Items Tagged With fx engines

For anyone interested in following the progress of using FX Engines to trade the news, I have added 2 new items on the top left menu named, FX Engines Trades and FX Engines Performance.  The trades section gives an individual week table of date, currency, entry and exit price, profit/loss, and the news report that was traded.  The performance section gives a week by week trade table all on 1 page.

I've managed to profit 48 pips in the last week of trading through FX Engines.  Note that all trades have a stop/loss of only 10 pips.  I had my first losing trade this morning during the release of the UK CPI.  The price spiked up, my trade was initiated, but the price couldn't get any higher.

Next up is CPI tomorrow at 8:30 am, Initial Claims on Thursday at 8:30 am, and the TIC report (Net Foreign Purchases) on Thursday at 9:00 am.  Keep an eye on the FX Engines Trades log for updates.

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. 

Currently I am trading a live mini-account with FX Engines to evaluate it. I'm using real money and my own money to prove whether this is as good as it looks.

FX Engines focus on the ability to trade the news automatically through their platform. Since news tends to create major short-term moves in currency prices (sometimes in just the first 1-10 tics after the announcement), they see the potential for profit with a limited amount of risk. In fact, most trades orders are placed with a stop loss of only 10 pips.

Currently I am trading a live mini-account with FX Engines to evaluate it. I'm using real money and my own money to prove whether this is as good as it looks.

FX Engines focus on the ability to trade the news automatically through their platform. Since news tends to create major short-term moves in currency prices (sometimes in just the first 1-10 tics after the announcement), they see the potential for profit with a limited amount of risk. In fact, most trades orders are placed with a stop loss of only 10 pips.

Week 9 Trades