saying that from next Monday new rules are coming in
effect for NFA regulated brokers (MB Trading including).
The most dangerous news for me is following:
Directive #2: No way to open orders with StopLoss and TakeProflt
One of the most fundamental aspects of trading is money management
and the best way to achieve that is with correctly placed StopLoss
orders to accompany each trade opened.
Another important aspect of money management is being able to take
a proflt on an open trade. Once again, the NFA disagree with long-held
principles of trading because one of their new rules (takes effect this
weekend) will not allow StopLoss and TakeProflt orders to be specified...
you must choose one or the other!
I am sure that this little revelation will send you searching for your crystal
ball so that you can accurately predict which type of order you will require
before actually placing each new trade
I couldn't believe this.
Is this really true?
My broker hasn't sent any info on the matter.
What will happen with TTO orders and with trading in general,
if trader won't be able to place TP and SL at the time of order placement?
If this is the case, I have to search for UK based ECN broker.