Three Forex News Trades
June 15, 2006 by Trader Rich
I had 3 trades go off automatically today during the 3 news reports. I subscribed to the moderate engines instead of the more conservative or more aggressive that would enter the market later or earlier respectively. The overlap of news reports made me think that indecision may prevail in between. It turns out that there remains indecision after the reports were all released. I was still able to capture 12 pips, 21 on the Initial Claims, -2 on the TIC, and -7 on Capacity Utilization. I remain +80 pips since I started trading with FX Engines last week.
I think this platform will prove to be consistently profitable because the reward to risk is just too good. But like Wim mentioned yesterday and as I stated last week, can this last in the long term. Will FXCM or any broker that FX Engines works with in the future allow consistent winning before putting them on manual? Their platform would be absolutely useless if this happened.
It's nice to make pips through them but I'm not ultra-excited because I'm really not doing anything except clicking my mouse to subscribe to engines. Believe me when I tell you that I'm still concentrating a lot more on studying chart patterns and my own trading systems. If I can be successful trading my way, then I'll feel comfortable. I think of FX Engines the same as working for the man, they can provide me with a paycheck one day but the next day they could be showing you the door. You need to be in control of your own financial future as much as possible though some may argue that the markets are actually in control of it.
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I agree 100%. One of the good things about trading with FX Engines for me is the fact that it allows me to be less emotionally attached to my trades even when I manage them manually. I hope that experience will help me to stay calm and collected during other trades as well.