Quote:
Originally Posted by prasxz
I didn't find that rules in NFA site...I think to eliminate SL and limit order is a fatal rule , because we must watch the monitor all day long , big drawdown will happen when suddenly there's strong market reaction ...we should ask to FXCM regarding this..
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Forex Indicators Collection |
Hi nmx and prasxz,
To clarify about the email we sent out. The stop and limit buttons are being removed from the platform, but you can use entry orders instead to act as stops and limits.
The NFA rule states that the first trade opened for a currency pair, has to be the first trade closed for that currency pair. The way the stop and limit feature is currently setup on our platform, you can add a stop or limit to any position to close in the order you choose. This is not compliant with FIFO.
So what we have had to do is disable the stop/limit buttons, and instead only allow entry orders. Additionally, we are going to add OCO order functionality to the platform the weekend of August 1. That way you can link two entry orders together to act as a stop and limit.
Jason