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It is Absolutely advantageous to do FOREX trading the easy way:
through
automated FOREX trading systems.
What is
automated Forex trading all about?
Automated Forex trading is an option you have when you regist for an account on a Forex trading Company and chose a
trading platform. It enables you to automate your forex
trading to various degrees (up to 100% if you wish)
and relieve you from the routine of having to continuously
monitor the forex market.
Why would someone want to automate the forex trading
process? There might be several reasons for forex traders to
apply for
Automated Forex trading. But the
two most common reasons among forex traders are: to take the
emotions out of the forex trading game and to never have to
miss a forex trade again.
Automated
FOREX trading is exactly what it sounds like. A highly
sophisticated and complicated computer program uses
mathematical algorithms to determine when to buy and sell
currency, and it makes the forex trades for you. You put an
initial investment into the account, and then let the system
do all the work for you.
It may
sound risky to let a computer program choose when to buy and
sell currency for you, but Automated Forex trading can often be safer than
doing it yourself. Humans are subject to error, to
misreading charts, and to overlooking data. Humans can also
let their emotions get in the way of making smart decisions,
like the gambler who loses everything because he just can’t
tear himself away from the blackjack table.
An
Automated Forex trading
program has none of those flaws. With the
Automated Forex trading
software doing it for you, it’s as if you were always
watching every market, noticing every trend, instantly
analyzing all available data, and making the smartest
decisions.
There is a
cost for
Automated Forex trading, of course. Most forex brokers that offer Automated Forex trading require
a minimum investment of several thousand dollars or more,
and they may charge a fee on top of Automated Forex trading.
But the
benefits of
Automated Forex trading
can be great. Whereas
manual trading requires an investor to study the market
intensely before jumping in to it,
Automated Forex trading
requires no training at all. Learn the very basics of how
the market works so you can tell what your
Automated Forex trading system
is doing for you, and that’s it. Sit back and let
Automated Forex trading make
your money work for you.
Automated
forex trading is also useful for companies and other institutions
that want to diversify their assets but don’t have the time
or resources to devote to FOREX trading. If a computer
program can do it for you, there’s no need to have one of
your employees handle it, right?
It goes
without saying that automated forex trading systems rely on
technical analysis rather than fundamental analysis. That
is, the algorithms examine past market performance and
general trends and base their trading decisions on that, not
on external factors such as politics and environmental
concerns, which may affect a nation’s currency. Nonetheless,
automated forex trading has proven to be highly effective and
accurate for many investors, freeing up their schedules to
focus on other things.
When
looking at automated trading solutions, four possible
options are available:
1. Automated trailing stops.
2. Email alerts when technical analysis conditions are
met.
3. Fully automated forex trades execution.
4. Backtesting forex trading strategies on historical
data.
Automated trailing stops.
The first step towards automated forex trading is the
automatic trailing stop function in forex trading platform. It is
a very useful tool to manage your open positions especially
when you are not in front of your computer.
How does it work? Using your mouse, simply right click the
position in the trade terminal you want to set an automated
trailing stop for and select the number of pips that you
want your stop to be adjusted to. As an example, if the
automated trailing stop were been set at 25 pips, as soon as
the market put your position in a 25 pips profit situation,
your stop will automatically be brought to your entry level
(breakeven point) and will, from that moment on, follow the
market into the profit zone.
Email
alerts when specific technical analysis conditions are met.
The second option you have in terms of automated forex
trading devices with automated forex trading platform is the
email alerts function. This is very handy when you do not
wish that the system executes trades automatically for you
but rather prefer to receive an email notification (on your
cell phone for example) when all of your forex trading
strategy's conditions are met. That way, you go to your
computer only when you know that there is something valuable
happening. The rest of the time... you are free.
Fully
automated forex trades execution systems.
The third option that automated forex trading platform
offers is the ability to completely automate the trading
process from A to Z. It means that using a function called
Expert Advisor, you wouldn't have to trade by yourself
anymore if you wish. The platform does it for you (don't
worry, you can turn this function on or off as you please,
so you stay in charge).
Actually, automated forex trading platform is designed to
allow you to run computerized scripts (expert advisors)
that will not only monitor the market in real-time 24
hours a day for you, but will also recognize the trading
conditions written in the script, place entry orders with
stop-loss and profit limits and manage the trade until
completion usually using trailing stops.
What is
a Forex Expert Advisor?
It is an automated forex trading system (ATS) written in
specialized language MetaQuotes Language II (MQL II) and
linked to a particular chart. As we said earlier, a Forex
Expert Advisor is able not only to notify the trader of the
forex trading opportunities, but also to automatically
execute forex trades on the forex trading account, sending
them directly to the forex trading server.
In effect, the Forex Expert Advisor is a revolutionary forex
trading tool that allows forex traders to either program
their own forex trading strategies or use other people's
forex strategies.
Writing your own Forex Expert Advisor is possible: to do it,
you don't need to be a professional programmer, you only
need to learn to use a simple language - the MQL II.
If you are not able to write the script for your Forex
Expert Advisor by yourself, or have no interest whatsoever
in doing it, you can always ask some Automated Forex
Companies to do it for you. Some Automated Forex Companies
offer programming services for customers who do not not wish
to learn the Expert Advisor programming language.
Backtesting forex trading strategies on historical data.
Forex Expert Advisors are used to automate the forex trading
process but they can also supports the testing of strategies
with historical data, with the trade entry/exit points
visually represented on the charts and a complete
performance report with % of winning trades vs losing
trades, etc. This is very useful to determine if a forex
trading strategy would have been profitable in the past and,
therefore, if it is worth trading for real.