If you have been trading forex for quite some time, you would have known that it can be quite time consuming staring at charts and making trading decisions. If you want to have a more hands free approach, then it would be a good idea to consider doing automated forex system trading. There are various software out there in the market and it would be a good idea to explore this option. The following are 4 points to consider when searching for such automated systems.
1. What type of automated system would you be interested in?
Basically, there are 2 types of systems available in the market. The first one is an automated signal system. This system produces a forex signal for the trader to enter or exit a trade based on predefined set of market conditions. The trader will have to monitor the system frequently for trading signals and enter his or her order immediately. The second type is a fully automated forex system. The trader need not enter the orders as this is done automatically by the system once preset market conditions has been detected by the software.
2. How extensive has the software been tested?
There are several systems that have little or no live trading results to report. They only offer simulated, demo trading results or inadequate live trading results of only a month or less. You should look for those that have at least 3 months to preferably a year of live account trading. Also, it would be much better if these trades were done over multiple accounts, brokers, and currency pairs. In this way, you can be reasonably sure of the robustness of the system.
3. How many currency pairs is the system optimized for?
Some fully automated forex systems are optimized for only one or two currency pairs. This would limit your trading opportunities because sometimes currency pairs may become too erratic for trading during a period of time. If the system is optimized for more currency pairs, then you have more trading options available. Preferably, it should be optimized for at least 5 currency pairs. Of course, the more the better.
4. How simple is it to use the system to trade?
The system should be simple to set up and use for both the experienced and new currency traders. One should be able to install and use it to start trading within 15 minutes with the default setting available in the software.
Automated forex system trading is meant to be simple enough that even someone starting out in forex trading can start making profits while learning the ropes.
1. What type of automated system would you be interested in?
Basically, there are 2 types of systems available in the market. The first one is an automated signal system. This system produces a forex signal for the trader to enter or exit a trade based on predefined set of market conditions. The trader will have to monitor the system frequently for trading signals and enter his or her order immediately. The second type is a fully automated forex system. The trader need not enter the orders as this is done automatically by the system once preset market conditions has been detected by the software.
2. How extensive has the software been tested?
There are several systems that have little or no live trading results to report. They only offer simulated, demo trading results or inadequate live trading results of only a month or less. You should look for those that have at least 3 months to preferably a year of live account trading. Also, it would be much better if these trades were done over multiple accounts, brokers, and currency pairs. In this way, you can be reasonably sure of the robustness of the system.
3. How many currency pairs is the system optimized for?
Some fully automated forex systems are optimized for only one or two currency pairs. This would limit your trading opportunities because sometimes currency pairs may become too erratic for trading during a period of time. If the system is optimized for more currency pairs, then you have more trading options available. Preferably, it should be optimized for at least 5 currency pairs. Of course, the more the better.
4. How simple is it to use the system to trade?
The system should be simple to set up and use for both the experienced and new currency traders. One should be able to install and use it to start trading within 15 minutes with the default setting available in the software.
Automated forex system trading is meant to be simple enough that even someone starting out in forex trading can start making profits while learning the ropes.
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