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Forex Trading 1

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What Is The Best Automated Forex Trading Software?

 

Automated Forex trading is making people lots of money these days. As a new or beginner currency trader, you’ve probably read many exciting advertisements concerning automated Forex trading software. But, you should not be fooled by that word “automated”. Automated Forex trading still requires knowledge and understanding of Forex trading strategies if you want to make any real profits. And one way that you can practice your Forex trading strategies is through the use of a Forex demo account. This is the digital age’s version of “paper trading”. Let’s look at how this automated Forex trading software and a Forex demo account work to make you money.

Automated Forex trading software is typically called a “Forex trading robot” or an “Expert Advisor” (EA). Time was that you had to be able to write in computer code to use an EA. This was back in the late 1990s when the Forex market first became open to everyday people like you and me, thanks to the emerging technology of the Internet. However, since that time, successful Forex traders have more and more gotten together with computer language coders and created many different Forex trading robots for people to use. Today, you don’t need to know even the first HTML code command to be able to download and use a Forex robot.

Automated Forex Trading Software1Forex traders get together with “computer geeks” who themselves have an interest in making money in the Forex market. The Forex market is the biggest single trading market on Earth. Since it involves currency exchange, it is highly volatile (that’s probably an understatement) and there are always opportunities. The Forex market is also open nearly 24/7 (it’s open five and a half days a week, day and night, every single week). Remember, this market is facilitating multinational corporations, and government payrolls. People are always in need of exchanging currencies all across the world. So this is a market that hardly ever closes, and that makes it a market that is always affording you an opportunity to make money.

You may use an automated Forex trading system with a managed Forex trading account. This means that you don’t have to do the trading yourself. Normally with a managed Forex account you open up an account and let another human team make trades for you. But in the case of using a robot, the robot makes trades for you. Again, the key here is that your Forex trading is all passive.

But more often, an automated Forex robot makes trades in accordance with your dictates. That is, you program in the parameters for how you want the robot to trade. The robot then trades on your behalf, behaving as much like you as it possibly can. A Forex robot is also able to “learn” from past trades.

Advantages of Using a Forex Robot

Using an automated Forex trading system has numerous advantages over trying to make all of your own trades. First, you don’t have to manually or physically make trades. This means that you don’t have to worry about missing out on a golden opportunity when you have to do something human like eat, sleep, use the bathroom, or go to work. An automated Forex trading robot can make a trade any time of night or day when the market is open-and as mentioned above, that happens to be nearly all the time.

Imagine trying to physically make every good trade. You would go crazy. It’s not physically possible.

With a robot, you never need to miss a trade signal. The robot is always plugged in to your trading platform. While you’re sleeping or otherwise tending to your life, the robot is trading for you. The fact that a robot is making trades for you also means that you don’t have to worry about slippage. Slippage refers to a delay in between seeing a trade signal and actually placing the trade. The Forex market is so volatile that even just a few seconds’ slippage could cost you money. A robot will never hesitate or second guess itself and have a moment of doubt, as a human trader might.

Speaking of hesitation or second guessing yourself, this leads to another advantage of the automated Forex trading system. The robot is not bound by your psychology. Yes, it may be following your guidance and your strategies, but it never feels greed or fear. The best human traders discipline themselves not to give in to emotions, but humans are emotional creatures and nobody’s perfect. A robot is perfectly unemotional. Again, it’s just going to do what it has been programmed to do. It will never get overly excited and hold a position too long, nor will it ever act rashly because of fear of loss.

With a robot, you can also simultaneously trade multiple systems. That is, you can program a robot to monitor the Forex market with different parameters at the same time. A human trader would be likely to have difficulty using two trading systems at once. Trying to use three or more at once would probably lead to confusion and much loss. But once a robot is programmed, it has nothing else to think about. 100% of its processing power and “focus” goes to making trades. It will not get confused. It will simply recognize a trade signal and instantly act.

Finally, a robot “learns”. This means that it gathers data from all of its trades and can begin spotting more profitable trades within the parameters you’ve set. You can monitor this data and learn from it yourself.

Since you are probably going to program your automated Forex trading program, you will need to first understand at least one Forex trading system. This is why you want to get software the features a free Forex demo account. This is your “paper trading”. You learn how to make trades in real time and what works and what doesn’t work in the real market before you need to risk any of your capital. Always begin learning a new Forex system on a Forex demo account, too.

Features of the Best Automated Forex Trading System

There are many Forex robot programs out there and more keep coming all the time. Which one is the best? Hard to say. But the basics of what you want to compare between programs are:

  • Does it offer a free Forex demo account?
  • Has it been forward-tested, not merely back tested?
  • Are the Forex traders behind it proven successful?
  • How many multiple systems could it trade at once?
  • How fast does it “learn”?
  • How easy is it to use?
  • Can you try it out for free for at least a month before you have to buy it?
  • Price

So, keep all of this in mind. Successful trading to you!

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