Proposed NFA Capital Requirement

Quote from IShopAtPublix:

So let me get this straight: I am a position trader so if I put in a position at 10pm ET and go to sleep I will not have any protection(stop orders?) or If I suspect that the session's maximum point will be achieved during odd hours (3am) I won't be able to set a limit order to take profits? So that means to trade forex I will have to be glued to the screen the whole night?
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You will be able to place entry orders against your open position. For example if you are long 100k EUR/USD at 1.3330. You can place a order to sell 100k 1.3310 and if you want you can place another sell order above the market at 1.3350. But once 1 of the orders is filled you will have to cancel the other order. NFA is just trying to get Forex to trade like every other market. Your broker will need to roll out OCO orders so you can have both orders out and not worry about it.

This is a good thing for the industry it will clean it up more. I was told money managers were/are gaming their results with the current accounting and hedging methods.
 
Quote from operator:

Your broker will need to roll out OCO orders so you can have both orders out and not worry about it.
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I can't see that being too difficult to do, can you? I mean they're already on a ticket as Stop and Limit OCO, it just needs applying to the position as opposed to the individual trade.
 
Quote from operator:

You will be able to place entry orders against your open position. For example if you are long 100k EUR/USD at 1.3330. You can place a order to sell 100k 1.3310 and if you want you can place another sell order above the market at 1.3350. But once 1 of the orders is filled you will have to cancel the other order. NFA is just trying to get Forex to trade like every other market. Your broker will need to roll out OCO orders so you can have both orders out and not worry about it.

This is a good thing for the industry it will clean it up more. I was told money managers were/are gaming their results with the current accounting and hedging methods.
More...

The most important thing for me in forex is leverage. By god I hope they don't touch it. If they make it like 20:1 tops it is back to options/futures for me.
 
Quote from cabletrader:

I can't see that being too difficult to do, can you? I mean they're already on a ticket as Stop and Limit OCO, it just needs applying to the position as opposed to the individual trade.
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Shouldn't be to hard to do.

But most firms are just moving clients offshore for now.
 
Quote from cabletrader:

What, you were serious, you really think that's going to be the way it will work :eek:

C'mon IShopAtPublix, I thought you had more about you than the likes of PeeCap et al!
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My... I didn't even catch that one...

I see you're just a clown at a computer screen:p...Why are you acting like you've been so educated about the whole thing when just a few pages ago you didn't believe it :confused:

You even requoted me on how it will work...
 
Quote from PreCrap:

My... I didn't even catch that one...

I see you're just a clown at a computer screen:p...Why are you acting like you've been so educated about the whole thing when just a few pages ago you didn't believe it :confused:

You even requoted me on how it will work...
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lol, what are you talking about :D

It's not something you should need educating about, it's not exactly rocket science, and it's not my fault some clueless account manager scared the shit out of you and had you in a panic.

Here are a couple of my posts in this thread, here and here, I don't know why you're having so much difficulty understanding unless you're learning impaired or something.

Maybe a visual aid will help you understand this simple concept. Here's a screenshot of an OCO ticket from CMC, a UK marketmaker who I've traded with for years and they've always used FIFO.

Hope that helps but somehow I doubt it......



2hxrl1l.jpg
 
I see you don't even read the posts...I probably wouldn't either after two years worth of posting...

You can see the more important ones I wrote below...I'll chalk this up to confusion because we're talking about the same things, but it has different importance to me...So at least read before we go any further with this, because I'd rather be playing with my fiance than you:p



1.
My account managers, at different firms, all called me today, and told me they're sending everyone packing to their U.K variants...Yes it is true...no stop or limit orders... Everything will have to be either a market order or another entry order at what you're so called "stop" or "limit" is... I know FXCM is actually sending all their clients an email to give them the option to switch to the U.K. branch in one click. My account manager there sent me the paperwork to transfer my IB there, upon his suggestion. I'm certain it's because their affraid of business slowing while everyone would have to grow accustom to a new implemetation of their trading systems... I was on-boarding my FIX engine just now and it's going to be a real pain in the ass to fix things, just to trade in the states... Makes me wonder if Forex trading in the U.S. will die out soon.



2.
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 PreCap:

I see you don't even read the posts...I probably wouldn't either after two years worth of posting...

You can see the more important ones I wrote below...I'll chalk this up to confusion because we're talking about the same things, but it has different importance to me...So at least read before we go any further with this, because I'd rather be playing with my fiance than you:p



1.
My account managers, at different firms, all called me today, and told me they're sending everyone packing to their U.K variants...Yes it is true...no stop or limit orders... Everything will have to be either a market order or another entry order at what you're so called "stop" or "limit" is... I know FXCM is actually sending all their clients an email to give them the option to switch to the U.K. branch in one click. My account manager there sent me the paperwork to transfer my IB there, upon his suggestion. I'm certain it's because their affraid of business slowing while everyone would have to grow accustom to a new implemetation of their trading systems... I was on-boarding my FIX engine just now and it's going to be a real pain in the ass to fix things, just to trade in the states... Makes me wonder if Forex trading in the U.S. will die out soon.



2.
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
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I have 2 accounts with FXCM (micro and standard) plus 1 with GFT. I have not received a single e-mail about moving to UK branches... If everything is the same (leverage, pairs offered, platform, ease of withdrawing money) I would do it in a heart beat.

I think NFA is seriously trying to destroy the industry. The timing is suspicious. Forex brokers were frequently advertising the troubles in the equity markets as a reason to switch to Forex.

Damn NFA to hell. If it ain't broke don't fix it. Forex is like internet, it is worldwide, it does not need unnecessary regulation.
 
what fuck up is only one broker is benefiting from all of this and thats FXCM, they have brought out ODL, HOTSPOTFX, I-TRADE, where's the competition the N.F.A. wanted.
 
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