Options for automated trading on Forex.
Most traders, having tried independent trading on the Forex exchange, understand that trading is not at all as
simple as brokerage companies make it out to be when attracting clients.
Automated trading on Forex provides beginners with a real chance to make money even if they do not have a lot of experience and knowledge, although one should not think that one does not need to have any knowledge to apply such an option for making money.
There are several methods of automatic trading on the stock exchange, each of which has its own pros and cons, which we will talk about below.
Trading with advisors.
The most famous method of automatic trading is when special scripts are used for work, which are installed in the trader’s trading terminal; by default, the terminal already has five to six robots in the “Expert Advisors” section.
Advantages of trading with advisors:
• You can trade without having experience in stock trading.
• It is not necessary to control the trading process.
• Wide selection of advisors.
Cons of advisors:
• Weak protection against deposit loss.
• Do not work without the trading terminal turned on, required VPS server.
• Most of the free advisors require fine-tuning.
• The work still requires minimal knowledge.
The average profitability of using advisors fluctuates in a fairly wide range from 5 to 1000 percent per month.
Copying transactions.
Less popular, but a pretty good option to make money if you are not confident in your own abilities, unlike PAMM accounts, allows you to organize your work process more flexibly, and sometimes improve trading performance.
Similar services have already appeared at many brokers; you just need to select the trader from whom you will copy transactions and configure additional parameters.
Pros:
• Ability to use flexible settings - for example, copy only long trades.
• Detailed monitoring of real managers' accounts, in contrast to advisors, where tester results are often provided.
Minuses.
• Limited choice of brokers.
• When choosing, you need to carefully study the manager’s statistics.
• Control over the copying process is required.
Read more about this option "ForexCopy (forex copy)"
Signals.
It can also be conditionally classified as auto trading, because you do not analyze the market yourself, but open trades based on someone else’s signals.
Pros.
• There are free signal services.
• You don't need to have any special knowledge, just follow the recommendations.
Minuses.
• To receive signals you need to have a fairly large deposit of $500 or pay a subscription.
• Transactions are opened and closed manually.
How to test this service for free is described here - "Free SMS signals".
From the above, we can conclude that there are quite a lot of options for trading without experience in Forex, but you should not think that auto trading will completely save you from unsuccessful transactions.