The new rules and regulations of NFA have been arrived for those executives doing trading with American brokers. These regulations have divided into two sections. First of all, the list of things that you should do. You should use it because this is very important thing at the time of trading with American brokers. Secondly, the list of things which you should not do.
The week of last prevaricate free forex trading is over. When the trading will recommence on Monday, August 3, the policy of latest NFA FIFO will be in use and implement as well. I suppose that most of the American traders do not have the knowledge or unaware about this new policy. They will imagine and feel it by themselves when the software becomes change.
If you want to create a currency pair on more than one location then you must have to close the first position before closing the second one. This is why; NFA’s is not the strict way of preventing prevarication.
Now, let us start with what you should NOT do:
• Do not panic! Some questions may arise over here. Are you trading with American brokers? Are you doing trading with an American broker by using prevarication techniques? Do you have more than one location have some particular currency? In all these questions, if you do not have an answer of anyone of above questions, then you cannot do anything in this way with American brokers.
• Do not close your positions immediately: In spite of these fetters, still trading is possible. If you have good trade in your hand, why are you missing it just only because of these limitations or restrictions? This will be profitable for you and good enough anyway.
Now let us see what you can do:
• See if this applies to you. As some Americans, have subsidiaries out country. The new rules have already bypassed by you. Your brokers have some techniques of compliance to adjust the FIFO rules that you should check it out and know all about those techniques or methods they use. Forex Magnate will help you out to get start with this section.
• Ask for explanations: Your broker should provide you the understandable information about the implications of this regulation mean on your software system. I know very well that the compliance issues of NFA FIFO are very puzzling and confusing.
• Demo trade: Assume you have already a genuine account, which is kicking and live, this is a sound strange idea. Well, now the rules have changed, you are required to know and follow them to be acquainted. I know that you do not want to lose your money by just because you missed a little, do you. Now this is time to come back to forex demonstration account.
• Take your business elsewhere: Satisfaction is very necessary with your broker. If you are not satisfied or pleased with your broker’s new software limitations, so here, you have a choice to check the new software of another broker, or immediately take your money to foreign broker, where you cannot get by the NFA. It is 100% rightful. This is your money and you should feel at ease about that how to trades this money. I am sure, are many forex traders who switch brokers on latest regulation issues.