Trading Lesson: How Global Currency Group Harnesses a Robot
11/10/2017 4:05 am EST
Forex traders talk about a new Forex Forager robot with traders from 27 countries in a new group Currencies, Coffee and Croissants, writes CBOT veteran Jeff Wecker. Look for more Trading Lessons every Friday on MoneyShow.com.
Many forex traders traditionally stand aside during news events. The swings are just too wild and at lightning speed.
But now, members of an informal trading group called Currencies, Coffee and Croissants look forward to news events as their robot “Forex Forager” (Patent Pending) just eats them up.
As you may know, CCC is the now internationally acclaimed group of 60 forex traders from 30 different countries who meet on Skype daily to discuss strategies and specific trades. Most have local knowledge of their own nations and regions of the world.
Let me give you an example: The other day the robot was set up to play the Reserve Bank of New Zealand rate announcement. On the bullish NZD side, the robot was set up to go with short euro/New Zealand dollar (EUR/NZD) and on the bearish side with short New Zealand dollar/Japanese yen (NZD/JPY). (These pairs were picked based on relative strength.)
The first move was a quick drop in EUR/NZD and the robot locked in profits there and waited for the next move. Later on, things reversed and the robot locked in more profits. How the robot does this, is of course proprietary, but it was done with no more than 15 pips of risk on each side, so the risk/reward is off the charts.
Finally, the robot does other things such as getting you in to swing and long-term trades with no more than 15 pips of risk, locking in partial profits quickly, and keeping you in the trade until the objective is reached.
It seems to be stress free trading because there is no need for you to watch the trade. You can head for the golf course or spend the day with the family.
The group is open to all traders interested in currencies. You can have a brief free trial with this robot. Just contact me here to join CCC (Currencies, Coffee and Croissants) and I’ll set it up.