News Trading is a risky strategy whatever the methods used, however, it is popular, most traders like to predict price movements even sometimes they are not logical to the news report. News Trader Pro is a semi-automatic EA specialized for news trading using several methods or combinations with pending orders and other algorithms. This EA is designed for the MetaTrader 4 platform although the MT5 version exists. It belongs to the paid category, has numerous features, and it is regularly supported with updates.
The initial version appeared on 30th September 2014 on the MQL5 marketplace and the most recent version is 2.13 from March 2020. There are many new added features in the updates along with the bug fixing and URL updating. These kinds of indicators rely heavily on external news feedback sources, making them sensitive to changes and must be supported regularly. Once the support for them has ceased, they will not work. The author of News Trader Pro is Vu Trung Kien from Vietnam, having at least 48 products and he seems to understand trading well, also having good coding knowledge gauging by this EA quality.
News Trader Pro allows you to have a specific trading method set for each news event, with all the Stop Loss and Take Profit options. The News Events are loaded from various sources form the internet and plotted into the MT4 chart. Once the event is imminent, the EA will apply the set strategy or other settings and trade accordingly. To a degree, the risk is reduced in trading the news with this EA, as the market becomes volatile at the moment. EAs are reacting and executing faster than humans, in the moment of high volatility, having such ability reduces the risk, especially if the strategy with several Money Management rules is applied. Pending trades are one of the key components for the strategies incorporated with News Trader Pro.
There are a few preset strategy settings although a trader can make its own based on the parameters of his choosing. News Event drawing on chart module is segmented into another product if you are interested in just the events monitoring, it is called News Loader from this developer. Running an EA usually requires it to be applied to each asset chart opened in the MT4, this EA does not require that, it will trade all the Events on every symbol once applied for the first time. A special feature is added for spread widening and automatic adjustment of the Stop Loss and Take Profit distance. A description and illustration are provided in the EA for those not familiar with the strategies concepts.
News Trader Pro has 5 ready-made strategies for news trading. Clicking on the event will open a strategy set up for that particular event. The classic strategy is just to predict the event or the price move and set the buy or sell once the timing is right. Using this EA will avoid the slippage as a trade is opened while the market is not yet volatile. Prediction trades go wrong more than the confirmation ones, especially without the Risk Management measures. Traders would need to apply some measures using this method or accept the risk. Pending Trap strategy places long and short pending orders with some distance between them. Once one of them gets triggered, the trade will follow the breakout. Of course, a whipsaw may happen before your Take Profit level and end with a loss. Therefore, some traders use the Limit orders expecting this whipsaw or reversal.
Whatever the method is used, Risk Management tools must be used. If traders are fond of Grid trading, the EA supports the Grid pending trap method notable for scale in trades at important price levels. Exiting with a Take Profit or a trailing Stop Loss is great for strategically capturing profits. Martingale strategy implemented into this EA could be used for countering the losses made from the whipsaw or any strategy that has initially failed. By making a bigger trade-in another direction, traders hope to negate the losses and even build up profits from the turn of the events. The logic behind this one is the market changing the direction again is less likely. Mid and Long term traders may want to rely on the event report results change to set a trade. News Trader Pro can recognize the change and trade accordingly.
Traders will have a lot of freedom to tamper with several types of Stop Loss, Pending, Take Profit, OCO, and timed pending orders. Depending on the strategy selected different options will appear useful for that particular strategy. For example, the Martingale pending trap strategy has the Lot multiplier factor and how many times to repeat the function. The author has noted that News trading is risky and that the EA will not fully automated. There are also factors coming from the broker that is greatly affecting the trade, such as the liquidity for that particular asset, slippage, etc. The overview page is well made showing that the developer is organized and experienced.
The price for the News Trader Pro is $299 to buy with 5 activations. To rent for one month the cost is $149, one user also commented that renting this EA made him enough profit to buy. A demo is available, a special link is provided for it as the EA is not fully automatic.
Users are generally happy with this product, giving it 4.3 stars based on 16 reviews. The ones with low ratings do not have any argument, therefore not helpful. We could say this EA received high rating taking into account News trading is very risky, most angry traders may emotionally give the EA a low rating. One notable recent review gives good feedback:
“This is a must-have in your daily arsenal. I currently use this on my VPS and it is very very accurate and provides automated risk management to keep you from losing a lot of money in the event the trade is unsuccessful. Specifying lot sizes are important with this tool but I love the fact that if the market whipsaws you, it automatically will hedge and close the positions with profit. AWESOME JOB!”
Trading the news is not easy, following the logic will not always reward you and to most one bad prediction cuts the profits made before. If you have a profitable strategy that blends in with News Trader Pro, the price should not be the issue for this quality product.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/5558