Since the last FOMC meeting, the USD has become very strong and the EURUSD has dropped to below 1.05, which is a level that we haven’t seen since January 2023. Only till Thursday of last week, then there is some slight rebound for EURUSD.
This week we have US job data – ADP and Non-Farm Payrolls. They are the indicator that the US Fed will monitor closely to decide their move on potentially the last rate hike for this cycle.
Trading like CFD Trading or Forex Trading has become very common nowadays and there are many traders relying on trading to generate their main or passive income. Generally, there are two main types of traders – Manual Traders and Algorithmic Traders (also called Quant Traders).
Manual Traders as its name, place a trade and close the trade manually by analyzing the market technically and sometimes fundamentally while Quant Traders use an automated trading bot to trade on market to gain automated passive income. In our honest opinion, we do not have strong preferences for either way as long as it works. When we say it works, it means the same process or action of trading can consistently generate profit in long term.
However, it is undeniable that an Automated Trading Bot or Algorithmic trading has some key advantages that you should at least considering to include as part of your trading strategy.