What does
Pip Cop do?


Go Back   Home > Forums > Forex Robot Reviews > Previous robot reviews

» Welcome to the Pip Cop - Forex Robot Reviews and forums.
PipCop reviews MetaTrader Forex robots (EA's) in real-time and posts detailed statements every 15 minutes.
We ONLY forward test on real accounts for the most accurate robot reviews!

Be smart! Read the Review FAQ or you WILL lose money!
If you enjoy the site, please let me know by registering or donating! Thanks! -- PipCop
P.S. This message is hidden if you register!
Previous robot reviews Previous reviews of robots, some good, some bad.
Reply
 
LinkBack Thread Tools Display Modes
Old 2009-04-16, 03:01 AM   #211 (permalink)
Pip Officer
 
Trader for 8 + years
Location: Maui
Posts: 60

Default Sudden death?

Isn't the following message 'sudden death' for All Evolutions?
Dear Customers:
Interbank FX, along with all FCM's, has received information from the NFA that we wanted to pass along to our customers. All registered FCM's have received a new Compliance Rule 2-43 regarding forex trading. On May 15, 2009, forex customers will no longer be allowed open "hedged" positions in their accounts. Please see an excerpt from the new NFA rule below. If you are currently using Hedging as a trading strategy, we would encourage you to use the Interbank FX Demo accounts over the next month to help modify your trading strategy. Also, for those of you who utilize hedging strategy with your "Expert Advisors", we would encourage you modify your code and test your advisor on the Interbank FX Demo servers as well. In order to assure a smooth transition for our customers to the new NFA Compliance Rule, Interbank FX has set May 8, 2009 as the last date that customers will be able to Hedge open positions.
peteronmaui is offline   Reply With Quote
   
 
Old 2009-04-16, 03:31 AM   #212 (permalink)
Donating member
 
pipdetector's Avatar
 
Trader for 1 - 2 years
Location: Poland
Posts: 466
My Trading Journal


Trading Live with:
Pipstrider and Megadroid
Default

Is Interbank FX US based? If yes, the strategy may still be used outside USA. Unless the other brokers will follow suit.
pipdetector is offline   Reply With Quote
Old 2009-04-16, 04:39 AM   #213 (permalink)
Site Supporter
 
Trader for 2 - 4 years
Location: Pleasanton,CA
Posts: 54


Trading Live with:
multiple
Default Unbelievable

Friggin unbelievable. After all the hard work and money I have put towards Forex. This devastates me.


Quote:
Originally Posted by pipdetector View Post
Is Interbank FX US based? If yes, the strategy may still be used outside USA. Unless the other brokers will follow suit.
geekguy is offline   Reply With Quote
Old 2009-04-16, 09:24 AM   #214 (permalink)
Rookie Pip Officer
 
Trader for 2 - 4 years
Location: Barcelona
Posts: 21
My Trading Journal


Default

Quote:
Originally Posted by geekguy View Post
Friggin unbelievable. After all the hard work and money I have put towards Forex. This devastates me.
Be careful, I have read this rule applies to all NFA members!!!!
Proupin is offline   Reply With Quote
Old 2009-04-16, 09:26 AM   #215 (permalink)
Pip Chief of Police
and Site Owner
 
PipCop's Avatar
 
Trader for 2 - 4 years
Location: Sterling, VA, USA
Posts: 1,196
My Trading Journal

Default

I posted complete details here:
http://www.pipcop.com/forums/site-in...th-2009-a.html
__________________
> Don't get busted by PipCop ... Read the Rules!
> Questions? Please read the REVIEW FAQ first!

> Have a Forex link? Add it to the Links Directory
> How to link your MT4 statement to your profile
PipCop is offline   Reply With Quote
Old 2009-04-16, 11:25 AM   #216 (permalink)
Donating member
 
Trader for 1 - 2 years
Location: Arizona
Posts: 19


Angry grrr....

Quote:
Originally Posted by geekguy View Post
Friggin unbelievable. After all the hard work and money I have put towards Forex. This devastates me.

I wanted to curl up in a ball and cry when I heard this. I was just about to go live with evo x on ibfx this week! I got the email and boom like a ton of bricks! It doesn't make sense, hedging has been used by banks and firms for years on the stock market, what makes this any different?!?! We should start a list of non-NFA brokers we can go to. Overseas we go!!
adubasu is offline   Reply With Quote
Old 2009-04-16, 01:58 PM   #217 (permalink)
Site Supporter
 
Trader for 4 - 8 years
Location: SoCal
Posts: 393

Default

Quote:
Originally Posted by adubasu View Post

I wanted to curl up in a ball and cry when I heard this. I was just about to go live with evo x on ibfx this week! I got the email and boom like a ton of bricks! It doesn't make sense, hedging has been used by banks and firms for years on the stock market, what makes this any different?!?! We should start a list of non-NFA brokers we can go to. Overseas we go!!
Yep, tadawulfx or fxpro, wherever eh!?

But more on this, don't dispair, albeit I have been in downers like this at least a FEW (!!) times in the past 5 years re: fx, so don't. Here's why > Switch to a group viewpoint instead of just self, I've been that way thru & thru, and .....well....have a gander, see if this helps with a walk added-in >
http://www.pipcop.com/forums/general...d-testing.html

jb
Batchboy is offline   Reply With Quote
Old 2009-04-16, 09:27 PM   #218 (permalink)
Donating member
 
Trader for 1 - 2 years
Location: Arizona
Posts: 19


Default Whaaa... :(

[QUOTE=peteronmaui;3978]Isn't the following message 'sudden death' for All Evolutions?
Dear Customers:
Interbank FX,...QUOTE ]

Not only evos but especially robominer and Gt-shadow. Our top three performers are being affected. The NFA is not looking out for the investor they are looking out for the brokers that our part of their association. Read this little bit about the NFA it makes sense:

http://nondealingdesk.com/showthread.php?t=2529

We shouldn't need "big brother"(NFA) telling us how to trade, we are all big kids and know the risk when we enter into the forex jungle, just like gambling. The only reason big brother would need to say something is if we were beating the broker (the ones who write their pay checks). The point is hedging works when used the right way, if they are so worried why don't they protect us from the martingale systems, or using fibonacci?!? HMMM.. bc/ hedging works and the brokers don't like it.

Here is a quote from the compliance rule
“the customer pays carrying charges that +++ALWAYS EXCEED THE FUNDS IT RECEIVES++++. In a normal transaction, a customer receives “interest” on the long position
and pays “interest” on the short position . Since the two transactions are mirror images,
you would expect the receipts and payments to zero out. In practice, however, the
amount a customer receives on a long position is always less than the amount a
customer pays on a short position . Since these transfers occur daily when the positions
roll over, the loss increases continually over time…”

Yes, you do get charged more on the carry then you get paid but thats common sense, you are not always charged for swap unless you hold it for the next day. If I am willing to pay what like about a pip worth of swap to protect my profit then so be it thats part of the strategy!!
adubasu is offline   Reply With Quote
Old 2009-04-16, 10:31 PM   #219 (permalink)
Pip Officer
 
Trader for 8 + years
Location: Maui
Posts: 60

Default

Quote:
Originally Posted by adubasu View Post
.

Not only evos but especially robominer and Gt-shadow..
How would it affect Robominer? All audnzd positions right now are short , all eurchf positions are long right now. So no hedging there.
If those NFA folks are so overly concerned, why don't they go after brokers like IBFX, who charge me an outrageous negative swap for those two pairs, whereas other brokers like FXDD have a positive swap for them?
Peter
peteronmaui is offline   Reply With Quote
Old 2009-04-16, 10:34 PM   #220 (permalink)
Pip Chief of Police
and Site Owner
 
PipCop's Avatar
 
Trader for 2 - 4 years
Location: Sterling, VA, USA
Posts: 1,196
My Trading Journal

Default

Agreed. I spoke with Jerry (RoboMiner author) and he even states it's a bad idea to hedge manually with RM or GTS. I'll confirm with him, but I don't think they hedge at all - by design.
__________________
> Don't get busted by PipCop ... Read the Rules!
> Questions? Please read the REVIEW FAQ first!

> Have a Forex link? Add it to the Links Directory
> How to link your MT4 statement to your profile
PipCop is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes




All times are GMT -5. The time now is 08:55 AM.

Powered by vBulletin ®
Site content and design Copyright © 2010 PipCop, LLC.
Site designed, hosted, and maintained by One Web Ave
Template by vBSkinworks.
Content Relevant URLs by vBSEO 3.3.2