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.

You can download additional options in the section Advisors On this site, you also have the opportunity to get acquainted with the test results on a demo account.

Advantages of trading with advisors:

• You can trade without having any experience in stock trading.
• It is not necessary to control the trading process.
• Wide choice of advisors.

Disadvantages of advisors:

• Weak protection against deposit draining.
• Do not work without the trading terminal turned on, required VPS server.
• Most of the free advisors require some fine-tuning.
• Minimal knowledge is still required to operate.

The average profitability of using advisors fluctuates within a fairly wide range from 5 to 1000 percent per month.

Copying trades.

A less popular, but quite good option to earn money if you are not confident in your own abilities, unlike PAMM accounts, allows for a more flexible organization of the work process, and sometimes even improves trading performance.

Many brokers already offer similar services; all you need to do is select a trader to copy your trades from and configure additional settings.

Pros:

• Possibility to use flexible settings - for example, copy only long transactions.
• Detailed monitoring of real accounts of managers, unlike advisors, where tester results are often provided.

Cons.

• Limited choice of brokers.
• When choosing, you need to carefully study the manager’s statistics.
• Control over the copying process is required.

For more information about this option, read "ForexCopy (forex copy)"

Signals.

It can also be classified as automated trading, as you don't conduct your own market analysis, but rather open trades based on other people's signals.

Pros.

• There are free signal services.
• You don’t need to have any special knowledge, just follow the recommendations.

Cons.

• To receive signals you need to have a fairly large deposit of $500 or pay for a subscription.
• Trades 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 few options for trading without experience on Forex, but you shouldn't think that autotrading will completely eliminate unsuccessful trades.