Does the NFA plan to destroy MT4 in the USA?

[ernest8fingers]

already done

I just closed my account with MBT after a year- I am presently removing all my funds (Forex) offshore. I will only trade(and give money too) foreigners . How unbelievable! I am considering my own Tax Holiday as well. Woe is American Forex on MT4 ( its dead after July09 in US).:unhappy:

 

[aicohn]

Go to Switzerland

I did kick & scream with the NFA, but also will vote with my feet the end of July unless they specifically repudiate this policy. With the hedging rules I sent most of my money to a Swiss forex broker. Financial regulation there is much more stringent, as you can see even by filling out an account application. And you can hedge, stop-loss and/or LIFO to your little hearts content.

My email to the NFA (& my US broker) follows:

From: XXXX
Sent: Sunday, July 05, 2009 2:45 PM
To: information@nfa.futures.org
Cc: c.mercer@mbtrading.com; s.chen@mbtrading.com
Subject: Completely retarded financial malregulation

With some regret, in the wake of the new NFA hedging regulation, I repatriated the majority of my forex trading capital to Switzerland. I noted that Swiss financial institutions are regulated more effectively than US institutions, and noted they have no restriction on hedging, as do NFA regulated institutions.

I have noted with considerable dismay it will become nearly impossible to mitigate risk using a metatrader 4 platform on an NFA regulated account effective August 1, 2009:

https://www.forexpeacearmy.com/forex-forum/forex-articles/5216-does-nfa-plan-destroy-mt4-usa.html

For me, this will be the final “stake through the heart” for any forex trading activity by me in this country.

Unless I have been officially informed by that time that these undesirable side-effects of the recent financial malregulation will not occur, effective July 31, 2009, I will transfer what remains of my US-based forex trading capital also to Switzerland.

Love & Kisses.

 

[bechtlaan]

nfa crackdown

There's a more sinister plot behind all this. This new administration is doing everything to keep the American people to achieve financial independence. Actually, independence period.
This way we become better slaves.

 

[kamuta]

Does the NFA plan to destroy MT4 in the USA?

Hi All,
I'm sorry, but can't to read this without smile... Ask me why?
Here in Russia we much longer with MT than you - I really don't think that our MT so fast be known at USA...
Let us tell you little story - 90% of our "brokers" don't trade on forex at all - we name it "kitchen" - they just want 100% of clients loose money... to help clients loose FAST - they made BIG discovery - opposite orders on same pair - so called hedging... It is why was born MT... In MT I count else more "illusion" metods - most popular is line "balance" - it may show you million with $10 real equity... )
about 3 years ago I understand that I need to find reliable broker and start trade with oanda...
MT is very powerfull auto trading terminal, I'd much own EA's and I solved this "problem" you are worry about very easy - I just understand that hedging and discrete orders is fiction...
I successfuly trade at oanda (NFA compatible) with MT4 and really happy...
Just beleve me - ANY your EA may be easy adapted with SAME result to trade with NFA rules... If you need help - contact me...
I think NFA is care about you (and me too)...

 

[kamuta]

Don't understand - why here cut all smiles? (NFA restrict them?)

 

[lilpipper]

I have my trading account set up through a self directed Roth IRA. The account holder is set up to work with fxsolutions.
My question is... Has anybody tried to set a Roth account through a foreign broker and if so what are the issues. IE Can FXCM UK accept my Forex account.
Thanks

I also have a self-directed Roth IRA through forex.com. IRA rules state that your funds need to stay in the US. I confirmed this with forex.com when the hedging rules came about and they were offering forex.uk. to US customers. You can confirm this yourself by speaking with your broker, especially a new accounts manager, or the custodian of your fund.

 

[MidasFX]

A video from FXCM about the changes

https://admin.acrobat.com/_a205571165/p91063619/

 

[Zoner]

??

Hi All,
to help clients loose FAST - they made BIG discovery - opposite orders on same pair - so called hedging... It is why was born MT... ..

No offense here but hedging was not invented in Russia. Hedging has been a strategy forever. I personally do not like hedging as a strategy but nor do I like some agency telling me how I must trade my own money! The more important rule, the First in First out rule could be even more intrusive. I will some times take a 61.8 bounce in the middle of a longer term trade. With the new FIFO rule I would have to close my longer term position to do this and then reopen it. Now who would gain from this? Maybe the brokers getting their spread all over again. People, this is a terrible policy any way you slice it. Seriously it is time to show the brokers we won't take it. I would love to keep my money in my own country but right now it is all going to Switzerland.

 

[OzWizard]

Whats the diff....

No offense , some times take a 61.8 bounce in the middle of a longer term trade. With the new FIFO rule I would have to close my longer term position to do this.....

LONG @ 1000 (long term)

LATER GO LONG @ 1100 (short term)

OFFSET @ 11618 (FIFO profit = 161.8)

YOU ARE STILL LONG (long term) @ 1100

(You just took the $ that would of been profit on paper and put it in your
REAL account)

AM I MISSING SOMETHING HERE????

 

[Stony]

New NFA rules

I´m afraid the new NFA rules (which are just idiotic) are part of a bigger scheme: to kill retail forex trading generally. I hope that other countries will not follow that regulatory nonsense, but considering the history of regulation in European countries I´m pessimistic, especially because of the so called "financial crisis" which gives politicians a cheap reason to cry for more regulation. So we´ll have soon to look for brokers in Kasakhstan, Seychelles, Madagascar, Nigeria.... to hell with NFA!

Happy trading, though...

Stony