2009-07-08: Forex Magnates Daily Updates

Forex.com (Gain) announces that FIFO rule will not affect their customers so they will be able to keep using stops and

  • Forex.com (Gain) announces that FIFO rule will not affect their customers so they will be able to keep using stops and limit orders when trading with Forex.com
  • NFA’s wrath:

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    • COMPLAINT: On December 22, 2008, NFA issued a Complaint charging Vanguard and Gordon with failing to provide supporting documentation to NFA showing the source of Vanguard’s initial capital.                                                       ANSWER: On April 13, 2009, Vanguard and Gordon filed an Answer to the Complaint in which they denied the material allegations contained therein.                                          DECISION: On July 7, 2009, Vanguard was ordered to withdraw from NFA membership and be permanently barred from NFA membership and from acting as a principal of an NFA Member. Gordon was barred from NFA membership and associate membership and from acting as a principal of an NFA Member for 30 months. If, after expiration of the 30-month membership bar, Gordon reapplies for NFA membership or associate membership or becomes a principal of an NFA Member, he was ordered to pay a $10,000 fine.
    • Varengold Bank FX, a brand of Varengold Wertpapierhandelsbank AG will hold a seminar on Candlestick Analysis trading to raise awareness on the most basic fundamentals for Forex traders. Under the theme of “Candlestick Patterns for Day Trading”, the seminar will provide FX traders with an introduction to forex trading, the use of candlestick graphs, candlestick analysis, key candlestick patterns and day trading forex strategies.
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