…due to various reasons and now that I’m starting to trade again I noticed these what I like to call “ridiculous” changes which the NFA has put in place. Can anyone tell me why stop-loss and the ability to close straight from the dealing window were taken out?
Hi Thelearner, I remember you from my first post here on the forum. Welcome back. Use a UK broker, they don’t have to follow the NFA rules.
what does NFA stand for? Nazi Futures Asssociation?
Maybe they should change their name to NFTN (Now Screw The Newbies) ?
The NFA has not removed any stop loss or take profit abilities. All they’ve done is forced standardization of accounting (and soon a limitation on available leverage to 100:1 or lower). If any functionality has been lost on your broker platform it’s because your broker couldn’t figure out how to deal with things.
NFA removed hedging capabilities and as I’ve learned, hedging can be a powerful pip maker if you know what youre doing.
thaks alot to forum team
I really dislike trading like this. I’ve been using a FXCM Micro account and they removed “stop-loss” ability, closing straight from the “open positions” screen, and to top it off I’m having a bit of hard time adjusting :mad:. Also, why on earth do I have to use FIFO…couldn’t they just have made a “if you’re new to FOREX the NFA thinks you could use the following settings to help you out, but its completely your choice”.
I’m gonna look into FXCM UK side and see if I can transfer my account.
On a happier note, glad to see “banned” in my first post back
If you do the math you’ll see that “hedging” doesn’t actually change one’s P&L in the slightest (not accounting for potential extra spread and carry)
FIFO is how every other market deals with positions - and the good old IRS requires accounting for tax purposes.
As for FXCM and the removed stop-loss thing, I was told by a little birdy that the NFA slapped them for telling people the new rules wouldn’t allow them to have stops or targets anymore.
It should be more than a slap for giving false information…:mad: