Many Forex traders are too busy earning a living to spend hours in front of a Computer screen trading on a manual basis. Many use clever indicators, Expert Advisors ( trading robots) to automate the trading process so that they can make money doing other things.
Below are tools required by Forex Traders that trade the market on an automated basis.
Most Automated Forex trading requires your trading to be connected to the internet all the time while your Forex Broker is open for trading. You can do this by keeping your computer on a connected to the internet all the time or you can use the services of a VPS (Virtual Private Server) provider.
For more information about VPS service providers please click here > VPS Service
Automated Forex trading is mostly about using Expert Advisors or Forex Robots to mechanically trade as humans would have. These robots can be purchased commercial robots or self written by the trader. Sometimes only a part of the trading process is automated and the entries or exits managed manually.
For examples of purchasable and free Expert Advisors please use this link> Expert Advisors
Expert Advisor development software
It takes a long time to learn the processes of coding Expert Advisors but it is a worthwhile investment of time and money. There are however a number of really good software packages on the market which allows traders with no or little programming skills to develop Expert Advisors.
For more information about these EA development tools please click on this link> EA Development Software
EA Optimization and testing skills
Every user of an EA should have the ability to test Expert Advisors using 99% testing quality. There are many advantages to testing EAs such as visually seeing how the EA enters and exits deals on the trading charts and finding potential settings to use in the future.
For more deals about testing and optimizing EA’s and free course please click on this link> EA testing & Optimization skills
EA Optimization and testing services
Learning how to test and optimize EA can take awhile and be frustrating at times. While you are learning to do that you can use the services of a testing and optimization service.
Click here for more information about EA testing and optimization services. EA Testing
Having good indicators that identify trading signals is a good way to optimize aspects of your trading.
Click here for more information on custom indicators> Custom indicators
Setting alarms and alerts
It is possible to set email, SMS and sound alerts when trading.
Click here to findout more about trading alarms and alerts and to do a free course on how to setup your own trading alerts> Alarms and alerts