Tekmnd

Hi traders,

For those who are not aware, the new NFA rules mean that after July 31st, U.S. forex traders will not be able to set stop orders or limit orders. Instead, traders will have to place another order in the opposite direction to close. For instance, if you are long, the trader will have to place a sell order to close out the transaction.
Instead of having both a stop and a limit order, a trader will be forced to place two orders in the opposite direction as an OCO order (One cancels other). For instance, if a trader is short, the trader will have to place a buy order where he wants to get out of a losing trade and a buy order where he wants to take profit, both as OCO orders.

While this may seem like a small change at first, for some it may be quite limiting. For myself, sometimes I will do a scrape trade, and use a stop only as a fail safe order. By this I mean I will set a stop as a worst case scenario, but I will watch the trade and manually close it out when I feel it has gone against me.

One of the things I really like about the FXCM platform is that I can click on my trade on the chart, and it opens the ‘close trade’ window. I can place my mouse cursor right on the close button and if the trade starts to go against me, I just have to tap the mouse and BAM! I am out of the trade in an instant. I use this a lot when I scrape.

Now if you want to get out of a trade fast, one would have to modify the order entry to get out, which in the heat of battle cannot be done so quickly. Sometimes price moves very fast.

For those that want to keep the stop and limit abilities on their platform, they must move their account to FXCM_UK. This is a simple process; it only takes filling out a quick form. However, there is a July 21st deadline to transfer accounts, and that is only 3 weeks away.

Traders using brokers other than FXCM should check with their broker to see what options they have. If there is not an overseas office to transfer their account to, they may want to consider switching to a broker that has this ability. I am including a link to a FXCM demo account in case any of these traders want to check them out and try their platform.

Also, since I am assuming the demo will also be changing to the new rules, if anyone has been considering learning forex, they may want to try the demo account now before it changes (it is a demo account that trades exactly the same as a real account, but it uses virtual cash. It‘s free to do this). This way they will be able to try the old way first, and then if they decide to go live with real money down the line, they can always open a UK based account to start.



For more on the new rule, read here-
National Futures Association | News Center

Cheers
Tek

forexer

OMG man. Why the hell NFA want to do such an evil thing?

Damn, now i have to tell my dad and let him read this article so he understands. So when i transfer my account to the UK one, will the interfaces be the same as our current US one? Or will it be a little different and we would need to download the UK platform?

I'm still a little confused here.

Thanks for letting us know, Tek.

Forexer

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forexer

Also,

My balance will still be in USD when i transfer to FXCM UK right?

Does FXCM UK provide micro accounts or just mini accounts at the least? If there is a micro account offered by FXCM UK, it is going to use MT4 if i'm not wrong.

Its again very confusing. Hope you guys who are familiar with the matter can clear my mind

Forexer

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Time must be used Very Prudently

rocketman7

"Scrape" trade? I thought it was a "scalp".

Tekmnd

Hi Rocket
I have heard both terms used and I tend to interchange them.

Cheers
Tek

Tekmnd

Hi Forexer

I left some questions for our new Informed Trades ambassador here-
Jason Rogers- FXCM Ambassador

For the trader (for us) I am pretty sure we just fill out a form and the transfer is a paperwork thing, meaning the account gets moved by filing a form and nothing actually physically changes. I left some questions on this to double check though, and for anyone else reading this, they will probably be answered in the thread on the above link.

Cheers
Tek

themillionaire08

I just logged in to my FXCM account and got that auto message regarding this subject, I think I need sometime before I use to OCO staff

themillionaire08

Tekmend,
Just to get this straight me & the remaining, If I'm long USD/JPY at 97.50 and I'm targeting 30 pips, after I enter the trade I should make an Entry order to sell at 97.80 , is that correct?
we need one example with numbers to feel ok with this

CVD

Is this regarding US brokers? Or just US traders?

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forexer

Is it just me or there are some others who just don't like the interface with MT4. I tried MT4 a couple of times and i totally hated it. I just can't get to bond with the damn platform, i think its too complicated for me. I'm not saying its bad but its just not for me i guess.

So, if i transfer to FXCM UK, i have to get a mini account, not a micro MT4 account. Is this possible?

Who else here doesn't like MT4?

Forexer

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Time must be used Very Prudently