Focusing On One Currency – GBPBOT
That is right, the headline says one currency, not pair. Most frequently currency exchange traders concentrate on one the pairs, however they miss lots of trading positions on other currency pairs. There’s a middle ground, however, and it is possible to target a single currency of various pairs. Certain EA developers have made a decision to do just that and created the GBPBOT. This Forex bot focuses all on the GBP and its pairs. The benefit that it gives may not be immediatelly apparent, though. Of course, traders are used to trade the pairs and not single currencies (that doesn’t even sound right), so why focus on one?
The answer can be found in the concept of correlation between different currency pairs. You see, the pairs where the same currency is involved are related and behave in a similar way. That’s to say, if one pair is moving in one direction, others that inculde the same currency might be trending too. But that might not be that apparent so we use that link. And you can understand where it’s useful for forex trading EA development.