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  • #1,461
  • Sep 27, 2010 4:45pm Sep 27, 2010 4:45pm
Quoting Jason Rogers
However, individual trades may be offset in an order other than FIFO if you provide specific authorization. This means if you use the Open Positions window to close trades, you can authorize a specific ticket to close even if it is not in FIFO order.
So basically if US users choose, they can turn off FIFO and close any position they want in whatever order they want? How are you able to allow this without violating the law?
  • #1,462
  • Sep 27, 2010 5:29pm Sep 27, 2010 5:29pm
Quoting sonicpunk32
The same copy you have installed of FXTS2 can connect to any standard and micro account (demo, live, UK, US, whatever). Not sure about active trader accounts though.
I'm not so sure about the same copy of FXTS2 being able to connect to both standard and micro accounts. I originally had a FXCM US micro account and used the "FXCM Micro Trading Station for Windows" for that. When I upgraded to a FXCM UK standard account, I had to first uninstall the Mirco Trading Station and then install the FXTS2. When I tried to use FXTS2 to query my now-closed micro account's history, it didn't work. I had to install Micro Trading Station on another computer to retrieve my micro history for record keeping.
  • #1,463
  • Sep 27, 2010 5:44pm Sep 27, 2010 5:44pm
Quoting cica515
When I tried to use FXTS2 to query my now-closed micro account's history, it didn't work.
Were you able to login though? (sounds like it) If so, then it worked as I described. If not, then I dunno what to say. When they upgraded FXTS2 a couple of times last year, there were some inconsistencies with the links those upper buttons represent. But it was fixed with another update. All I know is, FXTS2 is mostly universal with its accounts on FXCM. I've connected to UK micro and standard demo accounts, my UK micro live account, and even a dbFX demo account, all from the very same copy of FXTS2.
  • #1,464
  • Sep 27, 2010 7:08pm Sep 27, 2010 7:08pm
Quoting johninthai
AS a non USA citizen I do feel for you guys. TO JAson : It's not the point about "protecting" the trader, it comes down to the point that each and any individual should be free to decide for himself. If one wants to use 400:1 and blow his account that is up to him NOT up to the USA to act as a big brother.
I second that. It is a trader's responsible decision if he takes the profit or loses his money. Who cares?
Quote
Is this the land of the free?
I second that again. It is the capitalism! Our FREEDOM of this country!

Do you notice CFTC/NFA try to marginalize or diminish our freedom of trading?
  • #1,465
  • Sep 27, 2010 7:16pm Sep 27, 2010 7:16pm
Although in the UK, this worries me because the UK has a way of following what the USA does a few years down the line



But until then I'm happy I'm not American and still have more freedoms than the land of the free
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,466
  • Sep 28, 2010 4:05am Sep 28, 2010 4:05am
Jason, I'd like to request the account statement pages generated from myfxcm.com to also include the profit/loss in pips. It makes it easier to track my performance without having me manually calculate the pips to each trade in history. It's displayed nicely in the platforms, so why not in the account statements?
  • #1,467
  • Sep 28, 2010 6:57am Sep 28, 2010 6:57am
Quoting sonicpunk32
So basically if US users choose, they can turn off FIFO and close any position they want in whatever order they want? How are you able to allow this without violating the law?
Hi sonicpunk,

The platform will still default to FIFO and you can't turn it off since the Buy/Sell button at the top of the platform and closing positions via the summary window will always close trades by FIFO order.

But the forex rules indicate individual trades may be offset in a manner other than FIFO if the customer provides specific authorization. This is why we will start to accept specific authorization in the form of you going to the Open Positions window and authorizing a specific ticket to close (as opposed to netting trades out through the default summary window or buy/close button at the top of the platform).

-Jason

(P.S. my replies may be a little delayed compared to normal for today through Thursday).
  • #1,468
  • Sep 28, 2010 6:58am Sep 28, 2010 6:58am
Quoting sonicpunk32
Jason, I'd like to request the account statement pages generated from myfxcm.com to also include the profit/loss in pips. It makes it easier to track my performance without having me manually calculate the pips to each trade in history. It's displayed nicely in the platforms, so why not in the account statements?
Duly noted. Will include this with the weekly trader suggestions I send to the developers.
  • #1,469
  • Edited 8:26pm Sep 28, 2010 2:09pm | Edited 8:26pm
I'd like to confirm that the following exotic currency pairs will be available on FXCM US Standard (10K) accounts? The reason I ask is, I just got a FXCM US demo account, and the exoctic pairs appear not to be available at least on the demo account. They're however available on my current FXCM UK (soon to be US) account.

USD/MXN, EUR/PLN, USD/SDG, USD/HUF, and 26 others

| Just got email from FXCM advising of the planned US repatriation of my UK account; it shows all the exotic currency pairs with the new 20:1 leverage, so looks like they'll continue to be supported under FXCM US. Just only on live accounts, not on demo accounts, apparently.
  • #1,470
  • Sep 28, 2010 4:12pm Sep 28, 2010 4:12pm
Quoting Jason Rogers
Here's some more important information about the rules going into place on October 18th concerning FIFO:

For FXCM LLC (US), the platform's default setting will remain FIFO compliant. This means if you close orders through the summary window or by using the Buy/Sell buttons at the top of the platform, it will close positions according to FIFO.

However, individual trades may be offset in an order other than FIFO if you provide specific authorization. This means if you use the Open Positions window to close trades, you can authorize...
I wish they would have thought of that rule first, instead of forcing us to close the first trade started. Sometimes it doesn't make sense to close the first position first.
  • #1,471
  • Sep 29, 2010 8:00am Sep 29, 2010 8:00am
Quoting cica515
I'd like to confirm that the following exotic currency pairs will be available on FXCM US Standard (10K) accounts? The reason I ask is, I just got a FXCM US demo account, and the exoctic pairs appear not to be available at least on the demo account. They're however available on my current FXCM UK (soon to be US) account.

USD/MXN, EUR/PLN, USD/SDG, USD/HUF, and 26 others

| Just got email from FXCM advising of the planned US repatriation of my UK account; it shows all the exotic currency pairs with the new 20:1 leverage, so looks like they'll...
The exotic pairs USD/MXN, EUR/PLN, USD/SDG, USD/HUF, and 26 others will continue to be supported and available through FXCM US.

Click on the Symbols button at the top of the platform, and you should be able to add those pairs to the subscription list if they do not appear in the dealing rates window.
  • #1,472
  • Sep 29, 2010 10:55am Sep 29, 2010 10:55am
Jason, I am currently an fxcm trader and received the email overnight about my account being transferred to the US on the weekend of Oct 15. I have a simple question and do not want to put you on the spot, but I just spoke with dbFx and they are telling me that I can open an account with them, use the fxcm trading station, and get all the benefits (no fifo, account protection, ability to hedge, and 1:100 leverage) of the current trading rules. They told me that they are accepting accounts from US traders and that their legal department has approved all of this, meaning that they are not effected by the upcoming changes. Can you comment on this? Again, sorry to be so direct but this is important and I need your input.
Edit: I believe they are able to do this because they are a bank and are not regulated by NFA.
  • #1,473
  • Sep 29, 2010 12:54pm Sep 29, 2010 12:54pm
Yeah, US traders can still use foreign banks as FX counterparties, but only until July of 2011. That's when the Frank Dodd law will make foreign banks ineligible to be counterparties for US traders (based on a CFTC letter posted somewhere in these forums).
  • #1,474
  • Sep 29, 2010 1:09pm Sep 29, 2010 1:09pm
I thought US clients couldn't trade with dbFX after Oct 18 because they have a recent affiliation with a US entity (FXCM) regardless of them being a bank. Am I wrong? I hope so...

http://www.fxcm.com/fxcm-files-regis...ws-release.jsp
  • #1,475
  • Sep 29, 2010 2:22pm Sep 29, 2010 2:22pm
Quoting cica515
Yeah, US traders can still use foreign banks as FX counterparties, but only until July of 2011. That's when the Frank Dodd law will make foreign banks ineligible to be counterparties for US traders (based on a CFTC letter posted somewhere in these forums).
OK, if that is the case, at least we can get 9 more months before the required change, which would give the Republicans time to change some of this (if they can get back the House in 6 weeks). Interesting...
  • #1,476
  • Sep 29, 2010 2:54pm Sep 29, 2010 2:54pm
Republicans aren't going change anything. This is backed by the CME lobby to get the FX futures market going. Follow the money. Both sides of the aisle are dirty. This is a bipartisan plot to eff over the little guy just like they did with stock day-trading back when the Republicans had the House. Same BS song just a different beat.

Quoting GEfx
OK, if that is the case, at least we can get 9 more months before the required change, which would give the Republicans time to change some of this (if they can get back the House in 6 weeks). Interesting...
  • #1,477
  • Sep 30, 2010 4:12pm Sep 30, 2010 4:12pm
Quoting GEfx
Jason, I am currently an fxcm trader and received the email overnight about my account being transferred to the US on the weekend of Oct 15. I have a simple question and do not want to put you on the spot, but I just spoke with dbFx and they are telling me that I can open an account with them, use the fxcm trading station, and get all the benefits (no fifo, account protection, ability to hedge, and 1:100 leverage) of the current trading rules. They told me that they are accepting accounts from US traders and that their legal department has approved...
29 hours and still waiting for a reply. Geez, thanks a lot Jason!
  • #1,478
  • Sep 30, 2010 11:18pm Sep 30, 2010 11:18pm
Quoting GEfx
29 hours and still waiting for a reply. Geez, thanks a lot Jason!
I have a account with fxcm uk as well, and from what I understand, its either accept being switched to usa branch, or like you say go with dbfx or someone else.

In that email, there was absolutely no info or any option to stay with UK branch if your a usa resident.
  • #1,479
  • Sep 30, 2010 11:48pm Sep 30, 2010 11:48pm
Quoting GEfx
29 hours and still waiting for a reply. Geez, thanks a lot Jason!
Take it easy on the guy. He already mentioned there could be a delay in answering questions this week.

FYI, he's not going to be able to answer anything about dbfx.


*One glimmer of hope: CFTC has acknowledged a flaw in the regulation. One of our friends brought up a good point about retail traders with UK (protected) accts will now be forced back to the US... and give up any protection provided under FSA rules. CFTC said this needs to be corrected... and soon.

Stay tuned. Same bat channel. Same bat time.
  • #1,480
  • Oct 1, 2010 9:59am Oct 1, 2010 9:59am
Quoting GEfx
Jason, I am currently an fxcm trader and received the email overnight about my account being transferred to the US on the weekend of Oct 15. I have a simple question and do not want to put you on the spot, but I just spoke with dbFx and they are telling me that I can open an account with them, use the fxcm trading station, and get all the benefits (no fifo, account protection, ability to hedge, and 1:100 leverage) of the current trading rules. They told me that they are accepting accounts from US traders and that their legal department has approved...
Hi GEfx,

Thanks for the post, and sorry about the delayed reply (had very limited access to the forums the past 3 days).

As far as what other brokers are doing (such as dbFX) I'm not able to make any comments as to how the rules may impact them. But the Dodd-Frank rules do outline that counterparties to US retail forex transactions will have to become registered as a RFED or FCM eventually whether it be by October 18th, or by summer of 2011 as it seems may apply to foreign banks.

As far as the rules affecting FXCM US, leverage will be reduced to 50:1 to comply with the new rules.

For traders with FXCM UK being repatriated back to the US, there will be no hedging and leverage will be reduced. BUT you will be able to continue using the same features you are currently familiar with on the platform. So you can close individual positions in any order you choose through the open positions window, and add stops/limits to individual positions. The overall platform itself will be FIFO compliant, so if you don't specify a specific ticket to close (ie using a market order to offset trades), then the positions will be closed according to FIFO.

Please let me know if you have any additional questions.

-Jason
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