Auto Forex Trading - Pinpointing the Best System for You
Auto Forex Trading - Pinpointing the Best System for You
If we're talking about auto forex trading, usually it means forex robot or expert advisor. Yet, we actually have other type of automated trading: forex trading signals. This type of automated system will only do half of the job for you, mainly analyzing the market and pinpointing potential profit opportunities.
Each of them can provide you with steady profits as long as they're supported by a tested trading system. Nevertheless, that doesn't imply that you should simply choose a 100 % automated system (forex robot). Read the benefits and drawbacks of both alternatives before you determine anything.
Completely Automated System (forex robot)
Pros
The biggest advantage of a forex robot is it doesn't need any human intervention to do its job. It can analyze the market and execute orders by itself, thus your task as the owner is simply wait. Should you put it in a dependable VPS, you can be assured that your robot will keep doing the job 24/5 for you; that is certainly something that a human trader simply can't do. Read automatic forex trading to make sure you will find the finest robot.
In addition, you may also modify the configurations to get better result. Even so, ensure that you know what you're doing. Reckless experiment on the configurations could cost you your whole account.
Cons
In order to gain the best from your robot, you must subscribe to a VPS service. This will cost you several dollars each month. Additionally, you also have to do a bit of research to make sure that your robot is in the appropriate forex broker. Lastly, you have to ensure that the robot only trades currency pairs that it has been optimized for. Have a look at top online forex broker for the most recommended trustworthy brokerages.
Half Automated System (trading signals)
Pros
This kind of auto forex trading can allow you to be the decision maker of each and every trade. If you have other judgment regarding the situation, you can choose to overlook the signal and wait for a better opportunity. Of course, you must at least master the basic of forex trading before you are capable to judge any trade suggestion.
Cons
Being involved is okay, but sometimes you will "sabotage" your own trades. In other words, you may overlook some signals that can bring you profits.
So which is better? The completely automated one or the half automated one? It actually depends on you. If you don't have any plan to actively involved in currency trading or learn it further, a forex robot is what you need. Of course you've still got to know a thing or two about choosing the best broker and determining the best currencies, but that can be done with little efforts.
On the other hand, if you're planning to actively involved and hone your skills in trading currencies, a trading signal service is the one for you. You can analyze each of the signal and getting better with each executed trade. With a good signal provider, you can even earn money while you learn.
Different traders with different goals require different auto forex trading system. Choose the one that can accommodate your need better.
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