First Trade with fxengines
June 8, 2006 by Trader Rich
I traded the Initial Claims report this morning through FX Engines using their Initial Claims Engine. I profited 38 pips. Not bad. This was all fully automated and I did not do anything except subscribe to the engine a couple of days ago. I'm not about to endorse fx engines and declare it a money machine but if first impressions count for anything, I think this has a lot of potential.
I have subscribed to the Wholesale Inventory engine for the 10 am release today but it has not triggered anything yet.
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I put my first fxengines trade this morning too. Lost 34 pips. I am still slightly confused by all the exit strategies available. Did you set up your own exit strategy or used one from their drop down menu?
Really?? I have to say that the site is very confusing but all I did was subscribe to an engine. How did you lose 34 pips? A stop of only 10 pips is used for the engines. I think what you did was setup a manual order instead of using their engine. You click Engines, select an economic report to trade, select # of contracts and submit. That’s it. You don’t have to select an exit strategy or anything. You can though have a choice of exiting whenever you want. If not, it exits automatically using their exit strategy.
You’re right, I put in a manual order. I also put in a manual order for tomorrow’s trade balance news following their trade ideas. I went back to the site to check out how to subscribe to a specific engine and it looks like you can demo trade only by observing the engines during the actual news release. It’s pretty embarassing but I have never been more confused by a forex website before…lol