Currency News Trader will help the traders who love trading fundamental to get more out the market during the release of any major/high impact news. With this EA, you can use it to trade customizing it to suit any method you use to trade news, you can filter out the currency pairs with HIGH IMPACTS only from the bunches. Demo trade this EA well before committing real money to it, with a few tweaks of the settings, you will get it right for each of the currencies traded. Use the default setting first before any adjustment. You can set all the currency pairs as appeared in the news simultaneously for a week or even a month, each with its release time and date on their respective chart.
There are many ways to trade news but only few are getting it right. This EA was created with this truth in mind, if you don't get it right at first, a few tweak and testings on your Take Profit (let it be easily attainable), Stop Loss (let it be moderate but give breathing space to the market price to avoid being kicked out of the market prematurely), and Distance between the pending orders and current market price. Once you are able to get these right though there may be difference from one news to the other, then you are good to go.
The kind of news to be released determines your Take Profit, Stop Loss and Distance and also if you wish to activate the Break-Even and Trailing Stop, you can do so to maximize your trading but it is optional.
- Select and Type the Date/Time here: Follow the format you see there. Use the server time you see displayed on the chart by the EA when you attach it.
- Set to false to ignore close_hour = True.
- Close all orders after this hour = 18.00 (GMT) which also means 6pm
- Default Lot Size = 0.1 Feel free to adjust according to your account type and size
- Free Margin - 25.0 The EA will stop trading if the balance fall down to this percentage level
- Take Profit1 = 150. Feel free to adjust it to your own if necessary
- Take Profit2 = 50. Feel free to adjust it to your own if necessary
- Stop Loss = 30. Feel free to adjust it to your own if necessary
- Gap between pending orders and price = 15. You can adjust it
- Break-Even Point = 28. Point at which the EA moves the stop loss to the open price level to create risk-free trade
- Trailing Point = 35. Point at which the EA start moving stop loss trailing the current price to increase and protect your reward
How to trade news with Currency News Trader
There are countless ways to trade news and making money, here we define our own way which has been producing satisfactory results at least most of the time is was implemented and here is how:
Any time a news is coming out, it actually affects a particular country or zone thereby directly and indirectly indicate which currency pair is going to be affected negatively or positively. But whichever way it goes both negative and positive impacts should produces something good for the news traders in the market.
If the news coming out concerns US/America, then you need to consider a currency pair with US dollar as its base currency i. e USDJPY, USDCAD, USDCHF etc because US dollar here is the determinant factor.
You may not have to trade all but pick one out of many and concentrate on it, study its past performances, the kind of news and the magnitude of the pending orders to be triggered after the news release depending on the direction it takes (To avoid false breakouts).
- If the news to be released affects UK, GBPUSD, GBPJPY etc would be the most relevant currency pairs to trade in that regard.
- Europe: EURJPY, EURGBP, EURCHF
- Canada: CADJPY, CADCHF
- Newzealand: NZDUSD, NZDCHF, NZDJPY, NZDCAD
- France: CHFJPY, USDCHF, GBPCHF, AUDCHF
- Japan: USDJPY, EURJPY, GBPJPY, CADJPY, AUDJPY, CHFJPY etc are the way to go because there is no currency pair with JPY as its base currency yet.
- Australia: AUDUSD, AUDJPY, AUDCAD, AUDCHF, AUDNZD