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.