New (NFA) Rule Effective after July 31, 2009

[eathomas]

Read the complete set of rules below.

Effective after July 31, 2009, the National Futures Association (NFA) will require all U.S. regulated Forex Dealer Members to execute trades on a first-in-first-out basis (FIFO) as per Compliance Rule 2-43 (b). FIFO requires that when multiple positions are held on the same currency pair, the position that was first opened will be the first to be closed.
As a result, forex traders will no longer have the ability to selectively place stop-loss or limit orders on individual trades, nor will traders be able to modify or close trades from the "Open Positions" window.

The NFA's stance is that FIFO provides more transparency to customers, offering a more accurate picture of the P/L on multiple positions than viewing results of individual positions. This also brings the forex market more in line with the practices of the futures and equities markets.

How does this affect you?

If you are at InterbankFX, FXDD or any USA based broker, it is time to switch to a broker that has a UK branch.    If you are running an expert advisor that uses limit orders or stop orders it will no longer work for you. In fact no trading is going to work for you not matter what it is as the metatrader is not going to work with these new rules. It is time to make the change before the deadline approaches and you cannot trade anymore.

*This is a clipping from "BestMT4Brokers" Newsletter*
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I'm not sure what to think about this one?
What do you think?

[RobbyRob_69]

Read the complete set of rules below.

Effective after July 31, 2009, the National Futures Association (NFA) will require all U.S. regulated Forex Dealer Members to execute trades on a first-in-first-out basis (FIFO) as per Compliance Rule 2-43 (b). FIFO requires that when multiple positions are held on the same currency pair, the position that was first opened will be the first to be closed.
As a result, forex traders will no longer have the ability to selectively place stop-loss or limit orders on individual trades, nor will traders be able to modify or close trades from the "Open Positions" window.

The NFA's stance is that FIFO provides more transparency to customers, offering a more accurate picture of the P/L on multiple positions than viewing results of individual positions. This also brings the forex market more in line with the practices of the futures and equities markets.

How does this affect you?

If you are at InterbankFX, FXDD or any USA based broker, it is time to switch to a broker that has a UK branch. If you are running an expert advisor that uses limit orders or stop orders it will no longer work for you. In fact no trading is going to work for you not matter what it is as the metatrader is not going to work with these new rules. It is time to make the change before the deadline approaches and you cannot trade anymore.

*This is a clipping from "BestMT4Brokers" Newsletter*
----------------------------------------------------------------------------------------------------------------
I'm not sure what to think about this one?
What do you think?

Here's what I found so far:

Posted here:

http://bestexpertadvisors.com/forums/vi ... f=1&t=1178

"Rule 2-43 Ready"

http://www.bestexpertadvisors.com/chameleonez/

"NFA has decided to extend the effective date for the FIFO part of the rule until July 31, 2009."

http://www.nfa.futures.org/news/newsNot ... cleID=2281

More comments:

http://s4-us2.ixquick.com/do/metasearch ... f=&rcount=

[eathomas]

Read the complete set of rules below.

Effective after July 31, 2009, the National Futures Association (NFA) will require all U.S. regulated Forex Dealer Members to execute trades on a first-in-first-out basis (FIFO) as per Compliance Rule 2-43 (b). FIFO requires that when multiple positions are held on the same currency pair, the position that was first opened will be the first to be closed.
As a result, forex traders will no longer have the ability to selectively place stop-loss or limit orders on individual trades, nor will traders be able to modify or close trades from the "Open Positions" window.

The NFA's stance is that FIFO provides more transparency to customers, offering a more accurate picture of the P/L on multiple positions than viewing results of individual positions. This also brings the forex market more in line with the practices of the futures and equities markets.

How does this affect you?

If you are at InterbankFX, FXDD or any USA based broker, it is time to switch to a broker that has a UK branch. If you are running an expert advisor that uses limit orders or stop orders it will no longer work for you. In fact no trading is going to work for you not matter what it is as the metatrader is not going to work with these new rules. It is time to make the change before the deadline approaches and you cannot trade anymore.

*This is a clipping from "BestMT4Brokers" Newsletter*
----------------------------------------------------------------------------------------------------------------
I'm not sure what to think about this one?
What do you think?

Here's what I found so far:

Posted here:

http://bestexpertadvisors.com/forums/vi ... f=1&t=1178

"Rule 2-43 Ready"

http://www.bestexpertadvisors.com/chameleonez/

"NFA has decided to extend the effective date for the FIFO part of the rule until July 31, 2009."

http://www.nfa.futures.org/news/newsNot ... cleID=2281

More comments:

http://s4-us2.ixquick.com/do/metasearch ... f=&rcount=

Thanks .... I was really looking for more dialog and participation on the subject.