Online trading is no longer reserved for a single elite of financial market professionals with large amounts of capital and extremely sharp technical knowledge. For more than a decade, online brokers have offered specialized platforms equipped with a large arsenal of technological tools to make trading in financial instruments accessible to as many people as possible.
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In this constant quest for popularization, FinTech has given birth to autonomous robots which are supposed to control trades by themselves in order to generate profits without user assistance.
How reliable is a trading robot? How it works ? Where can we use it?
How to program a forex robot?
Keep in mind that a Forex trading robot cannot run efficiently without upstream settings. Each trading bot is unique and requires specific programming. However, some basic criteria are found in all versions developed by online brokers:
- the amount of each transaction initiated by the trading robot
- the gain and loss limits or Take Profit / Stop Loss
- operating time
- the type of currencies traded
- the level of strategic risk: low, intermediate or high
These are the general idea of the benchmarks on which a Forex trading robot will rely to determine which transactions it will manage. Obviously the kind of financial products influences a fundamental strategy. A crypto trading robot works much less at scalping than its Forex counterpart.
You understand. It is therefore necessary to know enough about web trading and the financial markets before embarking on a configuration of a trading bot.
How does an automatic trading robot work?
It is an automatic and autonomous management software for financial market transactions. This is why its programming is essential for optimal performance. It needs a general defined framework in which to evolve. In terms of operation, it is based on mathematical algorithms developed by experts in the financial markets. The main mission of these complex formulas is to best anticipate movements and trading trends in order to make the most interesting decision for the user’s capital. The more risky the chosen investment strategy, the more the Artificial Intelligence (AI) of the trading robot will seek to see far in order to generate the most possible profits.
The promise of the free automatic trading robot is to achieve, almost effortlessly, big profits with the help of intelligently managed transactions towards the best financial goal. Beyond this promise comes the level of reliability of these miraculous machines. Many online trading platforms have developed their trading robot without having the skills or the necessary perspective to provide effective software. A facilitating tool then becomes a source of immense losses automatically.
Which broker can use the trading robot?
Fortunately, some historic and particularly serious brokers have created their own trading robots with truly astonishing results. Other brokers mainly rely on their web trading software version such as Gold Binary Robot, CopyOp, Best Trading Robot, Ichimoku Bot, Copy to Win, Financial Smart Bot, InvestToCopy.
We will focus our attention on slightly more institutional brokers who offer this type of service in addition to their traditional platform.
Auto trading is an increasingly popular method of investing. Currently, most of the transactions within the Forex market are already executed by automatic trading systems. These systems are a group of rules programmed by the trader, which define when to open trades, when to shut them, what proportion capital to take a position , during which asset, etc. The commands are executed automatically by computer rather than having to be executed manually.
The advantages of automatic trading are numerous. for instance , it eliminates psychological pressure from the trader, also because the got to be logged in in the least times to detect signals to enter or exit the market. Since the pc is that the one that executes the operations, we will invest at any time, at any time (24 hours each day , 7 days a week), as long because the previously defined market conditions occur.
In short, when it involves auto trading, we take the human and psychological factor of the equation. Aspects that generally negatively affect the standard of exchanges.
The software which contains all the trading signals to be exploited is usually called a “Trading Robot”. These sorts of programs require prior investigation so as to determine the parameters that outline the right operations. For this reason, the foremost important part when designing automatic trading systems is what’s called “backtesting” (testing with historical data). Subsequently, the orders are executed consistent with the programming code, without the intervention of the trader.
Even several brokers offer a Virtual Private Server (VPS) to run our automatic trading systems on their trading platform, thus reducing the execution time to a minimum and ensuring that the server will always be up and running without interruption.
The most common platform for using automatic trading systems is Metatrader 4 with an Expert Advisor (also called EA; this is often an automatic trading script for this platform). MetaTrader 4 stands out for its ease and adaptability when programming expert advisers, which makes this sort of trading easier for users. MetaTrader 5 also supports the utilization of expert advisers for automated trading.
On both platforms, we will schedule our EAs from scratch and historical backtest data to verify its operation; Or we will integrate EAs created by other traders with the trading platform. However, Expert Advisors created for one platform can’t be used on the opposite .
After testing and analyzing many online brokers, you’ll see within the table above what we concede to be the simplest auto trading brokers.
MetaTrader – The best solution for robot trading?
The issue of web trading platform hosting software is a regular topic. MetaTrader? ProRealTime? What about when we add the automatic trading robot dimension?
The market is divided between these two softwares which are constantly improving in terms of ergonomics and functionalities, which makes online trading very comfortable, intuitive and secure. More marginally, some minor brokers are developing their in-house platform with often questionable reliability.
If we were to approach things in the most objective way possible MetaTrader is one step ahead with its dual platform version: MetaTrader 4 and MetaTrader 5 . They work on the same principle with indisputable performance on all Market Makers, incredible real-time analysis tools that offer serene comfort in online trading. It is no coincidence that a large majority of leading brokers base their technical structure on MetaTrader.
The other point concerns the adaptability of the software. It is possible to customize it almost to infinity according to the needs and specialties of the broker. MetaTrader is ultra flexible without ever losing its relevance and speed.
If we combine these two major axes, we quickly realize that MetaTrader is perfectly suited to the integration of a trading robot from a purely software point of view. That it is then possible to graft the platform’s exceptional performance to a complex automatic calculation algorithm residing in the trading bot. That the latter is constantly fed by a flow of data and analyzes of quality and time. All these elements together make MetaTrader a very serious lead in finding an ultimate solution (reliable, efficient and profitable) to the issue of automatic trading.
The Robots Trading Scam – A Real Danger!
We cannot repeat it enough. Online trading is a risky financial activity. It is essential to educate yourself a minimum before starting, to be ready to lose the money invested – around 73% of traders lose their funds – and to put up with significant mental pressure.
To this we add the dangers resulting from the malice and / or dishonesty of the players in this sector. Indeed, it is extremely tempting to be attracted by promises of quick, easy and effortless gains thanks to a Forex or crypto trading robot. As we underlined above, a trading bot requires a configuration adapted to your objectives so that it can implement a strategy in adequacy and generate profits. However, some brokers do not hesitate to hide this part to lead to a bitter failure and recover funds in this way.
The other point concerns the reliability of automatic trading software or the platforms that host them. The mathematical algorithm that allows the AI of the trading robot to drive your portfolio must be complete, reliable and scalable so that each decision taken represents a gain for you. A reliable trading robot is software that has been designed by one or more financial strategy experts. So even the unforeseen can be managed with the least possible damage. Finally, a hosting platform that does not keep pace prevents full use of the trading robot. Decisions are made with a latency that can shift a position from winning to losing.