Believe it or not, there are almost 14 million online forex traders worldwide. Forex trading is the most popular in Asia, with over 4.6 million forex traders in the region. Given the emergence of forex trading as a viable trading option, these numbers aren’t surprising. However, you’ll be surprised to learn that 83 percent of forex traders cite speculation as the primary reason behind their trading decisions.
Putting such statistics into context makes one wonder if there are more effective ways for trading forex. According to research, 65 percent of traders feel that machine learning and artificial intelligence are crucial for maximizing profitable trades.
Forex traders love the idea of having an automated trading system that automatically enters and exits trades. Before proceeding any further, you’ll need to learn more about automated forex trading software.
What is Automated Trading Forex Software?
Various auto trading forex software exists. Such software allows traders’ to establish a criterion. The software then abides by the trader’s criterion to enter and exit trades in the market. Moreover, you can also set money management rules in these programs. Once you’ve finished setting up the software, it will automatically monitor your preferred markets and execute trades.
Many people who enter the forex trading world don’t have the necessary knowledge to perform trades themselves. Hence, automated software is becoming more widespread.
How Do These Softwares Operate?
Automated trading systems keep an eye on currency prices and market activity. Traders can configure these programs to identify key trading signals like price fluctuations, changing spreads, influential news events, etc. The software will then adhere to these rules when trading.
Some trading software also features an inbuilt strategy developing wizard. The strategy developing wizard is a feature that enables traders to create parameters for automatic trade.
Advantages of Automated Trading
Automated trading has various advantages. They include:
Emotions don’t impact automated trading software. These systems focus primarily on efficiency. They use numbers and figures to conduct trades objectively. Therefore, using an automated system enables traders to maintain discipline while sticking to their trading strategy.
Before you use any automated software, you can test it by using historical price data. Doing so enables you to understand the system’s functioning capabilities and modify your strategy accordingly.
Many new forex traders don’t have a comprehensive understanding of the markets and economies to trade successfully. Automated trading software can help them get started in the forex world. One of the reasons automated software is becoming popular is because they’re available at varying levels and prices. Many automated systems not only cater to novices but also professionals.
Get Started with Automatic Forex Trading with AJ Capital’s Help
AJ Capital is an automated trading expert who runs the Pro Trading University – a trading university for students to learn about forex trading. AJ Capital became a professional forex trader in 2011, and he has since been outperforming the top hedge fund managers in the world.
Visit Pro Trading University to start your forex trading education. Pro Trading University also holds a free 2-day online event. You can register for the event by following this link. Event attendees get a free copy of the daily income automated trading system that will help you take your forex trading to the next level.