Dear Fox user,
We cannot always give you good news, and we all know about the risks and difficulties of trading. Today, we have to face a bad day for me and all the team. That’s why I’m just writing this report about the last results of our Forex bot.
Due flash spike on GBP/USD this Friday morning, Fox Trading Forex bot incur on a big loss of part of funds due to a bug with trailing stop (dynamic stop-loss) used on the bot. The team wanted to close all orders before the Brexit vote on Thursday 15th, but this bug on the bot finally caused this situation before we cannot take some actions. I finally decided to close one of the two orders running above the expected SL, causing this loss, and other one is keep running waiting for market conditions on Monday.
After more than a year of good results, we do not expect to have to deal with this horrible situation now. During this time we have been fixing some similar scenarios, which have also caused small losses, but the unusual volatility of the GBP/USD caused by Brexit vote has been too much this time.
Remember that Forex bot were still on BETA, and some bugs needed to be fixed, it’s why we delayed the ability of that service, expected for Q2–2019. The quality of our service is important for us, so we decided to extend this period BETA for Forex bot, waiting to leave behind these difficult months due to Brexit in the UK for one of the assets that we use GPB/USD.
This is just a setback that will not stop us, we will continue working to fix all Forex bot errors and offer users a reliable track record again. This is one of our key points, the transparency, and we are always going to defend it. There have been losses, it is part of the game, but we are not going to hide any result.
I’m sure that this will only help us to improve, we will learn from our mistakes, this can only make us stronger. People who know well Fox Trading know that this is a long-term project, so we will offer services with the greatest guarantees so that everyone can all enjoy it for a long time.
Let’s start this quarter with Crypto Arbitrage bot on the Trading Pool, while we continue improving Forex bot! Never give up!