Basically only trading FX and Gold/Silver, so can manage with MT4 (free).
If you want ASX I've heard good reports in the past about Norgate - although havent tried them myself. Not sure if they do NZ.
http://www.premiumdata.net/
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Basically only trading FX and Gold/Silver, so can manage with MT4 (free).
If you want ASX I've heard good reports in the past about Norgate - although havent tried them myself. Not sure if they do NZ.
http://www.premiumdata.net/
What do you guys make of this ?
A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the “Open Positions” window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009, will be deleted.
I think a major pain in the butt and useless if your scalping pips if you cant close or change stop from the open position window,off to the UK me thinks.
Cheers
Miner
Already changed this morning miner. (In Europe now) Yes big pain in the butt, the stop loss is handy and I do use it regularly.
Anyone else find the Euro/Kiwi is in a nice range at the moment?
The idiot that came up with this one should be shot,cant run a stop off your open position or sell and have to sell in the order you bought EVEN if you are going to loose,and this is to help the poor FX trader ????????.
Running a stop is the number one rule you d#ck heads and jumping off when ever you want,beggars belief.
And no hedging then hedging and now no hedging,how to regulate yourself out of business.
And don't want to do a degree to figure out the way they say you can sort of get around it.
Phew okay deep breath rant is over.
Cheers
Miner
Which forex traders? As in forex futures traders or forex CFD traders??
relax miner :rolleyes:
I havent heard anything about it from Oanda or CMC , have you got a link ?
http://blogs.fxstreet.com/francesc/2...ustry-forever/
Has some news rules but not the ones Miner mentions.
Havent checked this yet
http://www.theessentialsoftrading.com/Blog/index.php/2009/05/05/new-nfa-rule-impacts-more-than-just-forex-hedging/
I'll survive peat just a pain in the butt http://www.dailyfx.com/story/press_r...480207285.html
And before this,no hedging http://www.dailyfx.com/story/press_r...226320947.html
It only affects US accounts.
Cheers
Miner
Dear Client:
A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the “Open Positions” window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009, will be deleted.
FXCM has always encouraged active risk management through the use of stop-loss and limit orders. Stops and limits are two entry orders that are linked to an individual open position. If a stop or limit order is triggered then the other is canceled. FXCM has introduced a new feature called OCO (One Cancels the Other) entry orders, which will provide traders with the same functionality as stop and limit orders except they are not linked to any position. Watch This Video Presentation To See How To Manage Your Risk Using OCO Entry Orders
For additional information, please visit the “NFA FIFO (First in, First Out) Rules” forum on DailyFX. We will be holding live question and answer sessions within the DailyFX forum. Visit Now
The NFA, our industry’s self regulatory organization in the United States, has adopted Compliance Rule 2-43(b). Read Compliance Rule 2-43 (b). This rule requires orders be executed First In, First Out (FIFO). FIFO requires that when multiple positions are held in the same currency pair, the position which was first opened will be the first to be closed. Stop-loss and limit orders do not comply with FIFO.
The NFA’s stance is that FIFO provides more transparency to customers by offering a more accurate picture of the P/L than viewing the results of individual positions. This brings the forex market more in line with the practices of the futures and equities markets.
While FXCM acknowledges the NFA’s concern and obligation to protect clients, FXCM would like to extend an option to those who would like to continue using stop-loss and limit orders, and who understand the underlying implications. Traders can transfer their accounts to Forex Capital Markets Limited (FXCM UK) and continue to place stop-loss and limit orders and maintain the ability to modify and close orders from the “Open Positions” window.