[FROM: sledge] So What are we going to do when the NFA takes away our limit orders in July [FROM: dug] wtf [FROM: dug] what do you mean takes away limit orders [FROM: sledge] rumor has it the NFA is going to do away with limit orders, to a market orders only system [FROM: sledge] Apparently it has something to do with the FIFO (first in first out) of the new hedge rule. [FROM: sledge] http://forexforums.dailyfx.com/281560-post31.html [FROM: amir] if that happens, I'm guessing many brokers will become non-nfa registered... [FROM: amir] cause that would be hurtful to traders [FROM: sledge] yeah, or move account to offshore [FROM: amir] "This link seems to clarify some of the confusion regarding stops and limits associated with open Forex positions. There have been some reports that stops and limits will not be allowed under the new rule; this may not be accurate. It sounds as if the new rule will allow them but it will force stops and limits to be applied to the oldest open position or upon the customers request, the oldest “same-size” transaction. The latter part of this would appear to be in place to prevent a stop or limit of say 100k" [FROM: amir] ..."being applied in a partial way against a position of 500k (unless that is the intention)." [FROM: sledge] well I'm hoping its just a rumor... of course the hedging rule change started out that way also [FROM: amir] im actually glad they banned the hedging rule [FROM: amir] it was just too tempting to use it in place of a stop loss [FROM: sledge] true [FROM: amir] I am glad that the NFA is actually making changes and watching trends, its better than the SEC - an agency that has done NOTHING as far as i'm concerned [FROM: dug] my broker just cut my leverage from 400:1 to 100:1 and removed hedging...damn! sucks having to set up multiple accounts to trade the diff time frames now [FROM: giovi] this is the ridiculous game from American gov. [FROM: giovi] they believe that resolved the problems of market putting these rules [FROM: giovi] just for info the amer. banks started again the same joke with the loans and mortgages [FROM: giovi] so' the American system is a bs system and is danger for the world [FROM: giovi] anyway you can came with an European broker or offshore broker
jordan: just reading the chat history from this morning. don't even know what to say giovi: why jordan ? jordan: the rumor regarding the NFA taking away the limit orders (if it is true) giovi: this is incredible jordan: as you said though, people will ave to start using European or Canadian brokers jordan: unreal. as if there was even a 'crisis' or limit orders had anything to do with anything giovi: they believe to resolve the crisis making these things sledge: Hey Jordan, yeah i heard this rumor over a month ago and thought I'd post it...just in case it does become reality, at least this way gives you time to think on how to change the entries jordan: i expect to take man losses, which is why our losses are smaller than our profits jordan: i know it is just a rumor but so was the hedging before it happened. sledge: exactly my point heh jordan: of course no thought has been given to how we would adjust (I just heard of this, thank you) but off the top of my head it would have to be we would need an alert sent to us when the limit order would had been triggering so we can enter at market jordan: does this also include stops being taken away since in a sense that is a limit order? sledge: yeah it basically forces us to sit in front of the screen 24/7 jordan: worse than not being able to enter through a limit would be not having a stop loss in. giovi: we don't need to stay in front of pc,we go to pc when are expiring the 4 hours giovi: we check every 4 hours jordan: right now; if they got rid of limit orders however it would require more screen time or an alternative solution sledge: agreed, or to move account to the UK or offshore...which I'm not to fond of jordan: i would like my base currency to be AUD actually jordan: (with Oanda you can do that actually) sledge: hehe jordan: we'll see what happens. it is a rumor right now but good to have the heads up to start thinking about how to react if it happens oli: that's madness how can you trade without stop losses that's suicidal
Subscribe to these updates by email or rss feed here. You can also follow me on Twitter here.
