Automatic Forex Trading – Approaches & Recommendations
The selection of right trading and information platform governs your success in Forex trading business. You must choose a most suitable platform for you by application of your knowledge of the business and the experience that you have accumulated gradually in Forex trading. People who would like to use Automatic Forex trading platform for their business, below are my personal recommendations based on my individual experience.
Choose the Right Ergonomics for Your Business
Identify the tasks that you want an ideal Automatic Forex Trading system should do. These may be:
- Authentic trading: Positions to open and close for selected instruments.
- Other less important supportive tasks including placement of conservative orders as well as creation and distribution of reports and notifications.
- Market analysis with various and sundry analytical means by making use of your own algorithms.
Once you have gone through and searched the comments from the other users on Internet and taking the opinion of your broker, you can kick-start your business by developing a clear-cut understanding of new products on offer. You must need an eye to detail and must do a thorough study of the companies and the products.
For the sake of your personal satisfaction, you must test try at least once the Automatic Forex Trading system for a few days. Fortunately so, most of the trading companies setup a demo account for your testing before taking you on-board.
Designing a Control Program
If you wish to design your personal scripts, you should take a time off from your valuable time to study the manuals for the programming language and IDE. As one would expect, for a well organized Automatic Forex Trading system, the scripts of a control program must be developed by a programming expert who is well versed as well with at least the basic concepts of trading.
As such, if you opt for a classic program, the thing to remember is that classic programs are developed generally for demo purposes. The classic programs can only be used for laying the foundation for your script or just for testing your Automatic Forex Trading system, but since these are not thorough, these cannot be used independently.
Third-party programs are ought to be the best bet, but all good things have a price. Any innovative program will cost you around $250 to $500, but any advanced high-riding program with instillation of mathematical and economic techniques may cost you dearly, as high as $1000 or may be more.
All You Need to Know about the Process of testing the scripts
Remember that whenever you use an automatic Forex trading system, it is very important to test your scripts at all times. For this very task, you must first test your program in some script tester. You can do this with ease if such provision is available in your IDE. The process of program testing in the script tester must be repeated several times, every time with a different chart period, traded instrument, and even the program setting. Keep this in mind that if you try and depict the conditions as those prevailing in actual market, then this would yield better results.
Now, the second step comes, which is of a demo-script-test. Why demo? Because it is recommended to first perform he script test on some demo account (again if such a provision is available to you in the software). In this step, take note that the longer you run the program, the better. Time will be defined by your chart-period. Also, don’t rush into closing the system if in case it has produced a big profit or loss. You can test the usability of the script only if it runs for long. Running the script for long will give you a better chance to make the estimation.
Now comes the time to get alive with the real script run over a live account. Let the things moving. It is advisable not to obstruct or hinder the process of script testing. For example, you must not try to do things like closing the position that has been opened or modifying the settings on your own. This way you will attain nothing but will upset the program’s internal logic.