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  • #470,961
  • Jun 23, 2011 4:59pm Jun 23, 2011 4:59pm
Yes, I trade with USA brokers and their rules are enforced but you can still get around them.

FIFO
If your lot size is different then you can close any trade in any order.

Hedging
The only way to do hedging the the USA is with two accounts, one for longs and one for shorts.

Cheers


Quoting attila
Anybody trading with a U.S broker (duh... I'm sure some are). Is FIFO enforced? No hedging?
  • #470,962
  • Jun 23, 2011 5:02pm Jun 23, 2011 5:02pm
You got that right it's just total BS here for us USA traders!!!!!



Quoting Magix
FIFO is bar none the worst set of policies to hit trading...

First in First out...

You wanna take a long, you add it. You want to add to your position, you can add. If you want to close a position, it has to be the first one you entered into.

When the yanks introduced the FIFO, they also made it so that hedging was not allowed. So, you enter into a long, before you can take a short, your longs have to be cleared...

Just bullshit...
  • #470,963
  • Jun 23, 2011 5:04pm Jun 23, 2011 5:04pm
Quoting pipper
Might break 63 on next knock
4280 Must touch because it's myTP
  • #470,964
  • Jun 23, 2011 5:05pm Jun 23, 2011 5:05pm
Anyone else get a message from OANDA - Dodd-Frank - can only use 1-1 leverage on metals after July 15 in USA...That should cause some havoc. Could use 50-1 prior...Shutting the doors all around us in the land of capitalism...I'm sure currencies will follow soon enough...TT
  • #470,965
  • Jun 23, 2011 5:07pm Jun 23, 2011 5:07pm
Why just not switch brokers then?
Don't get mad, get even!
  • #470,966
  • Jun 23, 2011 5:07pm Jun 23, 2011 5:07pm
Sorry - see it was posted earlier....TT
  • #470,967
  • Jun 23, 2011 5:08pm Jun 23, 2011 5:08pm
Quoting attila
Thanks, but I am not sure I quite understand what does that do to me behind an mt4 terminal. If I put in two longs do I have to exit the first one before the second one? Also can I go long and short the same amount on the same currency? I am not interested in the margin hold, just the mechanics of trading under the new law..... thanks again.
I don't think they're meddling with the forex mm's rules on position accounting. May be wrong, but don't think so.

This is the what goes on under the hood. You can do trade accounting one of two ways:

(a) keep the ledger of trades, and match the first long to the first short, cross those off, and repeat until you're left with some remaining net, or flat. That's "clearing."

(b) keep a ledger of positions, which are defined as an object that has an Establish side and an Exit side. Once a position is established, you can point exit-side trades to that position, and reduce the net size until it's zero, and then define the position as "Closed." Or you can establish a new position with a trade, and have more than one position in "Active" state.

Type (b) is what you do at an MT4 if you select an open position by number or some other identifier and allocate a trade to it. It's also the way money managers have to do it, if they have multiple client accounts.

Again, at the end of the day, the net *economic* result is identical. What is not identical is the PnL position by position, especially if you can select which position gets which trade. Then when you graph the position results, you can get a different picture.

I don't think Dodd-Frank or CFTC care about that. SEC and FTC might, if there is a deceptive component to it and the guy doing it is soliciting client money publically; I don't know about that. Dodd-Frank is trying to move the OTC derivatives into clearing. Those gold and silver deals that the mm's offered are a species of that, and that's why they're being hit. How spot forex is accounted for, I really don't think D-F or CFTC care.
  • #470,968
  • Jun 23, 2011 5:08pm Jun 23, 2011 5:08pm
Quoting TzarPips
pretty close call tho at 0.2 of a pip at my PSL...lol!

in the same breath...


gonna just analyse the post ny range now, and see where price consolidates, hi or lo of the range, ask yourself where are the trapped weak holders, 9 times out of 10 they're the ones that are gonna get creamed at the tokyo open...

watch for spikes and fakes...

my two cents...
  • #470,969
  • Jun 23, 2011 5:10pm Jun 23, 2011 5:10pm
Quoting Magix
FIFO is bar none the worst set of policies to hit trading...

First in First out...

You wanna take a long, you add it. You want to add to your position, you can add. If you want to close a position, it has to be the first one you entered into.

When the yanks introduced the FIFO, they also made it so that hedging was not allowed. So, you enter into a long, before you can take a short, your longs have to be cleared...

Just bullshit...
crap... Allright, time to dust off the other passport.
  • #470,970
  • Jun 23, 2011 5:10pm Jun 23, 2011 5:10pm
Doesn't seam like capitalism anymore and I hope not with forex too, they have done enough changes to us their.

Cheers

Quoting TurboTrader1
Anyone else get a message from OANDA - Dodd-Frank - can only use 1-1 leverage on metals after July 15 in USA...That should cause some havoc. Could use 50-1 prior...Shutting the doors all around us in the land of capitalism...I'm sure currencies will follow soon enough...TT
  • #470,971
  • Jun 23, 2011 5:10pm Jun 23, 2011 5:10pm
I'm long from 69 TP 1.4320
  • #470,972
  • Jun 23, 2011 5:13pm Jun 23, 2011 5:13pm
Thanks man. I have to read this several times to understand it.

Quoting OldQuant
I don't think they're meddling with the forex mm's rules on position accounting. May be wrong, but don't think so.

This is the what goes on under the hood. You can do trade accounting one of two ways:

(a) keep the ledger of trades, and match the first long to the first short, cross those off, and repeat until you're left with some remaining net, or flat. That's "clearing."

(b) keep a ledger of positions, which are defined as an object that has an Establish side and an Exit side. Once a position is established, you can point exit-side...
  • #470,973
  • Jun 23, 2011 5:14pm Jun 23, 2011 5:14pm
Quoting attila
crap... Allright, time to dust off the other passport.
As I think I have a fair understanding of the way you trade with multiple positions on both sides of table, I really don't believe that you would enjoy FIFO at all...

I was trading via platform, and was on a hiatus when the Americans pulled that shit. When I came back to trading, I was totally lost...I am sure if you play only swings and add along the way profiting along the way or if is the only set of rules you have traded under, you might be able to get along.

But as far as goes, the only people that are helped with this set of standards are brokers. There really is no reason for them, and though there may be work arounds, it just flat out SUCKS HARD...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #470,974
  • Jun 23, 2011 5:15pm Jun 23, 2011 5:15pm
Open an account with a Cyprus broker, then you can do whatever and also have a visa card directly from your trading account, no tax


I think there is still too many holding a short so we might see a second squeeze...
  • #470,975
  • Jun 23, 2011 5:17pm Jun 23, 2011 5:17pm
A couple noteable things about current price...

Pardon no chart, I have had a long day...

We are coming into both:

Chino Previous close.
Weekly Roll over rate...

A fairly convincing buy back up the stick on this play, but I will be interested in seeing if they can turn the week positive...

Currently Flat and in need of Several cold beer....

1.4777-14782 seems to be the lines in the sand...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #470,976
  • Jun 23, 2011 5:19pm Jun 23, 2011 5:19pm
Yes, that's how I do it. At one point I thought the brokers were not fighting this hard enough (how naive), but then I realized, by talking to people smarter than me that this is what the brokers actually wanted as they hate traders like me holding both sides of the trade. So yeah, this is going to suck pretty badly for me.

Quoting Magix
As I think I have a fair understanding of the way you trade with multiple positions on both sides of table, I really don't believe that you would enjoy FIFO at all...

I was trading via platform, and was on a hiatus when the Americans pulled that shit. When I came back to trading, I was totally lost...I am sure if you play only swings and add along the way profiting along the way or if is the only set of rules you have traded under, you might be able to get along.

But as far as goes, the only people that are helped with this set of standards...
  • #470,977
  • Jun 23, 2011 5:20pm Jun 23, 2011 5:20pm
Quoting Larseg
Open an account with a Cyprus broker, then you can do whatever and also have a visa card directly from your trading account, no tax


I think there is still too many holding a short so we might see a second squeeze...
I did that then I had to wait for 3 months for my withdrawal, and believe me it did not feel good. I am not worried about taxes, I will pay what I owe, but I don't need trading be more complicated than it already is.
  • #470,978
  • Jun 23, 2011 5:24pm Jun 23, 2011 5:24pm
PA is almost at 50% retrace from last nights move 1.4283. We'll see if EU is sincere on this bounce.
  • #470,979
  • Jun 23, 2011 5:25pm Jun 23, 2011 5:25pm
Asian season will be all against USD
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  • #470,980
  • Jun 23, 2011 5:25pm Jun 23, 2011 5:25pm
Quoting Magix
1.4777-14782 seems to be the lines in the sand...
Do you mean 47 handles, there, bro?
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