You're misinterpreting what I'm saying... Account managers called me in a panic and sent me their U.K. forms today, in order to prepare for the worse... Like I said, it may just have been some early morning chatter, that got some people worked up... Obviously, if more than one person heard this, and posted about it today.... Then it came from somewhere, that wasn't out of my ass... I haven't recieved any emails but if I have clients that change over to the U.K. I need to be a U.K. IB also... I can attest to that I haven't heard anything from PFG about it either... Rightfully I'm sure I would have heard from Nolan by now also... Believe me this didn't have anything to do with market makers... It had to do with shear panic from a few account managers that wanted to make sure I was covering my ass just in case.
Proposed NFA Capital Requirement
- Thread starter forexsavior
- Start date
You're misinterpreting what I'm saying... Account managers called me in a panic and sent me their U.K. forms today, in order to prepare for the worse... Like I said, it may just have been some early morning chatter, that got some people worked up... Obviously, if more than one person heard this, and posted about it today.... Then it came from somewhere, that wasn't out of my ass... I haven't recieved any emails but if I have clients that change over to the U.K. I need to be a U.K. IB also... I can attest to that I haven't heard anything from PFG about it either... Rightfully I'm sure I would have heard from Nolan by now also... Believe me this didn't have anything to do with market makers... It had to do with shear panic from a few account managers that wanted to make sure I was covering my ass just in case.
so what these account managers are telling you with the new rule you might not be able to use s/l and t/p with your trades and that they are preparing you for the worst, there is no and let me repeat there is no evidence of no such thing to have anybody panicing and they should know better.
No...It's what was said this morning...alot of things happen over the course of the day... I've already said, three times, it may just have been some early morning chatter... Again, obviously this wasn't pulled out of my ass, because more than one person posted about it and heard something similar.
so you realy think the N.F.A. is gonna take away from traders to use s/l and t/p
i guess they want everybody to blow there accounts LMAO and heres the kicker if your a trader who hold trades for days OR weeks at a time you have to stay up for days or weeks to watch your trade just incase your mental stop loss get hit LMAO Nothing to worry about. If, and it's a big 'if', stops and limits on individual trades are no longer allowed (or available on the platform) then they'll be replaced by a simple OCO (One Cancels Other) order or something similar. I imagine different brokers will handle the new non-'hedging' policy in different ways depending on their software.
Sounds like you need new account managers to me, which broker is it?
Your account manager sounds like a fool. Everyone just needs to calm down and just think about it for a second. The NFA is just trying to make forex just like every other market (i.e. futures, stocks, etc) by adding FIFO and getting rid of hedging (which is worthless any way). Can you place stops and limit orders on futures and equities? Yes. Will you be able to place them on forex? Yes.
Quote from JDL:
so you realy think the N.F.A. is gonna take away from traders to use s/l and t/p
That isn't what was told to me... It was explained that a stop order and limit order were going to have to be either a market order or entry order... So instead of a stop order it would be an entry order at the price you wanted you're stop at ...and vice versa with the limit... Basically the same thing but a different name under FIX protocol...
Hmmm... I just realized you haven't got a clue why I was even thinking so hard about it... I'm on-boarding my FIX engine right now, to setup trading, at the most brokerage firms, I've ever worked with at the same time. I've got a little over 20 foreign and domestic and can trade anywhere running Currenex... So I thought I was going to have to reimplement a piece of middlware that makes it possible for one signal to be sent everywhere with the same message... It took a long time to get to where it is now...and alot of development costs...So my freaking out was more so being pissed off... Although, when I think about it, they may have just been trying to let me know I could do that, so I don't have any hold ups ,if something with their FIX API changes for U.S. related trades
Quote from JDL:
well now you come out with the problem you thought you will have with this new rule, of course i didn't have a clue, unless you posted it some where in this thread, any way you should be ok, just a few minor changes if need to.
I said it at the end of the first paragraph I wrote, if you paid attention... I didn't think it needed clarification... Did I really sound like I was panicing or something
