No close permission

Thanks, JCL for great platform!...only it can't close the position:

Broker: No close permission
[USD/JPY:ES:S10] 19:05 Can't close 1@78.19
Broker: No close permission
[USD/JPY:ES:S10] 19:12 Can't close 1@78.16
Broker: No close permission
[USD/JPY:ES:S10] 19:20 Can't close 1@78.16
Broker: No close permission
[USD/JPY:ES:S10] 19:29 Can't close 1@78.16
Broker: No close permission
[USD/JPY:ES:S10] 19:39 Can't close 1@78.17
......

I use zorro 1.01, Z1fx, demo. What do you suggest? Thx!

Note the date, time, and Trade ID number - you can see this in the trade software, f.i. FXCM trading station - and contact your broker about why you could not close the position. As to my knowledge, USD/JPY can normally be traded 24 hours, but maybe there was some market or server glitch at 19:00. Your broker should be able to answer the question.

A possible reason is that you use an US demo account and are not permitted to close any position, but must open a position in opposite direction instead. But then this should not affect only USD/JPY but all your trades. If you have an US account, please let me know - those accounts have some special restrictions that we'd like to test. All our accounts are from Europe.

Thanks for fast reply! Yes, you are right - it is US demo account! As I am from Europe too - I simple open new one in www.fxcm.co.uk! Thanks!

I'm having the same problem - I'm US customer on a presumably US Demo account. Going to call FXCM and see what's up. Will post outcome.

Called FXCM and they pretty much told me to F*$ck off. So now I'm in the FXCM says contact the software maker, software maker says contact the broker loop.

One possible question/cause. I have trade station on my iPad, and the last time I re-opened it - instead of opening at the login screen, it just basically reconnected with my stored credentials. I know from experience with other platforms, if you log into a web interface, it forces you to log out of other (MT4, Mobile) access methods. I can't be certain of the timing, but I'm wondering if FXCM maintained the connection and locked out Zorro from executing.

I logged off with iPad, and as I wrote this - I got another "Cant Close message", so that isn't the cause. So much for that theory.

So at this point - I'm non-functional - seems like I can open positions, but can't close them with Zorro. Any suggestions, other than call FXCM, because they were pretty un-helpful.

Thanks,

FXCM meanwhile confirmed to us that the reason is indeed the US account. Closing a position is not permitted on US accounts, again due to that NSA compliance rule. You have to open an opposite position instead.

So it's easy to work around, but we'll have to provide a special broker plugin for US accounts so that you can use the exitLong/Short function for this. This solution will be implemented soon in one of the next Zorro versions.

Inbetween, check if you can open a non-US account on http://www.fxcm.co.uk (NOT fxcm.com) - that would allow you to trade with the current version. You can recognize a non-US account from the ability to trade CFDs.

Ok-thanks for the follow up and support jcl!

This is so bizarre, jcl. Can't close a position!?!? That's nuts!

I've never run into these issues at several US brokers. I have to wonder if FXCM is misinterpreting or misimplementing the rules.

So if you follow their instructions and open an opposing position instead... why isn't that considered hedging? (Which definitely IS prohibited.) Do those two positions STAY open forever!? That would be a great way for someone to collect a lot of swap over time...

It isn't considered hedging because it does not keep two positions open, but just closes the first position. It would be indeed hedging on a non US account where a new position would be opened in that case.

I have to agree that it's bizarre. Normally a broker should take care of this in his API, and not leave it to his clients to solve the problem. I have indeed not seen this issue with other broker's APIs so far, except for FIX APIs where it also appears. Anyway, as a software developer you're used to work around all sorts of bizarre stuff all the time, so we'll take care of that in the next-but-one update.

One possible explanation is that for US accounts positions have to be closed in the order they were opened (FIFO).
Routine scripts do not take this into account and therefore try to close positions indiscriminately. FIFO would require a special type of script that closes positions in the order. I haven't found one in MT4 codebase. But it's an idea for someone who can program it.
Should be a matter of entering a trade number such as magic number=magic number+1, etc. Don't let me make a fool of myself completely. I'll stop here.

Ciao,

G