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NFA - "No more Limit or Stop Loss orders"

  • #461
  • Aug 10, 2009 10:31am Aug 10, 2009 10:31am
Quoting ddaytrader
One last question - is the data feed used for MT4 Uk the same as is used for UK standard and micro using the Tradeing Station? I ask because both Friday and this morning the MT4 demo feed has been unavailable for 30-60 minutes at a time.
UK MT4 spread less 1/10 pip for BT should equal spread standard acct., but it does not..Fuzzy math.
Also, many times the MT4 feed is out while the TradeStation is working.
  • #462
  • Aug 10, 2009 11:02am Aug 10, 2009 11:02am
Quoting wwwin
UK MT4 spread less 1/10 pip for BT should equal spread standard acct., but it does not..Fuzzy math.
Also, many times the MT4 feed is out while the TradeStation is working.
To tell you the truth, I really do not care about the MT4 mark up, but I am pleased to hear that the TradeStation feed remains operable even when the MT4 is not working.

Quoting Jason Rogers
I checked with technical support and they couldn't confirm technical issues on the demo's this morning. I haven't been watching the feed myself today on MT4 but will pull it up to keep an eye on it. Can you message me in real time if this occurs again or shoot over an email. Thanks,

Jason
Here is a screen capture from MT4 and one from TradeStation - you can clearly see not only an area of missing price data, but also that that data has not "filed in" despite exiting and re-logging in to MT4.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU Missing Data1.jpg Size: 138 KB
Click to Enlarge Name: GU Data Complete1.jpg Size: 80 KB
  • #463
  • Aug 10, 2009 11:05am Aug 10, 2009 11:05am
Quoting ddaytrader
Here is a screen capture from MT4 and one from TradeStation - you can clearly see not only an area of missing price data, but also that that data has not "filed in" despite exiting and re-logging in to MT4.
Also, I logged into the Trading Station demo to take that screen capture, but the live account chart is identical.
  • #464
  • Aug 10, 2009 12:37pm Aug 10, 2009 12:37pm
Quoting ddaytrader
Here is a screen capture from MT4 and one from TradeStation - you can clearly see not only an area of missing price data, but also that that data has not "filed in" despite exiting and re-logging in to MT4.
I see what you mean now. It occurs on my MT4 chart as well. I have notified our tech support about this to have it corrected.

-Jason
  • #465
  • Aug 12, 2009 10:15am Aug 12, 2009 10:15am
A Swiss account is not secret anymore. Yes take the money offshore and try to screw the IRS. LOL
http://www.bloomberg.com/apps/news?p...d=ahdkEatIQPuY
  • #466
  • Aug 12, 2009 11:34am Aug 12, 2009 11:34am
Gain Capital has a nice work around, you get to keep your funds at a highly capitalized firm but with no restrictions:

https://secure.efxnow.com/NewOLS_GCUK_EN/applyforex.aspx?BC=MQUV&IBC=FX1T&SIBC=1TMT

These rules are complete BS
  • #467
  • Aug 19, 2009 1:49pm Aug 19, 2009 1:49pm
Quoting deuce
You're welcome. Please let us know the results of your tests. I have been using them for several years and my management of open trades has not changed with this new ruling. The only negative some people have with them is the max leverage is 50:1. Not a problem if you are a serious trader with sufficient capital. Big problem if you treat forex like a casino.
I tried several demos. In the end, it came down to either GFT or Oanda. I liked GFT's charts better, but I really liked Oanda's flexible position sizing. The 50:1 max leverage is fine with me.

I went live last night with Oanda, and for the most part I am very pleased.

I sure am glad that it was only FXCM that that did away with contingent OCO orders, and not the NFA.
  • #468
  • Aug 19, 2009 10:39pm Aug 19, 2009 10:39pm
Quoting ddaytrader
I tried several demos. In the end, it came down to either GFT or Oanda. I liked GFT's charts better, but I really liked Oanda's flexible position sizing. The 50:1 max leverage is fine with me.

I went live last night with Oanda, and for the most part I am very pleased.

I sure am glad that it was only FXCM that that did away with contingent OCO orders, and not the NFA.
Way to go, the only way is to vote with your wallet. Everything else they could care less.
  • #469
  • Aug 19, 2009 11:37pm Aug 19, 2009 11:37pm
Quoting ddaytrader
I tried several demos. In the end, it came down to either GFT or Oanda. I liked GFT's charts better, but I really liked Oanda's flexible position sizing. The 50:1 max leverage is fine with me.

I went live last night with Oanda, and for the most part I am very pleased.

I sure am glad that it was only FXCM that that did away with contingent OCO orders, and not the NFA.


I'm glad you were successful in your search for a broker that allowed you to trade on your terms. The flexible position sizing is a big plus. It makes for very precise MM.
  • #470
  • Sep 19, 2009 8:29pm Sep 19, 2009 8:29pm
Quoting c1jake
Does the NFA plan to destroy MT4 in the USA? - Today, 06:41 PM



On April 29th, I wrote an article about some new NFA rules . They ended hedging with NFA registered brokers (bad), and also restricted the ability of brokers to wreck profits by claiming price feed errors (extremely good).
It is traditional to acknowledge the original author and also have a link back to the original posting when copying something.

The original link to my article quoted here by c1jake is:

http://www.forexpeacearmy.com/forex-...y-mt4-usa.html
  • #471
  • Edited 7:43pm Oct 21, 2009 7:32pm | Edited 7:43pm
Effective 11/30/09, NFA margin rules limits as follows:
According to "FXCM", the clear industry leader in rule interpretation, this is the applicable rule....
Link to Rule http://www.nfa.futures.org/news/news...ArticleID=2362
According to FXCM...who is always looking out for you.

USD/JPY AUD/USD (most USD based pairs) max is 100:1
EUR/USD EUR/JPY (most EUR based pairs) max is about 62.5 to 1
GBP/USD GBP/JPY (most GBP based pairs) max is about 58 to 1
Exotics variable.

FXCM is making effective a week earlier on 11/22/09

Thank you very much NFA or FXCM, to whom it may concern, Happy Thanksgiving.
  • #472
  • Oct 21, 2009 7:42pm Oct 21, 2009 7:42pm
Quoting wwwin
Effective 11/30/09, NFA margin rules limits as follows:
According to FXCM

USD/JPY AUD/USD (most USD based pairs) max is 100:1
EUR/USD EUR/JPY (most EUR based pairs) max is about 62.5 to 1
GBP/USD GBP/JPY (most GBP based pairs) max is about 58 to 1
Exotics varialle.

FXCM is making effective a week earlier on 11/22/09

Thank you very much NFA, Happy Thanksgiving.
Well, the margin doesn't bother me too much (though I do wish the NFA would go back to whatever it was the used to not do), but the lack of contingent stops/limits sure bothered me. I tried Oanda, and two weeks in the platform had a bizarre spike on the Yen pairs and I was not at all impressed with the maner in which Oanda addressed the issue. So, I bit the bullet, went back to FXCM, and transferred to the UK. All is well again - stops & limits, reasonable spreads, and, if you need it, leverage is still 400:1 on the micro and according to FXCM, it will stay the same for UK accounts. Though perhaps our resident FXCM Ambassador would like to confrim that here.
  • #473
  • Oct 21, 2009 7:48pm Oct 21, 2009 7:48pm
Quoting ddaytrader
Well, the margin doesn't bother me too much (though I do wish the NFA would go back to whatever it was the used to not do), but the lack of contingent stops/limits sure bothered me. I tried Oanda, and two weeks in the platform had a bizarre spike on the Yen pairs and I was not at all impressed with the maner in which Oanda addressed the issue. So, I bit the bullet, went back to FXCM, and transferred to the UK. All is well again - stops & limits, reasonable spreads, and, if you need it, leverage is still 400:1 on the micro and according to FXCM,...
Well thanks for the update...now might be the time...although I dont use that much leverage, sometimes is handy...UK??? Maybe is time to say what the phuck and go for it.
  • #474
  • Oct 21, 2009 7:55pm Oct 21, 2009 7:55pm
Quoting wwwin
Well thanks for the update...now might be the time...although I dont use that much leverage, sometimes is handy...UK??? Maybe is time to say what the phuck and go for it.
I've been there for about a week, and so far no problems. The one drawback I can see is that it seems as though there is no withdrawal other than by bank wire.
  • #475
  • Oct 21, 2009 7:59pm Oct 21, 2009 7:59pm
Quoting ddaytrader
I've been there for about a week, and so far no problems. The one drawback I can see is that it seems as though there is no withdrawal other than by bank wire.
I think Jason had said, if I am not mistaken, that that is the old form, but that you can use check w/d also, and that the check comes from a NY bank. Maybe the Ambassador can second that.

PS. When you moved the account, I presume that you had to remove TSII and reinstall from download from UK site? Thanks
  • #476
  • Oct 21, 2009 8:07pm Oct 21, 2009 8:07pm
Quoting wwwin
PS. When you moved the account, I presume that you had to remove TSII and reinstall from download from UK site? Thanks
FXCM treated it as opening a new account (which, in effect, it is). They emailed a link to download the UK version of the TS. I do not remeber having to uninstall the existing version. I think I was able to simply download and install the UK version over the exiting version. However it was, it was very quick and easy.
  • #477
  • Edited 10:11pm Oct 21, 2009 10:07pm | Edited 10:11pm
Quoting wwwin
I think Jason had said, if I am not mistaken, that that is the old form, but that you can use check w/d also, and that the check comes from a NY bank. Maybe the Ambassador can second that.

PS. When you moved the account, I presume that you had to remove TSII and reinstall from download from UK site? Thanks
I was surprised to see this thread coming to life again. Looks like NFA and FXCM are at it again.

Anyway, I moved my US accounts to UK few months back - when the hedging rules were being implemented. Not that I hedge but it is easier for me use the older way of trading.

After the transfer, I haven't encountered any problems so far - slippage, platform related bugs etc. I have done several deposits and withdrawals. I still use wire for larger amounts.

I did try paper check from UK accounts - they did that and the check came from a US (NY) address. It came to me in like 3-4 business days after I requested.

Reg. the TS platform:
I did not reinstall/remove any thing. The old TS II worked fine with the UK accounts as well.

Hope this helps.
  • #478
  • Oct 22, 2009 9:07am Oct 22, 2009 9:07am
Quoting ddaytrader
Well, the margin doesn't bother me too much (though I do wish the NFA would go back to whatever it was the used to not do), but the lack of contingent stops/limits sure bothered me. I tried Oanda, and two weeks in the platform had a bizarre spike on the Yen pairs and I was not at all impressed with the maner in which Oanda addressed the issue. So, I bit the bullet, went back to FXCM, and transferred to the UK. All is well again - stops & limits, reasonable spreads, and, if you need it, leverage is still 400:1 on the micro and according to FXCM,...
Hi ddaytrader,

UK micro accounts will still have 400:1 leverage. For UK standard 10k accounts, the maximum leverage remains 200:1.

Also for all of the FXCM US traders, the next update to the trading station will allow you to add stops/limits through the summary window of the FX Trading Station instead of having to use OCO entry orders. The summary window shows net positioning per currency pair, so it will be a global stop/limit for that currency pair. The udpate is scheduled for the weekend of Nov. 7th. Contingent OCO orders are in development and tentatively scheduled for the following release (date not yet set).

Jason
  • #479
  • Oct 22, 2009 9:16am Oct 22, 2009 9:16am
Quoting wwwin
I think Jason had said, if I am not mistaken, that that is the old form, but that you can use check w/d also, and that the check comes from a NY bank. Maybe the Ambassador can second that.

PS. When you moved the account, I presume that you had to remove TSII and reinstall from download from UK site? Thanks

Hi wwwin,

For UK micro accounts, all of the withdrawals are by bank wire.

For UK standard 10k accounts, you could request a paper check and we will mail it from our New York City office. It's not a listed option on the withdrawal form, so choose write a note asking to have a USD check mailed from our NYC office.

For the platform, denverdude is correct, you can use the same platform you have been using. If you want, you could reinstall the platform over the one on your computer. The only reason you should have to reinstall is if you are switching to an account with CFD's, but those aren't available for US residents.

Jason
  • #480
  • Oct 22, 2009 9:32am Oct 22, 2009 9:32am
Quoting Jason Rogers
Hi ddaytrader,

UK micro accounts will still have 400:1 leverage. For UK standard 10k accounts, the maximum leverage remains 200:1.

Also for all of the FXCM US traders, the next update to the trading station will allow you to add stops/limits through the summary window of the FX Trading Station instead of having to use OCO entry orders. The summary window shows net positioning per currency pair, so it will be a global stop/limit for that currency pair. The udpate is scheduled for the weekend of Nov. 7th. Contingent OCO orders are in development...
That's good to hear, thanks. The Ambassador was listening.
Ddaytrader, just when you made the jump...help was on the way. LOL
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