Introduction
Welcome to the world of Forex trading, where everyone dreams of turning their small investments into fortunes overnight. Today, we’ll be diving into the News Catcher Pro MT5, a trading robot that claims to capitalize on high-impact news events. With a user rating of 5 and glowing reviews, it’s hard not to be intrigued. But let's not get carried away; we know better than to believe in fairy tales. So, let's dissect this robot and see what it’s really made of.
Installation and Setup
Setting up News Catcher Pro MT5 is straightforward, but don't let that fool you into thinking it's a walk in the park. Follow these steps to get started:
- Download the news events data file 'NewsEvents.txt' and place it in the common MT4/5 directory: '\Common\Files'.
- Attach the EA to a single M5 chart, preferably EURUSD. If your broker uses a suffix (e.g., EURUSD.a), update the names in the Symbol parameter.
- Allow web requests to the following URLs for the news filter and GMT detection:
https://ec.forexprostools.com
https://www.worldtimeserver.com
http://timesrv.online - Ensure your account supports hedging, as this is a requirement for the EA.
- For backtesting, use Tick Data Suite GMT+2 with US DST to match the conditions used by most brokers.
Experience Using News Catcher Pro MT5
After setting up News Catcher Pro MT5, you might feel like you've just installed a money-printing machine. But hold your horses. While the robot does show promise, it’s essential to manage your expectations. According to user reviews, the EA has helped some traders turn their accounts from loss to profit. However, remember that past performance is not indicative of future results. The EA’s reliance on high-impact news events means it doesn't trade frequently, which can be both a blessing and a curse.
Tips for Improvement
Even the best trading robots can benefit from a few tweaks. Here are some tips to get the most out of News Catcher Pro MT5:
- Optimize Settings: Tweak the lot size and slippage settings to match your risk tolerance and trading style.
- Stay Updated: Regularly update the news events data file to ensure the EA has the latest information.
- Monitor Performance: Keep an eye on the EA’s performance and make adjustments as needed. Don’t just set it and forget it.
- Diversify: Use the EA in conjunction with other trading strategies to spread risk.
Source Code of News Catcher Pro MT5
We don't have access to the original source code of News Catcher Pro MT5 sold on MQL5. However, based on the description provided on the MQL5 website, we can create a similar trading robot. If you have any questions about the code, feel free to ask. Remember, this is an example code from easytradingforum.com, based on the description of the News Catcher Pro MT5. The EASY Trading Team does not sell News Catcher Pro MT5; we only created a trading robot code based on its description.
Code:
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If you're interested in exploring the potential of News Catcher Pro MT5, you can download a sample version of the code for free. Visit https://forexroboteasy.com/trading-robot/news-catcher-pro-mt5/ to get started. While this is not the original robot sold on MQL5, it’s a great way to see if this strategy aligns with your trading goals. If you have any questions or need further assistance, don't hesitate to reach out to us. Happy trading!