Blessing 2 - page 97
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will blessing work with this rules?
Hi all
I ve been tradin blessing for some time and i am worried about a post i found in another forum, take a look:
"NFA will not be allowing stop and limit orders on open positions either, as this conflicts with their FIFO - first-in, first-out - new policy. This goes into effect may 17th.
Any thoughts ?
After reading this thread I did some research and found this post at FXAW by Paul Towne of BackBayFX.com
NEW Proposed Amendment to NFA RULE (2.43b)!
Hi All,
As part of our due diligence on the NFA's "anti-hedging" rule from April 13 (NFA rule 2.43(b)), we have been informed of a follow up or clarification from the NFA. We have not been able to get the NFA to confirm or deny, but we have heard from multiple independent sources.
The NFA has informed the clearing firms that they will need to use First In-First Out (FIFO) accounting for retail traders. This has an important effect on all traders, but specifically MetaTrader4 users!!
FIFO accounting means that if a trader has a position in a currency pair that was formed by the combination of two orders, when the trader goes to close out a portion of that position, the first order in will have to be the first order closed. HUH? Here is an example of the new ruling:
Trader bought 100,000 EUR/USD this morning (call it the morning trade), and bought another 100,000 this afternoon (call it the afternoon trade). So the total position is 200,000 EUR/USD. When the trader chooses to close part of his position by selling 100,000 EUR/USD......the trader must close the morning trade. He/She can not close the afternoon trade before the morning trade. Sooooooo.....
This ruling will significantly affect the use of Stop Loss and Limit Orders on open positions. Think of it....in the above example, you would not be able to put a Take Profit order on your afternoon trade until/unless you had closed the morning trade; the closing order of the open trades must be FIFO! Without some complicated changes being made to the coding of the retail FX platforms, the clearing firms will have to eliminate the use of Stops and Limits.
This clarification (once confirmed) will effect almost all trading styles, but specifically effect the following strategies:
- Martingale
- Grid Trading
- One Cancels Other (OCO) orders
Please note that the above is in addition to the main part of rule 2.43(b) which eliminates hedging for retail traders.
Please don't hesitate to contact me with any additional questions (contact info below).
(I removed his details because I wasn't sure if forum rules would allow, but PM me if you want the forum details)"
So, does someone know more about this?
Regards
EP stop on USDJPY
Did anybody else had an EP stop on USDJPY yesterday?
This is already the second in 2 weeks.
Best
Antomi
Did anybody else had an EP stop on USDJPY yesterday?
This is already the second in 2 weeks.
Best
AntomiI had eight levels going, before it finally retraced. My DD was only
-$51 on a $612 live account, with portion 1 and .01 starting lots.
Even at eight levels, I still had $250 additional room for neg float.
With this level of reserve, I know I could easily survive 10 progressions.
If an account can't take eight levels, then the balance isn't big enough.
Rob
NFA stop/limit order restrictions
If this is for real, I am done with forex. And most
definitely done with Blessing, which relies on stop/limit
orders.
The NFA wants this to go into effect on May 15, along
with the hedging restrictions.
Next step will be 1.5:1 leverage max and you can say
goodbye to forex forever.
Rob
Here it is, guys
For Those of You Who Supported The NFA On The New NO-HEDGING Rule...You gotta LOVE This Little Extra.... Now they are taking away STOPS and LIMITS Also...
I just learned today that the NFA is also imposing additional changes as part of their new rule on hedging that we did not previously know about. The early information that I have about this new part of the rule is going to be very disruptive to trading through any US entity regulated by the NFA.
The basic information that I have at this point is that ALL trades will be required to be executed on a "first-in, first-out" basis. Meaning clients can not manage positions on a per ticket basis. Example: client buys 1 lot EUR/USD, then buys a second lot of EUR/USD. If the client for whatever reason wishes to close out second lot (it's profitable while the first one is not), it will NOT be possible. First lot must be closed out first.
This also means that traders will not be able to place stops and limits on individual tickets and will not be able to close positions from the open positions window. To close a trade, the trader must place a new market order in the opposite direction. Stops and limits will no longer exist, the trader needs to place an entry order to close the trade at a specified price.
From the information we have at this point, the NFA wants these changes to go into effect on May 15th.
I sure hope you idiots who were in support of Rule 2-43(b) are happy now! But I think we can effectively say GOOOOD-BYE to Spot Forex in the United States