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The bigger part of the trading routine is devoted to market research, monitoring, and calculations, and that requires many hours every day. If you want to earn on Forex or stocks, every step of yours must be well-weighed. Yet, luckily, there are instruments that can make your routine easier and execute market analysis instead of you or even trade via your account automatically.
How does that work? As a rule, such automated trading instruments operate on the basis of algorithms, which open and close positions following the instructions (parameters) set by a trader.
As a result, a user gets multiple advantages:
- he does not need to devote all his time to monitoring the market and making deals;
- he can perform several trades at once;
- he does not miss any profitable opportunities as his account keeps on trading even when he is out;
- he is protected from losses related to excessive stress, emotions, or tiredness.
However, that does not mean that such automated trading software will earn profits for you in a fully autonomous mode. You, as a user, are supposed to:
- find a reliable program that will work without technical errors;
- correctly specify all the parameters for it;
- check its results and operation on a regular basis and make sure it works correctly and brings you decent profits.
All in all, you can choose between two types of such programs:
- Trading bots (expert advisors). They monitor market conditions and notify a user when there is an opportunity to make a deal at a profit. In other words, such a tool can execute market research for you. Besides, you can set it so that it performs trades instead of you based on the terms and restrictions you specify.
- Copy (social) trading. This approach also allows receiving a passive income but works in a completely different way. A user finds an experienced trader with a high winning rate and links his account to the account of an investor chosen. Afterward, the profile of such a subscriber will automatically copy deals performed by a signal provider.
Both types mentioned are pretty easy to utilize even for beginners, but there is a significant problem left ― where to get the corresponding software? In case you want to try copy trading, we recommend you to turn to eToro, but if you are interested in trading bots, register a profile on RoboForex and create your own one. Besides, you can make use of a ready robot, for example, Trader New, Daydream01, or Calypso.
In sum, if you feel that you lack time or experience to effectively trade on your own, using special automated software is a perfect way out. But make sure you choose a reliable program or provider.