Work in the forex market can become a source of great profit, but the risks are also very high. Many things are dependent on a trader’s experience and qualification, a chosen trading strategy, a participant’s psychological peculiarities. The auto trading is actually the only chance for beginner traders to even opportunities with expert Internet traders.
The trader’s activity is based on a constant market tracking. To examine all incoming information is quite a challenge even for a professional. That is why specialists create computer programs to make it easier to work in the market.
Significant trade speed-up (no time-waste)
An opportunity to hurry and improve data processing (all calculations are made automatically)
The absence of mistakes, caused by the human factor (such as tiredness or lack of necessary knowledge)
Lack of emotions
Operational reliability (programs can work even at night)
Every profitable forex strategy is composed of many ingredients. Every component is chosen depending on the trader’s wishes and demands. However, a beginner trader should know what to choose.
The main forex forecaster is a robot. It is a special software code that cooperates with trading terminal, reacts to changes in market prices and places orders itself (according to its algorithm and received signals on the base of a particular analysis) buying or selling a currency at the appointed time. Any changes in prices as well as the time when orders are being closed (which is fulfilled also automatically) affect the trader’s account.
Such robots are also calleÐ² Forex Advisors. Usually they work with currency pairs depicting any changes in prices. Nevertheless, a trader can input any parameters.
Indicators Forex are also very popular among traders both beginner and advanced. The main purpose is to make graphical and mathematical analyses of the market and show it in special bars. While analyzing, an indicator draws necessary lines and notifies a trader by means of “buy” or “sell” signals. A program is able to calculate possible changes in prices, but it is up to the trader to decide when to make a deal, if not programmed otherwise.
Download and install a trading terminal.
Put an advisor in the “experts” folder of the terminal (indicators are put in the according folder).
Reboot the terminal.
Connect an account (registered beforehand).
Input the needed parameters in the advisor’s settings.
Not less than once a day check how the advisor trades (if it is an indicator, then control it while trading).
There are many offers of free and paid advisors. However, free advisors may work incorrectly. Though for making a start they are quite enough, because a beginner trader can get some idea how it works and in what direction he wants to move.
Nevertheless, gaining experience a trader needs a better and more effective advisor that is able to make more profit. But in fact it is pretty difficult to buy a really good robot, because creators want also earn money.
So, the only way out is to invest in profitable traders: they have a percentage, you have your profit. To choose a reliable trader or a broker, an investor should first consult the broker’s ratings.