The Forex trading world is massive, and probably the most exciting of all trading platforms, but can also be quite intimidating for those entering for the first time. This is where it is really useful to sign up for an auto trade opportunity as it will take away the fear of a new trader.
There are really three main approaches to auto trading forex: Autopilot forex robots - this system is whereby the software automatically makes all trading decisions based on a certain formula and programming for Forex Trading such as scalping, swing trading or trend trading. If you chose a expert advisor you have to decide what sort of trader you are, short term, medium term or long term and find a Robot to suit your needs. This software is run from your own computer, which means that it has to be on, connected and running 24 hours per day. Or you can base the robot on a Virtual Platform, which you log into whenever you want. The robot runs fully automatically for 24 hours without interruption. This system has the least amount of human input - you simply set the software up, link it to your account, and let it run. The most talked-about example of this type robot currently is FAP Turbo, which claims to be able to double a trading account in a month. Data on their website seems to indicate that this is true, and there are plenty of forum postings from users that are doing well from the system. Please though when using forum posts as ‘true references’ be careful. Sometimes remember that if it is to good to be true then it that is the case.
Auto Based Community Trading-This is a Forex Trading system whereby a real human traders make the trading decisions. This is not computer generated. You can log into the system, and do your research to find the most successful trader, so this decision of who you go with is up to the individual. You can then choose to have that trader’s signals applied to your broker account. The system is totally anonymous - the trader does not know that you have selected him. If his system goes bad, you simply drop him and pick someone else.or you can put your capital into many traders hands. This system has a moderate amount of user input - a user has full control over the selection of signal providers, and can change them at any time. Once a trading system has been selected and applied, the account is traded automatically.
The User Controlled Forex Broker - in this system, the robot picks the trades, and the user selects the trades in which he wishes to participate. This system requires the most user input and attention, because the user must be connected and online in order to make timely decisions on picks generated by the robot.
Automated forex trading is a useful alternative for those who lack the knowledge or experience in forex trading, or for those who do not have the time to devote to sufficient technical analysis or to monitor the news and world events. Selecting the right approach and the best system needs research into results and performance, as well as an understanding the systems and strategies involved.