If you’ve been trading forex for any amount of time, I’m sure you’ve heard of forex news trading. Or you may have avoided forex news trading because you never knew how the market was going to react to a news release. But what if you had a low risk way of trading the forex news and no matter which direction the market went, you could profit. Well, this is what Barry Battista of forextradersdaily.com has attempted to do in his newest release of the Straddle Trader Pro News Trading Software.
What is Forex News Trading?
Simply put, a trader attempts to determine which way the market will move once a news release is made public. In the past, this has been close to impossible as the market reacts to the news release in a matter of seconds, so the trader barely has enough time to determine if the news is good or bad, much less, determine if the currency pair will go up or down. Additionally, the currency usually spikes so drastically and so quickly that it made it almost impossible to even get in on the trade at a profitable rate.
So What Does the Straddle Trader Pro Software do?
The Straddle Trader Pro is strictly a news trading software. It is a mixture of software and an expert advisor. You first have the interface of the software that is directly linked into a news feed which receives the data. It then processes the data and spits out parameters to the expert advisor which places trades on your account. Now in order to get in on the trade before it goes up or down, the Straddle Trader Pro Expert Advisor will place 2 pending trades. One for if it goes up, and one for if it goes down. So whichever way it moves, it will trigger one of them and automatically cancel the other trade for you so that you don’t get 2 trades triggered.
The advantages of this are that you get into the market faster than you could ever do it manually. Additionally, the Straddle Trader Pro takes into account some risk parameters automatically for you and you set your lot size, spread and other factors before the news release ever comes out, so you don’t have to panic and scramble to get the trade in.
Lastly, Barry Battista keeps a schedule of all the news releases on his website and tells you the input factors to put into the software to keep your risk at a minimum. All the news releases are pre-scheduled, so they are never last minute and it takes about 10 minutes to setup. The other aspect that many traders appreciate is that you are never in a trade for more than 10 minutes. Once the trade is opened, you are only usually in the trade for the first minute or 2 and then you are done. So you never have open trades lingering that you have to worry about.