FIFO-related Questions and Answers

 
What is FIFO?
FIFO stands for First In First Out, and it really only applies to residents of the US. If you do not live in the United States of America it is important that you do not create demo accounts with a US address and/or from a US broker.
 
You can learn more about FIFO here - http://www.dailyfx.com/forex_forum/nfa-fifo-first-first-out-rules/80046-1-faqs-nfa-fifo-rules.html
 
Where and how to create Demo accounts?
If you create your demo accounts inside MT4, remember to NOT add a US address or choose a US account type.
 
Why is this important?
Tradeworks is designed to work with the majority of brokers, however, most of the functionality in Tradeworks is not built to work with FIFO regulated account. Tradeworks will always attache risk management rules to each individual position and this may very likely conflict with the FIFO principle and hence Tradeworks is NOT able to process the risk management part of your strategy. We have made this choice is as it gives you (the user) greater control over your risk management. You are able to set SL and TP for each trade. This currently is not possible under FIFO.
 
What can I do with a FIFO account?
If you are using a FIFO account it will only work with Tradeworks if you ensure you never open more than one position on each symbol. 
 
If you are unsure about how to operate Tradeworks with a FIFO account, we STRONGLY recommend you contact support or simply refrain from using a FIFO account with Tradeworks.
 
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