Traders should not be wasting times with repetitive tasks
Are you sick of having to wait and look at price charts? Forex traders shouldn't have to wait around all the time for particular conditions, especially if they are day trading. To enhance their trading capabilities and give themselves a competitive edge over other Forex traders, traders should include automation in their toolkit. It is a zero sum game, after all.
Staring at charts not only makes you more likely to overtrade, but it may also make you feel bad about yourself if you miss opportunities or a signal doesn't work. Analysing other elements or spending time with people you are interested in will use your time far more effectively. The last thing a trader wants to do all day is sit and stare at charts.
Advantages of automation in Forex trading:
- Minimises emotional trading
- Accurate back test results
- Preserves discipline in trading rules
- Able to keep consistent in your system
- Best entry times
- Diversifies trading
- Filters trades you don't want to enter instantly
Have you ever experienced the sorrow, rage, or despair that comes with losing a trade? Automation lessens this discomfort and maintains you faithful to the outcomes of your strategy; you won't have the chance to overtrade when the automation indicates when you may enter and when you can't in accordance with your plan and the rules.
Back testing is a crucial component of developing and evaluating a plan. How else will you be able to verify that what you are doing is appropriate? Manual human back testing, however, is very incorrect since people suffer from a variety of cognitive biases that affect the results. Automation produces immediate results for back tests conducted over any time frame.
An overview of automation
- time for the retail trader
- reduces suffering brought on by trading
- gives you immediate strategy results so you can decide what to focus on and what to ignore
- Allows the retail trader to live his or her life