Am I a Flip-Flopper?

October 12, 2006 by Trader Rich 

I had just about written off FXEngines as a viable option for news trading but not as a trading platform.  Here is a question I sent to them yesterday:


I'm wondering if the following can be automated?


Here is an example:

  1. Schedule order at 1:30 am at a specific price with a 30 pips stop and a 30 pip limit
  2. Order executes at or after 1:30 am with a 30 pip stop, 30 pip limit.
  3. If the position goes in my favor and is up at least 20 pips at anytime, move the stop to breakeven
  4. On a long position, once profit reaches 30 pip profit, trail the stop using last candle low and the reverse for a short position

This is possible with FXEngines FX Trader Plus package which costs $1.00 per lot traded.  You get premium exits like the one described in my question, exit creation, US news trading engines for not only the EUR/USD but the GBP/USD, USD/JPY, and USD/CHF, European news event engines, Japanese news event engines, and Australian news event engines.  I don't see myself taking advantage of the news engines but if I can totally automate my trades via this platform, I will.  

Let's think about the cost of the FX Trader Plus package.  $1 per lot traded.  If I make 20 trades a month at 3 lots each, that's 60 total lots for a price of $60.00.   How much does it cost for the Oanda API where you also have to do the programming, $600.00 a month.  Quite a difference for losing a little bit of flexibility.  The drawdown here is that you are limited to only FXCM as a broker but this may change in the future. 

I've signed up for the FX Trader Plus and as always will let everyone know how it goes.

If you're interested, follow this link and use me as a referral: http://www.fxengines.com/register/signUp.jsp?referralUser=rparedes

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