Are you feeling a bit lazy to go through the analytical part of Forex trading?
Use an expert advisor (EA) or a Forex robot instead.
The former will handle the analysis while allowing you full control of your trading decisions. The latter, on the other hand, will manage the entire trading process on your behalf.
Both will help you skip the analytical aspect of trading currencies once it’s properly set up. After you’ve programmed a robot, you don’t need to analyse the charts every time you trade.
Using an EA comes with several benefits but you do need to choose the best platform to gain maximum advantage.
What to look for in an automated trading platform
1. Server-based
Automated trading software that runs on a computer is vulnerable to technical failures such as power outages, loss of internet connection, or hardware issues or damage. This can result in orders not sent to the market or executed at the best price. Any opportunity loss can equate to profit loss.
All these technical problems might be avoided when the software runs on a server that is outfitted to prevent said issues. Moreover, it’s the responsibility of the provider to ensure downtime or interruption is avoided at all costs.
So sign up with server-based automation software.
2. Legitimate
When Forex robots or EAs sound too good to be true, they’re likely to be a scam. Don’t be fooled by platforms/software that is sold cheap or guarantees profits.
The effort that goes into programming automated software costs time and money. Why would anyone want to sell it for peanuts? Without a doubt, the people behind it want to make money in underhanded ways.
No profit is 100% guaranteed, either. Even seasoned traders lose. Given that automated software is programmed by traders, it’s not going to be perfect.
3. Offers a trial basis
It’s important that you’re able to test out the capability of an automated Forex trading system before you pay for it. How else will you know if it suits your trading plan or style? Treat such programs similar to apps that you should check out before you subscribe to them to avoid wasting time and money.
What if a free trial is not available? Steer clear from it because it might be a scam.
Can you create an automated forex trading program?
Yes, you can.
You just need a few things to create one.
- A trading plan complete with details on risk-reward ratio, rules on executing trades, the strategies you will use, etc.
- Tools and indicators that tell robots how orders are placed or executed.
- Basic stop-loss, trailing stop, and other risk management tools to prevent major damage to your account.
- Coding language needed to program the automated software.
In choosing an automated trading platform, you should ask for recommendations from other traders. This way, you’ll have proof of its efficiency and efficacy. Whether you subscribe to or create one yourself, make sure to backtest and refine an automated trading system as needed.
