dito042 wrote:HI Avery,
The broker you recommend - MB Trading - is no longer accepting to open MT4 live accounts. Also, how NFA rules will affect your trades with MB Trading?
Here's a cutandpaste of the email I got from MB Trading:
Dear FX Client;
MB Trading is pleased to announce that we are fully compliant with the new NFA FIFO Rule 2-43. Our platforms will retain all of their current functionality, however all on-line statements will now reflect the required FIFO (First-In, First Out) accounting practices.
MB Trading customers will be able to continue to use the Navigator platform and our 18 order types exactly the same as they have been. Our system has always used cost averaging for positions, and all limit, stop, and other management order types can still be used to counter / close existing positions. At the same time, our on-line, end of day reporting statements will be adjusted to accurately reflect the new FIFO standards.
The FIFO rule will take effect beginning July 31/August 1, 2009. We appreciate your continued support and business.
Let me tell you this. I have NO backroom deals going on with TRO whatsoever. There is NO kickback for me just because I am positive about MB Trading (so far). Believe me if I tell you that I WILL defend my interests should there be something going on at MB Trading that is NOT agreed and is NOT in my best interest.
MB Trading do have minor issues, like cutting the demo feed a couple of days ago without prior notification. I suspect this is related to this *^&*&)(* cr@p NFA BS. Nothing is perfect.
I have been trading news with them and the execution had NO delays that I am aware of. No requotes, no BS. No orders not being accepted. It works. I am very satisfied about them. Again, you can believe me that I would definitely be negative if there were valid reasons.
I use MBT Navigator plus MBT MT4 just like TRO does. With MB Trading Navigator, which I prefer, you cannot hedge. There are some other very interesting features that you can use to earn more pips. TRO will inform you when you sign up with MBT using TRO as an IB.
To answer your question: MBT is basically not affected because you couldn't and can't hedge anyway with Navigator. Can't tell about MT4 because I'm not interested tbh. If one really wants to hedge, then there are probably other ways to do this. But then again: why bother ? Why hedge ? Do you let your positions run out of hand so far that you think you need to ?
I know somebody who has lost thousands today because he couldn't get Alpari UK with their super-duper-hedging-enabled MT4 to accept orders during the US news. Not so with MBT. What is it you want ? Get off on features or earn money ? The choice is yours.
You can also check out MBT on www.forexpeacearmy.com
in the reviews & rating section.
Again: I WILL scream if I am treated unjust by them.