I’m based in the US and already have an US based FX account. Due to silly NFA rules and regulations I am thinking about opening a UK Forex account but am worried about potential taxes I would have to pay. Do I have to pay US and UK taxes if I have a UK based account and live in the US. I will not be spread betting.
A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the “Open Positions” window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009, will be deleted.
FXCM has always encouraged active risk management through the use of stop-loss and limit orders. Stops and limits are two entry orders that are linked to an individual open position. If a stop or limit order is triggered then the other is canceled. FXCM has introduced a new feature called OCO (One Cancels the Other) entry orders, which will provide traders with the same functionality as stop and limit orders except they are not linked to any position. Watch This Video Presentation To See How To Manage Your Risk Using OCO Entry Orders
For additional information, please visit the “NFA FIFO (First in, First Out) Rules” forum on DailyFX. We will be holding live question and answer sessions within the DailyFX forum. Visit Now
The NFA, our industry’s self regulatory organization in the United States, has adopted Compliance Rule 2-43(b). Read Compliance Rule 2-43 (b). This rule requires orders be executed First In, First Out (FIFO). FIFO requires that when multiple positions are held in the same currency pair, the position which was first opened will be the first to be closed. Stop-loss and limit orders do not comply with FIFO.
The NFA’s stance is that FIFO provides more transparency to customers by offering a more accurate picture of the P/L than viewing the results of individual positions. This brings the forex market more in line with the practices of the futures and equities markets.
While FXCM acknowledges the NFA’s concern and obligation to protect clients, FXCM would like to extend an option to those who would like to continue using stop-loss and limit orders, and who understand the underlying implications. Traders can transfer their accounts to Forex Capital Markets Limited (FXCM UK) and continue to place stop-loss and limit orders and maintain the ability to modify and close orders from the “Open Positions” window.
If you wish to maintain your current platform functionality, you can trade through FXCM UK, which is regulated by the Financial Services Authority in the UK. Learn More
If you wish to transfer your trading account to FXCM UK, please complete the one page form. Account Transfer Form
DEADLINE TO COMPLETE TRANSFER FORM: JULY
–this could be just the beginning.. can other countries follow as well ?
I can’t think of another way of explaining this… I’ll give you the key point and words. "Used to make money" "Inside the actually coin or paper ((whatever))" "Has to be used in every single "money?" around the world" It still probually doesn’t make sense but pleease help anyway!!!
Now we know Europe has the Euro. And a European Union. Im inform that France and Germany were the ones that had the strongest currencys but they still change those for Euros. Would the U.S follow Europe’s steps and merge its currencys with Mexico and Canada. It seems hard to believe, but was it also hard to believe when Europe countrys, some with weak and other with strong currencys did it? Do you think it would happen here in North America? Now Idk when the Euro came to pass. I think i was 10 at that time. Did the world saw it coming? When the Euro appear.
Has anyone tried the strategy’s from http://www.strategydepot.com/ ? It’s $39.95 a month to get access to all the strategy’s, ebooks and such. I am looking for a strategy and I have not come across single one, which is explained in simple terms of given enough detail, for free. So don’t start going at me for not being able to find a good, simple strategy for free, cus there ain’t none.
If you have tried any strategies from said site, then let me know how many winning trades you had and let me know if he uses crazy lingo, like rallies(jusy how the hell is anyone who is new meant to know what a rally means…) and such. Is this site a good for someone who is new to trading?
Is this sofware reliable and what is the ROI? Is the support good?
Hi,
On 8Jun, I got a USD/MYR currency exchange rate of 3.5460 through http://www.xe.com/ict/, however when I referred to the historical data in other website such as:
http://www.fxstreet.com/forex-tools/rate-history-tools/
and other websites illustrated by graphs, neither of them showed 3.54.
So just wondering is it possible that a rate will be ignored only because it appeared shortly?
Also, if I am looking to trade with bank, which website suit me better considering the above 2 links.
Sorry if it sounds like a stupid question.
Big thanks for help.
I’m blocked for writing a futuristic story and am stuck on the concept of currency for advancements. IF your choice of money is not a money, then what would it be and how would it be used. I’m stuck until I have that idea to advance the story.
My apologies if this isn’t quite the correct category, but I chose the best I could.
Though, I appreciate all 5 ideas, I was thinking more of something futher outside the box. This is a futuristic book, not a book of predictions. If nothing else, I will choose the best of what I was given. thank you.
I have had no problems with this yahoo site except once in a while my cursor goes haywire. It starts blinking and flashing and I can’t click on anything . I have to turn Yahoo off. I notice that whenever this happens there is an ad for forex on the right side. It is a hand holding a sponge. This doesn’t happen with any other ad. Whenever my cursor starts acting up I look over and there is that dam forex ad. Could you please, PLEASE, get rid of that forex ad!
I’ve read a lot of criteria regarding "Forex" but I have yet to read a reply from an average joe who attempted the investment option and actually made dividends from its service.
Is Forex worthy of its complements or is Forex full of it?
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