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Top search terms: Create an account, Mobile application, Invest account, Web trader platform. August 27, UTC. Reading time: 31 minutes. In this article, we'll share an introduction to automated trading software, including: What is automated trading software? How how automatic trading software works Who can use auto trading programs The advantage and disadvantages of Forex trading programs Different financial markets for auto trading software How to start automated trading And much more! What is automated trading software? Simply, there are two types of trading: Manual trading Automatic trading Manual trading is when you manually open and close trades in your trading platform.
How does automated trading software work? In summary, the functions Forex auto trading software can carry out include: Market analysis, including technical analysis and fundamental analysis based on your trading strategy Opening trades automatically when the specified conditions are met Closing open positions according to the specified conditions take profit, stop loss, reversal Risk management, through limiting the size of open positions or the number of open positions you have at any one time If you have a Forex trading strategy with an automated approach, you can program your automatic trading software to analyse and trade the markets 24 hours a day, which allows you to seize all potential trading opportunities.
The process is simple: Sign up for a free demo account.
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Download and install MetaTrader 5. Download and install MetaTrader Supreme Edition. Open MetaTrader on your computer, and sign in using your demo account details. Then you can start using free Expert Advisors to see how automated trading works! Who can use automated Forex trading software? What are the advantages of automated Forex trading programs? What are the disadvantages of Forex auto trading? Some of these include: Scams related to the sale of autonomous trading software - not every program out there will perform the way you want it to, which can make it easy to spend money with no benefit.
Lack of knowledge in computer and algorithmic programming - given the previous point, it's important to understand how your automated trading program works. If you don't have strong programming or computer knowledge, you might struggle to get the most out of auto trading.
The financial cost of using a professional coder - if you can't code, you can hire people to create Forex and currency trading programs for you. However, these people can get expensive quite quickly. The lack of systematic trading training - beyond programming knowledge, it's also important to have a clear trading system for the trading bot to follow. If you don't, then you will struggle to see the benefits of automated trading software.
Which financial markets are the best for using automated trading software? Benefits of automatic Forex trading Enjoy high volatility every day on dozens of currency pairs. Many Forex auto traders are available on the world's two leading trading platforms, MetaTrader 5 and MetaTrader 4. These are the world's most popular platforms for manual and algorithmic trading.
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Stock markets open and close at a fixed time, which means your trading session can therefore be limited to trading hours without having to monitor an algorithm continuously. Take advantage of open market movements and strategies developed around gaps in the market open, and market ranges. Tight spread can limit transaction costs, making smaller trades more profitable. Indices reflect news from economy and major companies, meaning you can choose an automated trading program that is triggered by fundamental analysis alerts. Automatic trading on cryptocurrencies With the large movements in cyptocurrencies like Bitcoin, Litecoin, Ripple and Ethereum over the past few years, many traders are looking at automated trading strategies for crypto.
What's the best time for auto trading Forex? The best times to use automated trading software are: When economic publications and speeches are released by major market players When technical analysis is at its most reliable During major publications, markets tend to experience significant movements, which is why many traders specialise in using automated trading based on the economic calendar.
Let's consider a concrete example: If US unemployment rate is lower than expected, an automated trading system can be triggered to go long on USD and US indices when the price closes above a simple or exponential moving average of a certain period. If the US unemployment rate is higher than expected, the auto software can make short trades when the price closes below a simple or exponential moving average of a certain period. How to create an automated Forex trading system To create an automated trading system - one that can be mastered with automated Forex programs - you'll need to start with you trading strategy.
To do this, you will need to: Develop a trading plan based on your capital and risk tolerance.
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Develop an automatic trading strategy with very precise conditions for taking positions and analysing the market. This might be linked to economic announcements, or certain technical levels. Integrate trend analysis with a filter, to define whether the system should seek to buy or sell e. The precise characteristics of a buy or sell signal depending on whether the trend filter is bullish or bearish e. How to start auto trading Forex When it comes to using automated trading software, there are both free and paid options available.
How to do free automated trading Free auto trading simply means you are programming your own automated trading software, rather than buying one of the currency trading programs available on the markets. To do this, you will need to: Create a trading strategy with clear rules and triggers for opening and closing trades. Code that strategy into an Expert Advisor that is compatible with your trading program.
If you haven't already, download a free trading platform, usually available via your broker. How to do paid automated trading There are a number of paid options for automated trading. Option 3 is to find an automatic trading program on a third party website. Automated trading in MetaTrader While there are a range of trading platforms that accommodate automated Forex trading, the world's most popular platform is MetaTrader.
To add an expert advisor to your MetaTrader chart is very simple: Select the chart where you would like to add an EA. Click the "Navigation" panel. Expand the "Expert Advisors" menu, followed by the "Advisors" menu. Select your preferred EA and drag it onto the chart. You can also double click on it to apply it to an MT4 or MT5 chart. Fill the desired parameters into the popup window. In the "Common" tab, check "Allow Automated Trading".
Choose an indicator or MT4 EA to test. Select the symbol instrument you want to trade. Define the unit of time on which the EA will operate Indicate the spread that the EA will use to simulate positions taken in the past.
Check the "Optimisation" box. Click "Expert properties" to customise your MetaTrader optimisation. Source: Optimisation Parameters, Admiral Markets MT4 Once these parameters are customised, all you have to do is press 'Start' to start the optimisation! You also have an optimisation graph that looks like the following image: Source: Chart Optimisation, MT4 Admiral Markets Beware, very often novice traders who use a trading program tend to fall into over-optimisation and find themselves using an approach doomed to failure because the parameters of their automated Forex systems will be optimised too accurately for a defined period of time established in the past.