Prohibited by FIFO rule

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Trying to close a trade NZDJPY on Alpari MT4 and get the following message:


Prohibited by FIFO rule


Anybody know what that's about?


Thanks.

 

FIFO = First In First Out. Meaning first opened order must be close before closing second opened order. Google that : forex FIFO.

Correct me, that must be MT4 Alpari US - as from USA ?

 
Thank you onewithzachy. I actually knew the term FIFO from an accounting class... but didn't know it applied to forex trades. I guess it may be an Alpari US thing. I also found that I cannot hedge with this broker. Kind of a pain when I have a long trade going well and see the opportunity for a quick short scalp on the same pair. Oh well.
 
forexrrj:
Thank you onewithzachy. I actually knew the term FIFO from an accounting class... but didn't know it applied to forex trades. I guess it may be an Alpari US thing. I also found that I cannot hedge with this broker. Kind of a pain when I have a long trade going well and see the opportunity for a quick short scalp on the same pair. Oh well.

Alpari US is bound by the Frank-Dood Act. Among many things, the Frank-Dodd Act requires brokers who wish to do business with US citizens to (1) register and be regulated by the CFTC and NFA, (2) limit US citizens to 50:1 leverage, and (3) implement the FIFO rule. If you are not a US citizen and still wish to trade with Alpari, try Alpari UK.
 

The FIFO rule basically breaks the mql4 model.

Some brokers will move other tickets TP/SL to match current one so they all close together.

Other brokers like IBFX, implemented the FIFO on the backoffice side, so the only thing lost was hedging (and reduce leverage, and broker statements matching mql4 history.)

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