Have you ever used FXEngines?

September 15, 2006 by  

Yes, I have.  Here is a post describing my experiences using FXEngines over 9 weeks.

After 30 trades and 9 weeks of automated trading via FXEngines, I am
abandoning ship.  It isn't because I've lost money because believe it
or not, I'm up 49 pips.  The primary reason is because I just don't see
how this system of trading will benefit me in the future. 

First, I just do not want to be reliant on anyone but myself when
trading.  This method of trading put a little bit of discretion in your
hands but not enough for me to feel like "I" had a good trade when the
trade made money. 

Secondly, initially I thought that automated trading may be a good way
of supplementing my discretionary trading income in the future.  I just
don't feel that it can.  The trades that were profitable were mostly
the medium volatility news trades that slowly moved in your favor. 
This could have just as easily done manually.  The trades that this
system is advertised to catch were just not possible.  This could very
well be that FXCM is the broker and the limitation is with them.

This was certainly an experience, one that was educational.  How? It
really shows that if you remain disciplined and consistent, you can
come out on top or at least even.  Like I said, I'm ending my
relationship with FXEngines with a 49 pip profit.  In all, I made 30
trades.  12 were winners, and 18 were losers.  The key here was also
money management and the tighter stops.

To see the weekly results, go to http://www.forexproject.com/FX_Engine_Performance/

To see each trade by week, go to http://www.forexproject.com/Forex_Engine_Trades/  

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