Thanks Clint, and Happy New Year to you! Thank you for your steadfast leadership and support of this most valuable forum throughout the years. All the way back to 2010. Wow! I first discovered “Going Offshore” in 2012 – seems like a lifetime ago.
Hi RJ9000,
My Bad. Sometimes its a little difficult to follow the conversation trail on this new babypips format. Anyway, I was by no means pimping for Green. After the trouble he tried to cause offshore traders, I will continue to look (pay) elsewhere for tax advice. Just happy to see him admit the truth.
Seriously, if you deal with financial regulator/compliance issues in your day job, would love to hear of your views, experiences.
It’s always sad when those who are supposed to be on “Your side” become “The opposition” 
CLARIFICATION ON FIFO VERSUS LIFO TRADING STYLES
I want to make it clear that I an NOT trying to “circumvent” FIFO requirements specifically, but that my “incremental” trading style is a LIFO method.
Without using “reckless Martingale” techniques, my approach does involve “scaling in” by adding to positions as the Market is moving “against me”. This lowers my cost basis for Long positions; and raises my cost basis for Short positions. Then when one position in a “multi-position trade sequence” has sufficient profit, I can close that position (which is almost always the LAST position taken, so “Last In, First Out” or LIFO) thus reducing my exposure slightly, and putting that “partial profit” in my pocket. I will usually immediately replace the closed position with a new pending order to re-enter should the market retrace.
So, although I DO NOT do "intra currency pair ‘hedging’ " at all; and all of my “aggregate trades in a symbol” are in the “same direction” , i.e. all Long or all Short… Nevertheless, I can’t function effectively in a FIFO restricted or even a “net position” based account. I need the individual partial micro positions, which are part of my overall “macro position” trade; in order to perform “scaling in” and “scaling out” to improve the cost basis and defend positions.
So I am a big believer in never going “all in” at a given price point; as there is then no way to improve your Cost basis or to “modulate” your level of commitment (total lot size) in a trading sequence on a given Forex symbol. Capiche ?
So I don’t want a “net position” broker, in general; but need to maintain the distinct identity of each individual position; BUT it doesn’t have anything to do with what Forex traders think of as “hedging” which is “intra currency pair symbol” hedging, or maintaining OPPOSITE direction trades within a single symbol at the same time…
[EDIT] So I am saying that trading, certainly in scalping, involves being able to “modulate”, i.e. increase or decrease your position exposure during what could be a prolonged trading sequence. With MetaTrader 4, which is what I use, through the NJ4X.com API framework, there is no way to Buy or Sell a “partial position” and so a “trade” (or “macro trade”) consists of lots of small positions which work together to create the overall Profit (“Yay”) or Loss (“Boo…”) result; but an incremental trading technique can allow you to “work the trade” or “fight” for a “soft landing” even if the trade direction is substantially wrong; and things are going South against you !!!
Hope that made sense to someone ! LOL
hyperscalper
You decide what bets you take, You decide when to close them - Just as it should be.
I really can’t see why anyone would want “Regulation” t get involved in that !
Moreover, If you want to open 2 ***USD pairs to Limit in your own mind, “Risk” - or even bet up and down on the same instrument, why should that be an issue to anyone else ?
I don’t see why the “control freaks” would have any problem with any of that. 
Anyway, there may be situations where a trader does want to be both long and short the same pair at the same time. Maybe they are running multiple strategies in the same account. For example, basket trading. They might want to be short USD basket and JPY basket, so need to be long and short USDJPY for the respective baskets. FIFO doesn’t allow this.
I guess the fundamental flaw of the US regulators logic here is trying to treat currency like a security.
Of course there are. I often have a long-term position and want to trade a “retest” of levels within that same instrument. Discrete bets - no problem, under the “aggregating system” it wouod be a monstrous interference by “Rules”.
MODULATION OF POSITION SIZE WITHIN A FOREX SYMBOL
The key is the ability to “modulate” a position size. If, in a “net position” system, there is the ability to sell or buy amounts less than the total net position, then we can add or subtract from an ongoing position. Although this exists in some brokers, with the typical MetaTrader 4 broker, the only way to accomplish position modulation is through individual “sub-positions” within an overall aggregate position in a symbol.
Within a symbol, considering the total position commitment, if we execute a new trade in that symbol which is “equal and opposite” then essentially we have no position or are “flat”. I don’t use hedging to do that. There’s no need to maintain “opposite side” positions in the same symbol, in my view.
So I always decide to be either “long” or “short” and then I add or remove sub-positions to modulate that position size. And generally this results in my closing out the “last” position I may have added, thus my style of trading is often LIFO (Last In, First Out) and I would not typically want to use a FIFO (First In, First Out) approach EVEN THOUGH is may be equivalent in outcome; it’s just not at all “natural”.
If I can close out a “sub-position” with a profit; then I can re-enter that position on a retracement. Anyway… FIFO systems, especially those where there is no possibility to close out or add a “partial position” are deficient, and I won’t trade on such a platform.
But “intra symbol” “hedging” which is what most Forex traders want to use, it not something I would use; since taking an equal and opposite position in the same symbol, is just equivalent to closing out that position.
[EDIT] The MetaTrader brokerages available to us outside the U.S. are not bound by FIFO or “net position” and so these are ideal for the style of trading I want to use.
[EDIT2] Those who are running “multiple strategies” in the SAME SYMBOL using Expert Advisors with “magic numbers” would need to have the freedom to execute opposite side trades in the same symbol. But I don’t do that, and that “magic number” of Expert Advisor instance identifier is really quite confusing, and probably going out of style these days. Anyway, I decided not to do it. If I wanted to execute multiple strategies in the same symbol at the same time, I’d just create a distinct account to do that…
hyperscalper
Anyone else noticed that Finpro Trading website is down?
Not sure what the issue is. Still able to trade the account though.
UPDATE
Site is up, cannot login to website account though, link is broken. I’ve tried to contact twice, no response from the broker.
WHERE ARE THE NEW U.S. FRIENDLY BROKERS ?
Hey, keep digging comrades !! We need more broker choice …
[EDIT] I have been focusing most of my trading on FinProTrading.com
but I would like to see a competitor of comparable quality or more
liquidity providers which would yield narrower spreads during the
Asian session periods. For “high performance” trading, though, I
think FinProTrading is at the very top of the list !!
[EDIT2] I am restricting my comments to MT4 compatible brokers,
which we know will not be as fast as FIX brokers or other technologies.
Since I layer everything on top of NJ4X.com which drives MT4 and MT5
brokers, that’s what interests me.
hyperscalper
cyptyofx500 accepting from US
Thanks for the in-depth research.
Did you even bother to spell it right?
[EDIT]
I’ll help you out:
It’s http://cryptofx500.com and looks unimpressive.
They also seem to be selling a Mercedes…
Definitely does not inspire confidence.
Oh, well, maybe someone can fill in more info…
http://cryptofx500.com/trading-conditions/
h
I had a chat with their rep, and it seems they are using
TurnkeyFX as their “technology provider” which is the same
as FinProTrading, who also use TurnkeyFX. I asked about
commission and they can match $2/side with 400:1 leverage,
so I think I’ll open a test live account. They accept Ethereum,
BTC and bank wire transfer. Minimum account $200. I don’t
think they offer a crypto denominated account, so that would be
a transfer mechanism only.
[EDIT] Their “client portal” is down, the rep says being upgraded…
[EDIT2] Support rep says location is London.
[EDIT3] posting their MT4 “About” image
hyperscalper
TURNKEYFOREX.COM ADD TO APPROVED BROKER LIST?
I opened a Live account with TurnkeyForex.com and they appear to offer
the same terms and service as FinProTrading.com as they both use
(don’t get confused here !..)
TurnkeyFX.com as their backend service provider. As you know,
FinProTrading’s feed (and therefore TurnkeyForex’s feed) and
trading conditions are (in my experience) THE BEST AVAILABLE
to U.S. persons. So, with that in mind, TurnkeyForex.com already
looks good !
So… Clint can you provisionally put TurnkeyForex.com on our list
of available brokers, subject to some “promotion toward Trusted
status” which could occur a bit later on
as we are able to evaluate dealings with them? I didn’t notice it
on the list…
WHAT WE KNOW:
- They use TurnkeyFX as their service provider, the same as
FinProTrading.com - They offer $2 / side / standard lot commissions, same as
FinProTrading - They offer 400:1 leverage off the bat, which FinProTrading
will also match on request - Executions are incredibly reliable both on News and normal
trading conditions (same service provider as FinProTrading) - They offer a BTC wallet, and I think the rep also said
an Ethereum wallet; although by using ShapeShift.io we can
move from any crypto to a BTC easily…
[EDIT] Neither FinProTrading or TurnkeyForex offer crypto
denominated accounts, mine are USD so there is the conversion
from BTC to USD involved when crypto is used to transfer
funds. Personally, I don’t “invest” in crypto but just use it
as a funds transfer mechanism.
[EDIT2] FinProTrading’s customer support has been rough
lately, but I was able to chat with a TurnkeyForex rep immediately
and get issues resolved, so… just sayin’
So… although their website was a bit rough yesterday, I was
able to fully create and validate a Live acount with them today.
hyperscalper
Good catch, Paul.
Thanks for finding that one !
1 Like
[quote=“HyperScalper, post:4928, topic:35612, full:true”]
TURNKEYFOREX.COM ADD TO APPROVED BROKER LIST?
So… Clint can you provisionally put TurnkeyForex.com on our list
of available brokers, subject to some “promotion toward Trusted
status” which could occur a bit later on
as we are able to evaluate dealings with them? I didn’t notice it
on the list…[/quote]
Hello, H
I will get started on that later this evening.
Thanks for your research on TurnkeyFX !
[quote=“Clint, post:4930, topic:35612, full:true”]
I will get started on that later this evening.[/quote]
Done – see Group 1 on post #1.
Hi Clint. Maybe a stupid question…with over 4600 posts, it’s probably been covered… But…
Australia has a few reasonable Brokers such as Pepperstone and IC Markets and others which I am aware don’t allow access to US citizens.
Is the issue your actual country of residence or the country and currency where your bank funds are located.
ie: If you opened an account with an Australian Bank to deposit and withdraw from the Broker (in AUD) and transferred money back to the US via the bank (Card) and not the Broker…could this give a US Citizen access to the said Broker. This technique may be applied to other regions as well.
I know you can open Aust. accounts from overseas even if you reside in the US and not an Australian citizen.
"I live in the U.S., am not an Australian citizen or resident, and was able to open an account at ANZ Bank (their Access Advantage account) with ease. Several years ago I was visiting Australia, and decided I’ll open account on my next visit. I just visited again this year.
About two months before leaving I went to their migrant services website and applied online. The type of visa I have is a tourist (ETA) visa. Since I didn’t see that as a choice, I selected the closest visa to that. Their migrant services department in London called me. I explained that along with saying I didn’t have current plans on moving there. They were ok with that. I was not going to lie to the bank. Honesty is best. They provided me with logon credentials to view my account, but could not withdraw money until I presented my passport for ID verification at a branch. I also requested a Visa debit card. That would be available to collect at the branch I specified. Before I went to Australia, I deposited some money into the account using Transferwise".