Be Cautious of FXEngines
July 7, 2006 by Trader Rich
After today and past issues, I am going to tell you to be cautious of FXEngines. I believe they are legitimate but I have major questions about their direct feed to FXCM and the stability of their systems. The whole point of using this platform is to trade the news and I'm thinking the dependencies between them and FXCM are too strong. Let me go over what happened today.
- Order executed long at 1.2815 at 8:30:23
- Position was up about 40 pips when I moved my stop to breakeven at 8:38:14
- At 8:41:12, I forced the exit of my position for what I thought would be a 30 pip profit
- At 8:58:33, my position exited not due to my forcing it in #3 but because the current price was less than my entry
- I lost 2 pips
I'm only trading mini-lots and testing this platform but it sure doesn't entice me to change to standard lots or multiple lots.
I'm not being a sore loser here. I just have concerns of the viability of this platform. It seems to me like the benefits of automating never seem to come to fruition. I've heard arguments from FXEngines where they said the price spiked but then went flat. But when the price spikes like today and you still cannot squeeze a profit out, where is the benefit?
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I think we are figuring out that FX Engines is good for not immediate movement, but fast incremental movement.
I did almost the same thing (tried to close at 32 pips profit). It eventually closed with 32 pips giveback (and a $0 net profit).
Big news items don’t work at FXEngines. Small news items don’t move enough. Only mid news items seem to be successful.
My experience was even more nerve wracking today. I couldn’t even see any of my trades untill they closed so I wasnt able to manage them at all. I lost 10 pips. On my mnaual paltform I made +50 pips. I guess FX Engines is not working for me, I am down 82 pips and will be terminating my agreement today to free up my capital and move somewhere else.
What broker is your manual trading platform with?
I think FXCM is much of the problem here.
Is not trading the news like having a Tiger by the tail? spreads increase & orders are not filled. Most advise I have read (all of course to be taken with a grain of salt) recommends staying out of the market during the news.
I qualify this as an observation, I have never attempted to trade the news or use FX Engines.
I had the same problem during NFP today. I´m using FXCM as platform. Do you know a more efficient platform for trading during news? Even, when I put the order, stops were available from +-300 pips of the current price.