Petition to repeal ForEx 'Hedging'/ FIFO Rule

[gpcode]

Dear friends,

I wanted to let you know about a new petition I created on We the People, a new feature on WhiteHouse.gov, and ask for your support. Will you add your name to mine? If this petition gets 100,000 signatures by October 19, 2014, the White House will review it and respond-

You can view and sign the petition here:

http://wh.gov/ilWF8

Here's some more information about this petition:

Petition to repeal NFA Compliance Rule 2-43(b) for FIFO / Offsetting Transactions for ForEx trading

I wish to express opposition to NFA Compliance Rule 2-43(b) concerning Offsetting and FIFO (First In-First Out) Transactions and call for the repeal of this section as it pertains to retail-level ForEx trading for US residents and brokerages. This rule has since prohibited the freedom to utilize beneficial trading resources such as offsetting (commonly referred to as 'hedging'), as well as the freedom to close each trade, choose take profit, stop loss and trailing stop values for each order without the interference currently caused by the FIFO aspect of the rule. I did not ask for these restrictions and firmly disagree that those freedoms now prohibited 'were of no benefit to the trader'. I believe that restoring these freedoms will help ForEx clients manage trades more successfully.

short video at http://youtube/GIXeoA53jmE

 

[gpcode]

Just to clarify, only 150 signatures are required for the petition to remain available at the WhiteHouse.gov site and will also be submitted to the NFA once a sizable number is reached- If this petition gets 100,000 signatures by October 19, 2014, the White House will review it and respond-

 

[Rambo35]

What happened to your petition?

 

[gpcode]

Hi Rambo35,

It was an interesting experience organizing the petition- it may be that encouraging direct response to the NFA will be the best choice as opposed to having time and threshold limits through the whitehouse.gov website. All are invited now to participate and here is a new link for an expanded and updated video:

http://youtu.be/GJFCqdHOvVs

The 2014 mid-term election results may actually lead to a repeal of some or all of the Dodd-Frank legislation, though the 2-43(b) rule is unique to the NFA and here is a link to submit a call for repeal directly to the agency:

feedback@nfa.futures.org

 

[chief]

I found this fifo rule are annoying, last month i have managing account for US clients. 1:50 leverage, no hedging, FIFO rule, personally it's not a secure rule for clients, it's only secure the brokers!!!! and thus rules are seem a complete recipe for account losses.
all my current trading plan are ruin, nothings works. so i suggest him to move into another brokers company.