Forex automated trading sounds too good to be true! So what, you just sit back while the Forex robots bring home the bacon? Well not exactly, Forex automated trading is just one aspect of a broader movement geared towards making trading more accessible to the masses.
These days just about anyone with a decent Internet connection can carve out a career as a financially independent Forex trader. Modern trading applications stream Forex updates directly to your computer, eliminating the need for middlemen or a dedicated office in New York.
In the last ten years Forex has expanded rapidly as a result of the influx of online traders. Many such traders lack formal education but they are learning fast by exploiting all the technological advantages that their predecessors didn’t have. New traders are forming groups online and are honing their strategies through analysis of their peers.
Forex automated trading has been influential in that traders can now manage trading alongside other time consuming activities. ‘Automated trading’ is something of a misnomer anyway; though trades are carried out automatically you still need to define which trades should be made and when. For example if you believe that the value of the US dollar is going to fall and keep falling you could set your trading application to start buying gold when the dollar falls below a certain level.
Automated trading frees traders of the hassle of placing all their orders individually and allows them to focus exclusively on their trading strategy. Forex traders study global economics and politics and try to predict how important events might affect the values of currencies, for example if a country is poised to enter a recession then it’s usually a safe bet that the value of their currency will also fall. If you think you’ve got what it takes to recognize such opportunities, then automated trading might be the thing for you.