NFA CFTC KILLING OFF FOREX in the US - page 2
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Some Permissible Order Types: http://www.mbtrading.com/forexOrderTypes.aspx
Some Permissible Order Types: http://www.mbtrading.com/forexOrderTypes.aspx
Phy I do understand....We will not be able to have a positon closed by adding a Stoploss..... The position can be only closed by creating another equal and offsetting position.
We buy 1 lot....no stoploss,.....the only way to close it is to sell 1 lot.
Old style:
Buy one lot at 1.4000 with stoploss at 1.3950 and TP at 1.4100 -- if SL is triggered then TP disappears, if TP is triggered then SL disappears. Modify prices as you like.
New Style:
Buy one lot at 1.4000 with paired One Cancels Other orders: sell stop at 1.3950 and sell limit 1.4100 -- if the stop is hit, the limit disappears, if the limit is hit, the stop disappears. Modify prices as you like.
Old style:
Buy one lot at 1.4000 with stoploss at 1.3950 and TP at 1.4100 -- if SL is triggered then TP disappears, if TP is triggered then SL disappears. Modify prices as you like.
New Style:
Buy one lot at 1.4000 with paired One Cancels Other orders: sell stop at 1.3950 and sell limit 1.4100 -- if the stop is hit, the limit disappears, if the limit is hit, the stop disappears. Modify prices as you like.
How does this relate to MT4? I've modified my EA's to use OrderClose instead of placing TP or SL when then order is created. I have not used "One Cancels Other" strategy. Is it possible with a single command or
must we constantly check for the existance of the "sell stop" and delete the "sell limit" if not found?? It still will be much easier for most to just continue trading MT4 outside of the US.
MT4 requires you to use OrderClose() to "sell" a lot that you bought, or to "buy back" a lot that you sold.
The rules do not "kill forex" as in the title of this thread, but non-conforming trading platforms/EA's will have to make adjustments.
MT5 should be conformant, if not, more delay.
MT4 requires you to use OrderClose() to "sell" a lot that you bought, or to "buy back" a lot that you sold.
The rules do not "kill forex" as in the title of this thread, but non-conforming trading platforms/EA's will have to make adjustments.
MT5 should be conformant, if not, more delay.
Thanks Phy... I appreciate your comments and insight....
I still maintain that the NFA CFTC have made it now preferable to trade with non NFA CFTC regulated brokers. It is a clear inconvenience...disadvantage to have
to give up TP/SL, Hedging and also to require FIFO... This isn't good in any way for NFA CFTC.....US.... brokers.... because many traders will..., and ARE,
closing/moving their accounts. Heck just the loss of MT4 at FXCM has to be a big hit to the US Forex marketplace...
MT4 requires you to use OrderClose() to "sell" a lot that you bought, or to "buy back" a lot that you sold.
The rules do not "kill forex" as in the title of this thread, but non-conforming trading platforms/EA's will have to make adjustments.
MT5 should be conformant, if not, more delay.
One the one hand, these changes are indeed just forcing MT4/MT5 and its EAs to behave the way that most existing trading platforms/changes already behave.
On the other hand, there's the problem that the OCO mechanism for s/l and t/p simply isn't possible in MT4 at the moment. Not only is there no (built-in) facility for OCO orders, but you get error #149 ("Hedge is disabled") if you try to place a pending sell order when currently long (and vice versa). Either Metaquotes need to make a substantial change to MT4, undoing a lot of the nasty quick-fix they bodged together to deal with the non-hedging rule, or things are going to be broken until such time as MT5 appears - and is ready for prime-time. Assuming a beta-test period of an absolute minimum of 6 months before investors and brokers are prepared to commit real money to such a completely re-written platform, that's not going to be soon.
NFA rule 2-43(b)
Obama is taking the US towards bankruptcy and socialism... He's just a smooth talking lawyer....not good...
What the hell does Obama have anything to do with this? The NFA is a non-government agency. Quit injecting politics into everything.
What the hell does Obama have anything to do with this? The NFA is a non-government agency. Quit injecting politics into everything.
The CFTC certainly is governmental. Last time I checked the web site was cftc.GOV ....Obama has come down hard on everything financial including the rate at which forex and options are taxed...no more 60/40....No luv for Obama here...
http://www.businessinsider.com/obamas-budget-hits-commodities-and-options-dealers-with-surprise-tax-hike-2009-5