Automated Forex Trading Software — you’re Key to the Mint?
The great thing about trading in foreign exchange in a speculative way is that you could get into it even if you don’t know the first thing about trading. You could do it with automated forex trading software – or forex robots as they call it in the trade.
Software controlled trading can automate the process so that even a beginner could engage it and wait for results. The software keeps track of how the market behaves through the day and makes sale or purchase decisions based on user-set preferences and internal algorithms.
A good part of the reason beginners make mistakes with their trading calls is that they tend to react to occurrences in the market in an emotional way rather than in a professional way.
Using automated forex trading software can be a great way for beginners to take emotion out of the equation. With algorithms making the decisions based on statistically sound principles, the mistakes that come out of beginner’s enthusiasm and other such examples of personal weakness are completely taken out of the picture.
Software such as this is even capable of detecting when it is out of its depth, when the market acts in abnormal ways. When this happens, the software is programmed to shut trading down until normalcy prevails.
If all of this sounds promising, which way would you turn to buy such software for yourself? Who has the best product? Search online for the most promising software and the first thing you notice is that this isn’t a market that the major software companies participate in. You get software brands like Forex Killer, and Fap Turbo. And they cost around $150.
If you wish to go with more established or regular software makers, you should probably try day trading software – day trading being what Wall Street traders indulge in. eSignal, MultiCharts and Acuity Workstation happen to be some of the better-known brands in the business.
But since they use a subscription model, they cost as much to use each month as the software brands mentioned before cost to buy outright. And they require some serious training to use.
As automatic as automated forex trading sounds, and as effective as it can be, removed from human error by beginners, these training programs still leave themselves open to human error because they don’t make it impossible for users to intervene.
Beginners, against the advice of software, could still set unrealistic goals and choose unconservative trading methods; all in pursuit of quick earnings.
The thing to understand here is that this isn’t a road to easy riches. If it were that, computer programmers would give their jobs up and set themselves up with one of these software packages. What it can do is to make you a small and reasonable income on the side, trading conservatively.