July 31, 2009 – beginning of a new era

July 31, 2009 has become a turning-point in the history of Forex in the USA. That is the last day, when the traders are able to set a proper stop-loss or take-profit on any platform with an NFA registered broker. And we know, that 90% of trading strategies are based on using SL and TP and different combinations of them. Of course, the traders will be able to set up several OCOs (One Cancels the Other orders) on some platforms, but that can’t replace so valuable SL or TP. You see, lots of traders will be effected by new NFA rules in not the best way.

So, on the 1st of August the new era begins. That will be the era of total moving capital to non-NFA brokers. New NFA rules have put cross on hedging and are going to kill Meta Trader by the means of first in – first out (FIFO) rule.

This rule means, that if you have 2 separate orders on a currency pair, you can not close the 2nd position before closing the first one. You are to close them in the order they were opened or all at once. It turns out, that you can not run a long-term strategy and do some intraday trading at the same account. Due to that Forex signals providers will have to specialize only in one sphere of trading, open different accounts for using different trading strategies or move their trading to NFA non-registered brokers, which is the most possible variant.

A lot of brokerages that have licensed offices both inside and outside the USA are allowing US clients the option of moving to one of their offshore branches. For example FXCM has proposed its client to move to FXCM UK, which follows the FSA rules of Britain, but not American NFA rules, which is completely different. So, we can say, that new NFA rules stimulated American brokers to moving oversea and opening new offices there. And that is somehow good.

At the same time GFSignals won’t get under the influence of new NFA rules at all. We don’t want to restrict our trader’s work in that way. The traders will be able to do hedging, use stop-losses and take-profits and do all things they used to do before the 1st of August. But our clients using NFA-registered brokers are persuaded to move their capital to non-NFA ones in order to be able to execute Forex signals, given by our traders.

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