That is right, I said a single currency, not pair. Most often forex traders target one currency pair, but they miss lots of other trading positions on other pairs. There is a middle ground and it may be possible to concentrate on a single currency of several pairs.

Certain EA developers have decided to do just that and made the GBPBOT. This Forex EA works on the GBP currency and its pairs. The benefit that it gives might not be immediatelly obvious, however. Traders are used to trade the pairs and not single currencies (that doesn’t even make sense), so why concentrate on one all of a sudden?

The answer lies in the idea of relationship between different currency pairs. The pairs with the same currency is involved are related and behave in a similar fashion. That’s to say, if one pair is trending, others that inculde the same currency could be moving in the same direction too. But that may not be that obvious so we use that relationship. And you can understand where it’s useful for forex trading EA creation.