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In Forex trading, a straddle is a popular technique that allows you to execute a trade regardless of which direction the currency in question’s price moves. This can be accomplished by setting entry points on either side of the currency’s current price. For example, if you are trading the US dollar in exchange for the Japanese yen, the current exchange rate might be at 85.00. A proper straddle would be set just below and just above 85.00; for example, 84.85 and 85.15. This is a popular strategy when you are trading the news and are unsure of which direction the currency pair you are trading is headed.
News trading is a great place to utilize the straddle Trader Pro technique because you can be positive that the price of the currency pair is going to change. With this guarantee, one of your options is bound to hit. This means that setting such a pair of entry points will be a guaranteed payout for you; by setting two entry points you can be positive that one or the other will be activated. The cost of setting such entry prices will be more than made up for by the fact that one of them will payout and more than make up the cost. Only should the news event be strong enough will the order be placed by the EA. Should the deviation not be strong enough, the buy and sell orders will be cancel before they will be hit. This automation or Robot if you will, takes care of everything for you.
The smartest strategy for this straddling technique would be to also set realistic exit points. This is because of the fact that when you trade the news, markets can move extremely quickly. If you do not have a good exit point set, by the time you close out the trade, the market may have already corrected itself and all of your profits that you first realized might be gone. A good straddle trader is aware of this fact and will have all of their bases covered in order to guarantee a great payout.
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Here is a video that shows you the Straddle Trader Pro in action as well as getting the Straddle EA setup properly on your Metatrader platform.