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Automated forex trading is a complicated field with lots to learn. In the past few years, the popularity of automated forex trading has skyrocketed. This type of trading was first employed in the Chicago futures pits. Subsequently, automated forex trading caught on in the world of forex trading.
- Effectiveness
The robotic nature of this type of trading leads to greater effectiveness and better trading. The result is trading that is simpler and less prone to error. Another result is an often dramatic increase in the trading system's profits realized by the firm or individual. Executing trades manually so as to maintain a similar level of efficiency would be difficult if not outright impossible.
Trading systems like these operate in time frames measured in fractions of a second. It is this extreme speed of decision-making which also makes manually trading such strategies impractical. There are instances wherein the trader is not at his desk and the opportunity suddenly presents itself.
Humans being what we are, it's sometimes necessary to step away from one's desk. It is during these moments - while making a phone call, a trip to the restroom, a smoke break, etc - that big market moves (i.e. opportunities) are missed. In other instances, residual fear triggered by a recent large market loss can sometimes cause a "deer in the headlights" reaction from even the most seasoned traders.
- Money never sleeps.
And neither do automated forex trading robots. Nor do they go to the restroom, or smoke cigarettes or stand at the water cooler chatting with that hot babe from Accounting. They watch and they wait. And then they wait some more.
Never tiring. Never becoming bored or greedy or fearful. And never getting a leg cramp.
- Flexibility
Trading is not limited to just forex with an automated forex trading system. The same set of technologies and strategies can - with just a few minor tweaks - be made to exploit opportunities across markets and around the planet.
A portfolio is also not limited to a single methodology. An automated forex trading program can manage multiple trading systems simultaneously. Such systems excel at what's known as "high-frequency data analysis."
Gone are the days of poring over yesterday's charts. Today's automated forex robots can make trading decisions in realtime with current data as it comes in. Humans simply cannot compete with a high-speed automatic trading robot.
- Everything Flows Nicely
Automated forex trading systems help facilitate your access to deep pools of liquidity, improving overall execution time and accuracy.
- Money Management
Automated trading programs help with money management, also known as trade size or simply, "position sizing." The perennial question has always been whether to buy or sell.
But the astute trader knows that possibly more important than whether to go long or short is the question of how much to buy or sell. Position sizing requires the calculations of complex formulae which can only be done by computer if one has any realistic chance of trading algorithmically.
Automated systems analyze market data in real time not only to make buy and sell decisions but also to calculate precisely the quantity that should be purchased or sold short. This enables the next portion of a complete automated trading strategy: risk management.
- Risk Management
Suppose you've somehow managed to figure out when to "get in." That is, when to buy or sell a particular currency pair. Let's suppose further that you've also determined exactly how much to buy or short.
Neither of those answer - although they are involved in helping to answer - the question of "when to get out." A logical, coherent exit strategy is necessary prior to entering a trade. If you try to decide in the heat of market action when to close a trade, you are simply inviting disaster.
One must carefully and judiciously determine before the trade is open exactly what must happen in order to trigger the liquidation of the position. If your trade goes positive - great. Making money is fine.
- But how much is enough?
By the same token, should your trade go against you, it beggars the question, "How much am I willing to lose on this trade?" Say you decide to lose no more than 2% on a trade. It is critical to know precisely when that 2% loss threshold has been reached.
And then to close the trade! Not to sit there, hoping and praying that the market will "come back" in your favor. That too is a recipe for disaster.
Automated forex trading programs can be a wonderful boon to the trader or speculator.
Trading manually - while certainly still accomplished with great success by some - can be much more difficult, error-prone and stressful for the average market participant.
Great success can be achieved through the use of automated forex trading.
If you're serious about taking your currency trading to the next level, this video on automated forex trading can help you