No more hedging

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Could you please tell me If I understood well the new rules.

Is this allowed:

1. OPEN BUY EUR/USD 21.4.2009 15:30 1 lot

after 24h hours my position is example + 90pips.

My indicators gave a me a signal to open a short position but I still don't want to close my position because the TP didn't hit yet.

2. OPEN SHORT EUR/USD 22.4.2009 11:00 1lot

I have a strategy that I will never open an opposite position in the same day, only after 24h I can do that.

Is this allowed?

Thanks

 

Simple answer,

No, so long as its in the same account

 

Wait a second....

What about EAs? The majority of them trade 5 or so orders at a time - some buy and sell orders simultaneously. Is this new rule going to be the death of expert advisors?? Are we only allowed to trade one order at a time from here on with FAPS or YourLuckyPro for instance??

 

I think Stef may have a point. Is this going to effect EA's at all? Please correct me if I'm wrong, but does this mean we lose access to a whole slew of EA's?

 

..

Here's a simple definition of what is being banned.

You cannot open opposite orders in the market in a single account at the same time.

ANYTHING that falls under that statement it effects.

 

In other words, the answer to my question is yes.

Is there any way we can call for the abolition of this law? Whether you agree with hedging or not, it is not the NFA's right to demand that ALL forex brokers relinquish the allowance of hedging altogether. Some brokers allow it and some don't... what the trader does is his/her responsibility even if the trade executed results in null profit. Who, besides the NFA, do we complain to?

 

Barack Obama! Complain to him!

patriotstef:
In other words, the answer to my question is yes. Is there any way we can call for the abolition of this law? Whether you agree with hedging or not, it is not the NFA's right to demand that ALL forex brokers relinquish the allowance of hedging altogether. Some brokers allow it and some don't... what the trader does is his/her responsibility even if the trade executed results in null profit. Who, besides the NFA, do we complain to?
 
Walander:
..

Here's a simple definition of what is being banned.

You cannot open opposite orders in the market in a single account at the same time.

ANYTHING that falls under that statement it effects.

Thanks for the input Walander. Just one more hurdle to jump... Question I have now is do we just get around this problem or do we try to tackle the law itself? With that said I'm moving to New Hampshire and joining the Libertarian party...

 

I really like the "no more hedge" rule.

Time to go back to real trading. No more martingales and such things.

It's the best that NFA did on last years. Because new rule is related with STP.

Don't most "traders" complains against dealing desk?

 

Thanks for the answers.

I will need to open a new account to be able to do that

Good luck

 
Linuxser:
I really like the "no more hedge" rule.

Time to go back to real trading. No more martingales and such things.

It's the best that NFA did on last years. Because new rule is related with STP.

Don't most "traders" complains against dealing desk?

Fully agree with that. (except that anyway you can do martingale, specially if you don't care about losing money)

This artificial hedging was just a toy, it didn't make any sense.

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