I've talked to a lot of you about FXEngines and there has been much optimism as well as much skepticism.  I was first exposed to all of this at the FXCM expo where I personally got to listen to Scott explain their goal.  There were a lot of ears turned up during his talk.  There were also a couple of people who just flat walked out which I took as close-minded on their part.  In this world of Foreign Exchange trading, there are so many scams out there and it isn't easy to disseminate what is real from what is not so I can understand but I'm opting to remain open-minded for now.

I sent an email off to Scott (the CEO) about my concerns with the inability to capture last week's large move and I think there is something I have to understand about all of this.  FXEngines strategic direction recently changed to trading the news so this platform is in its infancy.  Just the fact that after 5 weeks, I remain profitable is also a good sign.  I am still hopeful in automated trading because FXEngines are constantly changing as we all must in this environment.  Like I said, this is all relatively new to them so we can either stand by it and continue automated trading or not. 

Here was Scott's response to the inability to capture the move last week and also a response after I said that somtimes, his post trade review was "sugar-coated."

I don't take offense, so don't worry about that.

The bottom line is I am not sugar coating, although I will put the best spin on things I can. Yesterday's traded DID take profit, and that's why they exited early. The exit signals are there for everyone to see, and they protect profit. If that's not the way you want to trade you can create your own orders, or soon we'll have more wide open engines. But it's a fact - those engines protected profit because that's how the engines are designed. It's also a fact that most bad trades are flat trades. We have not had a SINGLE trade reported by me that was a good spike, but that I reported as flat. Thursday's trade was flat at the open. It SLOWLY became a 20 pip spike, then retraced. Our system is not designed to pick up slow moves, only spikes.

So in all of the cases of the reviews I feel pretty justified, but don't take this to be defensive. I take your point completely, but I offer a rebuttal and I think it will stick. I have no problem calling a bad trade a bad trade, and I will do my best to keep it straight going forward. I value honesty more than most people, so I appreciate your feedback and feel free to let me know if you disagree.

Scott

I think it is important to see that this platform is designed to pick up spikes, NOT slow moves.  I think it is also important to see that they are constantly making efforts to improve.

Read or add comments about this item.

No. 1 :

Well, I also take issue with the sugar-coating. I don't think "profit" is defiend as a loss in anyone's book.

However, since FOCM fxengines has been doing quite well. So, I defer judgment on the ultumate strategy

Submitted by Duncan McQueen • 2006-12-02 15:43:26

No. 2 :

Duncan, yes, we have to wait and see.

Submitted by Rich • 2006-12-02 20:32:58

No. 3 :

Well, the report on yesterday's move was pretty straightforward. I think the kinks are being worked out and Scott is making things better.

Submitted by Duncan McQueen • 2006-12-03 08:52:41

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