If you open an account with FXCM you will get not only one of the most user-friendly trading platforms (FX Trading Station II), but you will get additionally access to DailyFX+.
What is DailyFX+?
DailyFX+ is basically nothing else than an access to all information of the FXCM Trading Team. You can easily log in with the username and password from your live account.
On the top you can see the alerts. All changes of their trades are published her in real time modus. You can see, when a new pending order was placed, when a trade entered, when a Take profit was reached and so on.
You will be able to filter the alerts according to the strategy, the currency pair and the time frame.
Below you can see the trade details. Here are all running trades listed. You can see in the first column the action. Enter Now means the signal is still in its entry zone, and traders can consider buying or selling at the current market price. Hold means that any trader already in a trade should continue to stay in the trade. Any trader not already in the trade should not enter because the market has moved out of the entry zone.
You can also filter according to the strategy.
After that window you can see the details for each currency pair.
You will be able to recognize immediately if the trend is up, if momentum is going in the same direction and also the direction of the trading strategies Range, Breakout and Momentum.
Here the trade can see how much the performance over the last 60 days is. You can recognize that for example the Breakout2 made 36.12 pips in average.
Here is also announced what time frame a strategy is following. Breakout 1 and 2 are short term strategies.
How am I using DailyFX+
I do not know how FXCM created its strategies. DailyFX+ makes a secret out of their strategies. Therefore I set up some guide lines for my trading with DailyFX+:
1) I am using only the trades on the Breakout2 Strategy because I am a day trader and don't want to use a medium or long term strategy.
2) I am only using trades, if all the indicators are going in the same direction. For example:
Good to trade:
Not good for trade:
3) I close all my trades over night. I don't want to worry what is happening, when I am not at my computer.
Last but not least I can stand here and say, that my trades according to DailyFX+ are not always winning, but my account balance increases week after week. Therefore DailyFX+ is a big plus for each (beginning) trader.