December 26, 2017 at 12:50 pm #882Joel StevenParticipant
Most people in Forex trade their market with many types of software. All of them are not made by them and many of them are Forex automated software. This is an online investment market where you can place your trades from anywhere in the world. This has increased the use of Forex automated software and more and more trades are using automated software for their trades. This article will tell you if you should use this software in your career. You should know that traders work on the market to develop their own strategy. This strategy is the best edge they can get in this market as you will be trading with your own money in your account. When most of this software is said to have Forex artificial intelligence to predict any volatility in markets, you can understand that these are only software with some programs. You cannot develop them as you grow your needs in Forex and your career. There are a lot of people using automated software which makes the other traders wonders if they are lagging in this market by trading in their account by themselves. This article is your answer if an automated trading software is any good for your profit.
Manual trading is the best system
The Forex market is traded based on three major types of analysis. The first type of analysis is the technical analysis and it allows the traders to find the key support and resistance level. The second type of analysis is the fundamental analysis and it helps you to understand the market trend. EAs and bots con successful do this two types of analysis in Forex market but when it comes to assessing the sentiment of the market it’s nearly impossible for them to do it perfectly. It requires human intellect and trading extensive trading experience. Some expert traders at Saxo often say that without understanding the market sentiment no one will be able to make a profit on a regular basis. So it’s better to keep your trading system manual.
If you are new to this market then instead of risking your real money use the demo trading account to develop a balanced trading system. Never take too much risk in any single trade. Learn about price action trading strategy practice it hard in the demo account. Once you feel enough confident switch back to your live trading account to make a profit.
They are only programs, they cannot evolve with the market
All of the automated software that you see on the market are all programs. They are not artificial intelligence as they6 cannot be compiled into a software. You are trading the market from your computer and your computer cannot trade the market for your trade. When you are trading with automated software, you will see that they cannot evolve in Forex. When you can think what to trade and what not to trade, this software will always tell you to place your trades. Their programs do not allow them to adapt to the changing nature of the market. You will see that your trades are not getting developed when you are using automated software. Evolving with the market is one big quality that you need to acquire if you want to sustain in Forex. Automated trading software does not have that quality to evolve with the market.
Not possible to change their strategy beyond fixed trends
This automated software is no good for your profit as they are only some fixed strategy that they can use in markets. When these programs were made, they were only made by the past trading history and they cannot get beyond that trends. When the market changes and there are new trends, this software cannot identify them and places the trades with the old strategy. It can cost your profit if you use them in your career.
You must be logged in to reply to this topic.