Wouldn't it be great to have a robot trade on your behalf and earn guaranteed profits? It's a dream of many to find the perfect system for Forex automated trading that guarantees profits and requires little input from the trader themselves. Whilst there are many automated Forex trading systems available, there are a few questions which need to be answered. Exactly what is an automated Forex trading system? Is it possible to find a profitable system? And are auto Forex systems safe? Find out the answers to these and more questions below.
Automated Forex trading systems are extremely popular across the globe due to their accessibility. For those wanting to start Forex trading, all that's needed is a computer with an internet connection - you don't even need a big investment to get started in Forex trading.
It is commonly observed that people who get involved in trading don't actually have much knowledge about the trading process. For this reason, more and more people are choosing to use automated trading options so that they do not have to trade manually. Automated Forex trading systems are available in the form of expert advisors (EA). These are created by highly skilled and experienced professionals that write algorithms to analyse market trends and perform the trading process. They are chosen based on their level of knowledge and accomplishments to avoid panic or anxiety on the part of client traders.
Forex auto trading systems do not guarantee 100% profits, but they do make sure that you will benefit the most from market movements, whatever they may be. Auto Forex trading systems work in a very articulate and coherent way. Expert advisors are basically programs that comprise of certain modules which investigate charts and figures, which move between a trader and a Forex broker. These specially designed programs are extremely easy to handle and work with, so you don't need any prior training to handle it. You just need to download the program, install it and adjust the settings on your computer. The automated currency trading system will then start working and generating immediate results.
Many automated Forex systems are offered free with extremely tempting service guarantees. However, these programs aren't faultless. The disadvantage is that many of these systems are associated with scams. Nonetheless, the best automated Forex trading system can be safely attained if the privacy parameters programmed into the system are correctly set and checked.
It is hard to say what the best EA is, as in most cases profitable EAs are difficult to access. There are many robots that used to be profitable. However, they are no longer relevant to current market conditions. For the most part, the best automated system to use is the one you use for manual trading. Have it coded in MQL, this way you can substitute your own efforts with the script.
Whether you are a beginner or an experienced trader, you can use automated currency trading systems to make real trading decisions on your behalf. The software identifies signals that include all sorts of spread discrepancies, price instability patterns, news that might affect transactions and fluctuations in currencies, while performing your trading activities and making sure that you do not make any losses. Where there is a risk of failure, a warning message is displayed, seeking approval, before any transaction is made. The major advantage of a Forex auto trading system is that it is unemotional and consistent in its decisions.
Having an automated Forex trading system is a vital element which can help you achieve the successes you want, without the same level of risk that can be found in manual trading.
Forex trading is considered as one of the most lucrative ways for making money. When performing transactions, it can be a good idea to have an automated Forex system. The automated Forex trading system can help by instantly executing all Forex transactions. With the help of this software, the trader will only have to switch on the computer and let the software take care of placing trades.
Forex automated trading systems can be used by beginners, veterans and professionals who may find them helpful in making decisions related to trading. The software is available in different price ranges and offers different levels of sophistication. They also come with free demonstration models, so that users can familiarise themselves with the program before using it on their live trading account.
The best automated Forex trading systems are computer programs which have been designed to analyse market activity and currency price charts. The software helps by identifying key signals, locating the profitable currency pairs, before placing trades on them.
If the software program can be set with user defined criteria, which satisfies all predetermined parameters, it can help in broadcasting a sell or buy alert, and automatically do the trading. This can also help in making transactions profitable.
Forex auto trading systems, also known as robot trading, algorithmic trading and black box trading, offer various advantages to traders:
Make use of the best Forex trading systems so that you can enhance the profitability of your Forex trading.
The biggest disadvantage of automated trading systems in the Forex market is that there are a lot of scams. The more you search for a perfect system, the higher the chance is of seeing pages that promote EAs with 100% daily returns. These pages display MetaTrader history showing how profitable the advisor is - and they usually come at a price. You can buy some software for as little as 25 USD, whilst some software can cost as much as 1,000 USD. Some websites will guarantee high profits and even offer money back guarantees. However, the vast majority of such EAs are just scams.
Think for yourself. Would you sell a highly profitable trading system if you could make profit with it on a managed account? Most probably not. Would an efficient automated system be priced as low as 25 USD? Again, this is extremely unlikely.
It is important to be able to identify EA scams and not fall for them. Generally, avoid anything that you have to pay for. You will not only lose the money on the software purchase, but if you are using the advisor on a live account, you could also lose your trading balance,
As mentioned earlier, the best EA is the system that would do exactly what you would do, but automatically. This way you can save yourself a lot of time and you would simply focus on the development of your trading strategy without actually having to execute it. This is certainly a great time saver for most Forex traders.
If you are trading on a MT4 trading platform, then you would need to compose your own trading robot using MQL programming language. It may be the case that you are a good trader, but have little or no programming knowledge. This isn't a problem - there are plenty of good and reputable MQL programmers available who will code your trading strategy and create an EA for a reasonable cost.
We hope that you have enjoyed this article and have gained a better overview on automated trading and how it works in regards to the foreign exchange market.
Looking to learn more about trading Forex and CFDs? Check out our nine video online trading course: Forex 101.