I just received this email from my broker:
Recently, the National Futures Association (NFA), the primary regulatory authority for Forex in the United States, has implemented new requirements that will have significant consequences for your GTS and MetaTrader 4 (MT4) accounts.
As of August 2, 2009, First In, First Out (FIFO) execution will be required, which mandates that the first order in must also be the first order closed.
What does this mean for your FX Solutions' trading account?
The FIFO (First-in, First-out) method for trading means that the oldest trade of a currency pair will be the first closed, or reduced, when a trade is done in the opposite direction in that same instrument.
You will no longer have the ability to:
Place stop-loss or limit orders against a particular ticket
Modify or close a trade that is not the oldest of a particular currency pair"
I would love to know who was the genius at NFA to come up with this Idea! Is the NFA being run by a bunch of idiots or what? What the hell are they trying to do? Bankrupt every US based Forex Broker! Well I think it's time to start looking for a reputable Forex broker overseas because this is a NO NO for me. They can kiss my *ss!