I had a couple of issues with FX Engines this morning related to my configuration settings.  2 of my news trades didn't go off because my settings specified to trade a maximum of 1 contract at any one time.  Since I already had 1 trade open, the other 2 did not execute but in hindsight, it was probably better that they didn't.  The EUR/USD 15 minute candle has a long lower wick and the price basically returned to where it opened.

Nevertheless, I profited 20 pips on 1 trade.   Here is the entry log:

The price is 1.2571/1.2574.
Set fixed exit of 10 pips from 1.2571 to 1.2581. Set limit level of 25 pips from 1.2571 to 1.2546. Open position executed on Wednesday, June 14, 2006 8:30:09 AM EDT at 1.2571.

Here is the exit:

The price is 1.2548/1.2551.
Close position executed on Wednesday, June 14, 2006 8:31:11 AM EDT at 1.2551.

The trade lasted about 1 minute.  Not bad.

Wim (a visitor of the site) asked a good question today and it has previously been a concern of mine:

Great to see you make some progress with FXengines, however do you think their news strategies will work long term with FXCM? I doubt about that since FXCM does not like clients who make money trading the news. I WAS with FXCM since last friday, they put me on manual dealer without any reason. Probably, I was making too much money trading news on short term (4-10 min trades)which they don't like, so, now they want their money back putting me on their dealers. So, I grabbed my money back home and opend an account with Oanda.

Regarding trading the news: if you trade short term and make money on this, FXCM will place you on manual dealer sooner or later, sad but a true story from myself. When on manual dealer, well you can forget trading spikes and news events because they will requote you until you are wrong.

I have posed this question to the CEO of FX Engines to see what we can glean from him. 

Read or add comments about this item.

No. 1 :

That's, much better that they did. My CPI engines profited only 5 pips today and demo trades set up manualy in GBP according to trade ideas profited 2 pips between them.
It seems like the agressive engine was the way to go...

Submitted by Magdalena • 2006-11-11 07:48:02

No. 2 :

My aggressive engine was the only one to go off and I closed it manually at 20 pips. I didn't like the stall in price movement and considering my limit was 5 pips from here, I triggered the stop.
5 pips profit is better than nothing I guess.

Submitted by Rich • 2006-11-11 07:50:09

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