arbitrage tool
  • #438
  • Aug 5, 2009 8:44am Aug 5, 2009 8:44am
Free VPS? NOT.!! Two opened and closed trades of 100K each at inflated UK MT4 spread and the free VPS costs more than if you paid for it out of pocket.

http://www.fxfisherman.com/forums/fo...html#post32686

The business plan is clear. They were stringing us along the whole time. They never intended to implement any of the suggestions here, forget about contingent OCOs. The money is in UK.
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  • #439
  • Aug 5, 2009 9:25am Aug 5, 2009 9:25am
I guess no good deed goes unpunished

Since it was brought up, if anyone in the Forex Factory forum has a live MT4 account with FXCM wants to beta test our free VPS, please contact me and I'll have one setup for you.

Each VM is allocated 10 Gb of disk space and 1Gb of Ram.

-Jason


Quoting wwwin
Free VPS? NOT.!! Two opened and closed trades of 100K each at inflated UK MT4 spread and the free VPS costs more than if you paid for it out of pocket.

http://www.fxfisherman.com/forums/fo...html#post32686

The business plan is clear. They were stringing us along the whole time. They never intended to implement any of the suggestions here, forget about contingent OCOs. The money is in UK.
  • #440
  • Aug 5, 2009 9:32am Aug 5, 2009 9:32am
BTW, any information about new FXCM releases and promotions will be posted in the commercial forum.

Free VPS
http://www.forexfactory.com/t/188500...ml#post2932022

New Mobile Price Alerts and News Alerts
http://www.forexfactory.com/t/186871...-alerts-1.html

Free access to DailyFX Plus Trading Signals
http://www.forexfactory.com/t/186461...signals-1.html


More possible releases in the upcoming weeks.
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