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What is Automated Forex Trading?
An automated forex trading system is a piece of software designed specifically for executing a trader’s strategy. Any good trader knows they need to have a game-plan to have any chance of being successful in any market.
A good forex trading strategy looks for signals to enter and exit positions. Trading signals get identified by utilising technical and fundamental analysis. A good plan must also encompass risk management principles. Any trader can predetermine their strategy and write a script to define all desired variables and what the program should do in each situation.
Just like any software program, what it does and how it works is predefined. How well an automated trading system performs depends entirely on the foresight and knowledge of the trader designing it and the quality of the code written by the developer.
Who Uses Automated Trading Systems
Traders use automated trading strategies in different markets around the world. Bots are actively trading on stock exchanges and crypto exchanges. The most popular market where trading bots are most used is forex. Contrary to what you might think, automated trading is used by many thousands of independent retail traders all over the world, not just major players. Banks, hedge-funds and prop-shops all indeed use advanced technology to give themselves an edge against the competition. It’s also true that you might not be able to deploy a server next door to the New York Stock Exchange, but that doesn’t mean that automated trading is inaccessible.
The barrier to building an automated forex trading strategy is incredibly low that millions of traders are doing it. Most modern trading platforms have support for algorithmic trading built-in. [/vc_column_text][vc_cta h2=”Recommended Forex Strategy Developers” h4=”Automate your Forex trading strategy with recommended providers.”]
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Automated Trading Platforms
The most popular trading platforms today support automatic trading functionality and boast large and active communities of traders and developers. These communities give life to a thriving ecosystem of users who support one another with the development of their bots.
MetaTrader
4 is the most popular forex trading platform in the world and is responsible for making automated trading accessible to anyone. MetaTrader
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