Automated Currency Trading. Automated FX trading may seem highly appealing. The thought of just having an automated strategy consistently making you excellent returns on your money does sound fantastic. However, This is usually not the case in practice.
Automated Forex Trading Software. The most commonly used automatic trading program is metatrader 4. This software is offered by many currency trading brokerages as their main platform. It is a very user friendly and easy to use trading platform. The platform provides indepth charts, comprehensive technical analysis tools (including, trend lines, fibonacci retracement lines, techincal indicators, candlestick patterns etc) MetaTrader 4 can be downloaded free at //www.metaquotes.net/
Forex Expert Advisors. Forex Expert advisors are automated scripts designed to run on the Metatrader 4 platform. The script contains a pre-defined FX strategy. The entries and exits for these strategies can be be based on a number of factors such as moving average crossovers, indicator readings, defined support/resistance points being broken etc. If you wish to make a custom metatrader 4 expert advisor, you will need to have some programming knowledge. However, if you don’t, it’s not a problem, but you will have to find a programmer to code it for you.
Automated Forex Trading Systems:
- Fozzy EA This is great free expert advisor for the fozzy script. It is an RSI crossover strategy best used on the daily chart. There is a comprehensive ebook on the fozzy strategy avaliable for download here.
- Hans 123 This is an automated day trading system. The full instructions are included in the zip file.
More strategies will be added in the future.
Online Automated Trading has many possibilities, but the truth is there are a very large number of these Expert Advisor scripts available for free download. The reality most of them will be negative at the end of the year. It is a essential to try an automated trading system on a demo account for a considerable amount of time before trying it live. It is also essential to have a reliable internet connection and PC. How annoying would it be if you missed out on a trade because your internet connection died? Most forms of automated forex trading have the scripts on your PC rather than on the server side.
A final tip is to never buy an automated forex trading system. There are many clever marketers out there making unrealistic claims about how good their automated system is. If it was so good, they would be using it to make money, instead of spending their time and efforts on clever marketing!