Quote:
Originally Posted by rokasvivas
Let me see if I get it. Do you mean that some brokers had the ability to modify your open positions before?
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No, you (not your broker) had the ability to modify your open position by:
(1) clicking a "Close Position" button to close that particular position
(2) changing your stop-loss on that particular position
(3) changing your take-profit on that particular position
Why did I keep repeating "on that particular position"? Because that's what the NFA is all bent-out-of-shape about. They don't want you to be able to control your exit on any position EXCEPT the first position entered in that pair. This is what they are calling first-in-first-out (FIFO).
Example: You buy one lot of the GBP/USD at 1.6400. The price rises, and you are still bullish. You buy one more lot at 1.6425.
The price rises to 1.6445, and then retraces.
As the price moves back down below 1.6430, you decide to exit your SECOND position for a small profit, before the price dips below your 1.6425 entry price.
The NFA says, "No, you can't exit that position. You have to exit your FIRST position FIRST, and then you can exit your SECOND position."
The NFA, like regulators everywhere in this country, is running amok. These people think THEY should be in charge of everything. They think THEIR way is the only way, and they are trying to take RULES MADE FOR EXCHANGE-TRADED COMMODITY FUTURES and impose them on the off-exchange spot forex market.
I'd like to say that we need to put a stop to these people now --- except that, with the socialists we've put in the White House,
we don't have a prayer.
Clint