What is Automated Forex Trading?
Automated Forex Trading, also known as algorithmic trading, is the use of Expert Advisors (EA’s) or trading robots to place trades and orders in the market automatically without the manual interaction of the trader. This allows trading systems to run autonomously 24/5.
Expert Advisors (EA) are special programs written in MQL4/MQL5 that interact with MetaTrader 4/ MetaTrader 5. EAs respond to fluctuations in the market price to send trade entry and exit orders to the market for execution.
Advantages of Automated Trading
- A well-developed and optimized automatic trading system helps you trade profitably.
- Unlike humans, expert advisors are not influenced by emotions. Decision-making is based entirely on calculations, which makes trading more efficient.
- Automated trading systems can monitor and trade multiple trading instruments simultaneously 24 hours a day.
- You can adjust the EA settings or revert to manual trading at any time in case of unusual market situations.
- It is quick and easy to set up, simply select the successful and profitable strategies of other traders (signal providers) and then all your trades will be copied automatically. No need to spend hours and days monitoring the markets yourself!
FXOpen offers Forex autotrading via Myfxbook and ZuluTrade.