Newstradersniper
You probably received an email about this new software/system.
The idea behind it, is to use the news and the spikes created and take advantage of them.
The author claims that he is making a lot pips using it. He actually made 320% in two years without having a single losing month.
Marc arranged to have a copy that I will be running on a real account and will also add a Myfxbook link so that you can also see how it performs.
It does not make sense to run it on a demo because it will always do fine, so Marc decided to create a real account just for this robot/system.
It is not a set and forget system. Each week there are new reports and you need to adjust the robot accordingly.
It must be run on a vps since speed is critical for such a system.
Today I had my first contact with this service.
I downloaded and installed the software.
It is easy to do it even if you are not experienced. It is an EA that you attach to your charts and another piece of software that I do not know how to use yet. I suspect it will display the actual figure as fast as possible.
As I said this is a news service. The creators run a trading room and call trades.
At the beginning of the week you can see on the calendar which news are going to be traded.
You select the ones that are convenient for your schedule and you sign up.
You are required to be half an hour before the report in the room to set up the tool.
There are 2 type of trades.
First is the spike. So if the actual figure is much larger than the forecast there will be a spike. The robot will do the calculations and enter the trade (I do not know yet how it will avoid slippage, more to come).
The second (possible) trade is the pullback. If there is a pullback then a manual trade is fired.
What I noticed is that in their introduction videos they use a demo account. I hope that in the room a live account is used because we all know how it is to trade the news on demo or on a real account.
My first live session is tomorrow. I am all excited. We are going to trade the GBP retail sales. They prefer to trade the majors since those have smaller spreads. I am just going to seat and listen and watch how things work.
I like the fact that it is not a black box. I never really liked black boxes where you do not know what is going on.
This is a tool assisted trade as I like to call them.
Additionally you only need to be in front of your screen maybe 5-6 times a week.
For me, right now, it is going to be 5-6 hours every week but I think once you learn the system it will only require 10 minutes before the trade and maybe another 5-10 minutes to close the trades.
The first trade is over.
Nelson explained how to set up the platform and what to do with the EA (the parameters).
They are using a demo account for trading but they trade the system on a real account that is not shown since the purpose is educational.
Price moved, the trade was opened and closed according to the plan.
I asked if they are going to trade US session Phily Fed etc but they say that not all reports are trade-able. They select the ones that move prices. So our next appointment is for tomorrow.
I also asked about the other piece of software that comes with the EA. This is a news software that reads the actual value and in case the actual figure is close to the forecasted one it will automatically cancel the pending orders.
I subscribed for the Core CPI CAD report tomorrow.
According to the creators of the system it is a trade-able report that has a high impact on price.
Not all "red" forex factory reports are trade-able.
Just finished with the CPI Canadian report.
It was a short sell since the news that came out were favorable for the CAD.
Always on a demo platform as soon as price moved for a certain amount of pips the trade was opened. Because price refused to continue it's move Nelson decided to close the trade with a small profit.
There is no schedule for the next week so I do not know yet when we are going to have our next webinar.
As soon as I know I will subscribe and let you know.
I just wish it was on a real account because we all know that trades on demo accounts work fantastically.
I watched a 2 hour video that explains how you can set up the system. I have to admit that it was not one of the best introduction videos. But I honestly prefer a trader doing a lousy presentation instead of an excellent presentation from someone that does not know how to trade.
So back to my thoughts and remarks.
The NewsTraderSniper is a combination of 3 things.
1. The spike trade. This is an ea that connects to a news server and milliseconds after the announcement will either keep or cancel the trade. The approach used is a bracket setup. x Pips above and below price are two pending orders. When the news are out, the software will either keep one of the two orders or cancel the whole setup. To trade the spike you can set your computer in advance according to the settings you will receive by email one day before.
2. The retracement trade. To trade this you need to be in the room. Price will usually spike then retrace, so you enter in the direction of the spike.
3. Swing trades. When something important happens (like an unexpected interest rate increase/decrease) then a trend should be sustained for a couple of days. An email is sent with instructions about this trade.
So far I was only able to see two spike trades that worked fine but it was on a demo account. I asked if we could use a real account since this is going to be more realistic. I do not have an answer yet.
They are also planing to develop similar software for futures trading (that does not suffer from frozen platforms) and use it with other platforms. This software when ready will be available for members.
Today's report (existing home sales) is a trade-able report according to Nelson but so far I did not receive a webinar invitation and nothing is posted on the weekly calendar for this week.
Normally there is a weekly schedule and setups should be sent at least 12 hours before the report so I am not sure if we are going to trade today.
Support is not very "fast". I can understand it since it is just the beginning so they need to sort things out.
Will keep you up to date as soon as I know.
I got an update from News Trade Sniper.
I asked if we are going to trade existing home sales on Monday to get an email saying what is on the menu for this week.
So tomorrow we are going to trade 2 reports. Preliminary GDP and FOMC minutes.
UK MPC minutes on Wednesday and finally
UK Revised GDP on Thursday.
Will keep you updated.
Preliminary GDP came out but it was not tradable so nothing so far. The difference between actual and forecast was too small.
Our next webinar is for the FOMC report later today.
Since it is a text report we cannot use the spike tool. This report is going to be traded manually.
Nelson said that he has a success rate with the spike tool that is superior to 90%.
For the retracement trades he has a success rate of 70%.
Unfortunately the sound quality was not so good so I could not ask any questions.
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