Straddle Trader Pro officially launches on July 11th. You may have noticed a lot of e-mails flying around from marketers pushing you to the STP webinars, trying to get you to opt-in here, opt-in there. Forget about all that stuff, lets just look at the important things, the facts. So what exactly is the Straddle Trader Pro? Is it your everyday run of the mill rehashed expert advisor? Or is it some new, unique and ground-breaking? What kind of results can it produce? What are the risks? Let us dive in and take a look.
Barry Battista is the developer of Straddle Trader Pro who is a founding forex trading member of the forextradersdaily.com website.
STP is a forex expert advisor that is hooked up to a custom news feed which it uses as a trigger to open new trades. Theres a few news trading EAs out there already so it will be interesting to see what Barry can bring to the table with Straddle Trader Pro. Remember that most brokers raise spreads during major news events making profits off them much harder to come by. So unless he plans to attack the smaller, yet harder to read news events then Barry may have his work cut out for himself.
With is being a news trader, Straddle Trader Pro will most likely have a very low trading frequency. We are talking about just a few trades a week, and maybe a few more during high impact news weeks. But you never know, if it does indeed trade a lot of the smaller news events, then you can expect atleast 5-10 trades a week instead of 5-10 a month.
How does Straddle Trader Pro work exactly?
When a news event is scheduled to happen, and that news event meets the criteria that Straddle Trader Pro requires then it will open two trades seconds before the news is announced, a long and a short. Once the news gets announced STP will determine a few things.
1. How is this news going to impact the currency pair. Is it going up or down? Then it will decide which trade to keep and which one to cancel.
2. It will look at how high of an impact the news has. If its not enough, it will cancel out of both trades.
3. If Straddle Trader Pro does decide to keep one of the trades, it will then calculate an appropriate stop loss and take profit based on how much of an impact the news is going to have on that specific currency pair.
This is all well and good, but its going to be crucial for STP to decide which trade to keep as quick as possible. Why? Because if it takes too long, then you may miss some or even most of the market movement.
The good thing about this type of system is all users of Straddle Trader Pro should have very similar results making comparisons and discussions of tweaking easier.
Ok so you know how it works, lets see whats included…
Straddle Trader Pro will launch on July 11th at a price of $1997. You can either pay in full or a 3 installment payment option of $832 over 3 months. Here are the training modules included with Straddle Trader Pro:
•Module 1: Introduction to Forex
•Module 2: Introduction to News Trading
•Module 3: Rating the News
•Module 4: Using the Straddle Trader Pro EA Software
•Module 5: Building Your Personal Straddle Trading System for Wealth Generation
There are some higher priced forex training courses out there upwards of $5000 that will teach you all of the above, sure. But then you are left hanging after that having to start making the trades on your own. Atleast with Straddle Trader Pro you not only get the training course, but you get the software to do the trading for you, and you are left with the knowledge of how and why its trading to make your own trades on the side.
In addition to the training modules, you will get the following:
•Straddle Trader Pro EA and Software
•Training Course Guide
•21 Trading Templates for MT4
•Quickstart Guide
•Premium Members Website Access
•Trade Research Tools
•Unlimited Customer Support
If your someone serious about getting into forex trading, this is going to be a great place to start.
If your someone serious about learning news trading, and getting an automated system with it, this will be for you as well.
I remember Oracle Trader from Dustin Pass… Seemed too good to be true… The software was fed a news feed that would automatically click on Buy or Sell on your platform dependent upon that news feed – perfect? NO! It never got filled with any broker I could find on the news spikes – every time with every broker I got requotes – so even though the sentiment of the price movement was predicted, the reality was that it just could not be execute the trade quickly enough. I have doubts that the straddle approach would offer much of an advantage with the large dynamic spreads that appear during news release time… The actual entry may well be towards the top (or bottom) of the spike and not at the straddle level – and then of course you have to exit the trade before the potential retrace – sounds more like gambling to me!
whis the good broker for this?
Just started using this ea and on the breakout part of the system it has lost 14 out of 15 trades it has put on. I have increaded the SL changed the TP trying to get a place where it will win but it keeps losing. Hope the news EA works better. Right now my opinion is really low
Hi Jonny,
Really struggling thru all the hype and false promises, your results sound amazing any chance you can let me in which systems you are using???
Regards
Pete
Can you give me suitable broker to use this EA
putra_quezee@hotmail.com
Bought this EA after release, Just been trying it on demo and so far hasn’t made a trade which is probably due to the lack of options this week, but according to barry’s blog there are some options this coming week which I’m looking forward to. So far all I can say is there support are great, had some issues (my fault) when I downloaded it and they were very quick replying. If you’re looking for a good broker I spoke to someone at gomarkets and from what he told me they dont freeze out news releases and their spreads are really competitive.
The thing that struck me first was that it is a news trader and most likely the frequency of trades does not justify its high purchase price. Peter stated that he made $4400. My EA makes me over $20,000 per month using pending orders and purely price driven and it executes over 100 trades per 24 hours. When I look for EA being marketed, the price has to justify its worth. And it has to make people willing to put out such money. News trading EA just does not inspire confidence among most people. It just does not inspire me either. From what I have heard from others, ForexHacked and even FAPTurbo will make you more money than this EA.
Jonny…which EA are you using to bank $20,000 a month and where can I get a copy?
i am wondering what EA you are using….it sounds great. Would you mind telling me what one it is . Thanks
Jonny, $20000 per month, how long have you been using it for? what is the total amount in the bank? What is the max draw down.
Generally, what you make is proportional, to what you have in your account, so comparing $4400 to $20000 is non-sense without knowning all these other factors.
$20,000 sounds like a whale of a lot of money, Jonny, but it actually depends on how much money you started with. For instance, $20,000 is only 2 percent of one million dollars. What size account are you using to generate $20,000? Miker has already asked this and other valid questions which you have not answered. You also have not answered the basic question of what EA you are actually using. If it’s a private one that’s not for sale, just say so, but please answer the question.
Thanks Peter, i just purchased STP and still getting familiar with it. However i am having some hard time figuring out how to configure the STP interface at the time of news release. If you dont mind, is it possible that you may kindly give me your email or msn privately since i got much to learn. my email is roy429@gmail.com.
thanks a lot and will share my STP results with you guys.
Barry’s EA works just fine. I’ve been using it for over a month now and I’ve made $4400 off it. To me it is the most legitimate forex trading EA I’ve ever used, and I’ve used a bunch of them. The statement you made, “Remember that most brokers raise spreads during major news events making profits off them much harder to come by. So unless he plans to attack the smaller, yet harder to read news events then Barry may have his work cut out for himself.” Barry doesn’t have his work cut out for himself. There’s enough trades each month to make a lot of money, as I have. The trick is finding a good broker that will fill the orders STP generates.
thanks, Peter. Am interested in STP as well but wondering if you could recommend a few suitable broker for this EA.
Hello Peter,i have the STP also but still i havent found a suitable broker..Please can you send me to my email the brokers you use?
kalpanos1@yahoo.gr
thanks!
Great review.
I’ve been getting a lot of advertisement for this strategy on my e-mail from a Forex Newsletter I’ve subscribed for a while ago. I was really wondering what it is but I didn’t bother reading all the things on their site.
Keep ’em coming & I salute you for your excellent work.
please hw can i get this straddle EA?