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This is Great!!!
I have just started in the trading business for over 3 months now and learned hard, payed for the power course and now all of this changes. Should i now forget what i have learned? Looks more like the NFA is against the US than with them. Looks like they make too much money, lol. It is really a stupid change and will with no doubt change to UK and even pay more in tax and transferring money than staying without the STOP/LOSS which is a very good option. Just hope that it would not fall away in the UK. Most probably the stupist decision the NFA would ever have made. Good luck with the OCO and the new bull they might find to think what is better for traders without asking them what they think.
Your new faithfull trader UK
New to forum
Thanks for all the information about the new rules. I thought that the hedging thing was bad. But this takes the cake. Whoever thought these rules should apply to currency trading is an idiot. I am moving my account off shore where more competent people control the rules. Thanks for the links.
You're welcome Kevin. Happy to help.
Originally Posted by KevinS
Originally Posted by Bufftram
Open positions can be transferred. Submit the opt-in form and we will take care of the rest.
Originally Posted by jlanawalt
That is exactly correct.
The OCO functionality is also being added to FXCM UK accounts as well. New features for everyone.
I see that there is a deadline to transfer to the fxcm UK.
Can you transfer your account after the deadline has passed?
What is the process?
Are you able to open up multiple -2 or 3 seperate fxcm accounts?
Can you have 1 fxcm-us and 1 fxcmuk?
Re: Entry stop and limit
Originally Posted by jlanawalt
Ah, good news. That is much less alarming than this statement from the email titled "URGENT: Information about Your Standard 10k Account -- Removal of Stop-Loss and Limit Features": ...Forex traders will no longer have the ability to place stop-loss or limit orders...
Originally Posted by Jason Rogers
It's also nice to know you will be able to have stand-alone OCO orders on the non-FIFO accounts in addition to position-attached OCO orders that FXCM has always had on it's non-FIFO accounts. I am glad to know I will not have to manually create an OCO order in order to create a stop/limit type order.
Thank you for the clarifications. I hope that you can apply this to future communications about the NFA required FIFO change on US accounts at the end of the month and stress that only position-attached stop/limits and specific position closing are affected by the FIFO rule.
Last edited by jlanawalt; 07-02-2009 at 05:47 PM.
Gecko Software, Inc.
Why Avoid My Questions?
FXCM continues to avoid answering my simple, but DIRECT questions posed. Please see comments # 7 and 27.
FXCM, and Jason.....what are you afraid of? Why would you avoid answering my direct questions? Do the answers to my questions involve information that you wish to hide from we, the customers? I can only sit back, and wonder. Curious.
sorry to all
I am sorry to all of you that have been dissapointed by this NFA rule but with this rule micro US account holfers can transfer to micro UK. I do not believe FXCM was offering or needed to do this previously.
Close now option cuestion????
Will I be able to close any of my positions RIGHT on the spot if needed??
If I have a set OCO order 100 pips away and news breaks or I decide to close at a moments notice for whatever reason, will I be able to close my positions at market??
The forex brokers have to start standing up as a group to the NFA because in the end US based brokers will all go out of business and small accounts will be depleted within weeks. There is no telling what other GEMS of SMART rules are coming down the pipeline!!!
Is there any stamp duty on forex trading in UK? If yes, how much is it and do FXCM UK add it to spread or clients pay it later? Do FXCM UK commit traders/clients don't lose or pay more than money they have in their account?
There are 3 deadlines to transfer your account:
Originally Posted by wuzupeverybody
If you plan to switch to FXCM UK, I would recommend completing the form by at least July 21 so that your account is not affected when FIFO goes into effect on August 1.
Here is where you can find the online opt-in forms: http://www.fxcm.com/lp3-nfa-fifo.jsp
You can have an FXCM US and an FXCM UK account.
Originally Posted by bmcgee
Thank you for your questions.
1. You can use the same phone number on FXCM.com to call support. The support methods do not chnage.
2. Support is available 24/7. Support levels do not change. You can continue to use the same methods of support you always have.
3. The account denomination stays the same.
4. There are no additional feels for deposit withdrawal. The methods stay the same which you can review here FXCM - Depositing Funds Options
5. Check withdrawals for USD accounts can be sent from our New York City office.
6. The sentence is written in reference to the opinion on hedging and FIFO: "NFA believes that the potential for misuse outweighs any perceived
benefits from allowing customers to carry long and short positions in the same currency in the same account. Therefore, Compliance Rule 2-43(b) bans the practice and requires FDMs to offset positions on a first-in, first-out basis (FIFO)." You can read the entire NFA proposal here http://www.nfa.futures.org/news/PDF/...Adj_112408.pdf
If you are uncomfortable having your account in the UK, you can choose not to move the account to FXCM UK.
Originally Posted by bmcgee
Trailing stops will not be available through FXCM US after FIFO is enacted, only through FXCM UK.
The OCO orders will need to be set from the FX Trade Station.
Originally Posted by Plankton
You will still be able to close out trades at any time. Just keep in mind that if you close a trade, you will need to remove the OCO order.
Note that if your account should suffer a margin call, all of your open positions will be automatically closed. Any protetive OCO entry orders must then be manually remove to avoid entering new positions.
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