There is a certain feeling of pride and privilege that comes when you make profits in business, working your brain day in and out. However, think about it, you know what has to be done, how it should be done and where the money has to be invested, yet you sit all day at work, waiting to do the manual work.

Won't it be comfortable and time-saving if you had someone to do it for you? You know, a robot that prevents human error, does all the manual work in the market in tandem with your instructions and generates profits for you?

Well, in today's tech-dominated world- you think of it and you have it. So, here's answering all your prayers in the form of an Automated trading system.

What is an Automated trading system?

An automated trading system, works round the clock and is easily accessible, keeps a track of your money as per your ground rules. It is like a robot that has been instructed what to do in the trading market, how to analyze the trading platform and has been told how to link parameters to implement a trade on your behalf.

Infact, they move along both simple techniques or comprehensive analysis, depending on the user's trading knowledge. This means you can ask the automated system to give you a simple technique framework, a suitable option for beginners who are starting to understand the global trade market or the system can give you comprehensive high-end technical analysis on various terms, a deal for experts to make trade calls.

What you should know before you dive in?

Before we move ahead, let me introduce you to the choices available in the components of Automated trading system: Expert Advisors or EAs or Forex Robots.

Expert advisors work to build you an effective algorithm, understand trades and give you trading signals, leaving the final choice on you, the last manual decision to trade or to not trade. Whereas, forex robots directly do the trade on your behalf, a complete software program to do all the work. So, EAs are your medium while Forex robots are also the end result.

Mostly, forex robots are preferred by all types of traders, beginners or experts while EAs are used on a higher scale in higher authorities who work on technical bits. Now, once you know, it is time to set up and know how to work in Forex automated trading. Before all of it, there should be direct access to brokers, a pre-decided trading strategy and a flexible trading platform available. The working of forex robots is almost similar to this bitcoin robot. 

The entire gameplan!

Find the deal

Your most profitable currency pair has been found by the software via using different indicators like fluctuations, price patterns, news analysis, and the spread. You know a profitable currency pair, it is directly correlated for the robot or for you to make a buy or a sell call. An automated trading system is usually given instructions to start with the currency pair observation itself.

The Ground rules to note

Establish a strategy in tandem with all the ground rules that work on a terms and conditions basis. So, you pick a technical indicator, set a criterion for it, a mark of sorts and then establish a decision. If the mark is crossed, should it be a buy call or not and vice versa.

Also, make sure you set other mandatory parameters efficiently, like stop losses, margins, and profit targets. Without these, your robot might not take the right decisions in the long run. Remember, they are the auto-trading robots, you have to tell them the exact quantitative decision-making protocols, otherwise, there can be problems like duplicate trades.

The advantages of the automated trading system

Forex trading in like the A-league, a zone for the experts, the risk-takers and the winners. It is a very dynamic and very huge market to cover, and a helping hand is never a bad choice.

1) Accessible

Due to an increase in demand and the rising race of coders, developers, and programmers, forex automated trading platforms are available for anyone and everyone, in any part of the world. Use them at home or at work or even when you are on vacation, they will never let you down.

2) Human error

We understand the risks involved in trading and there are times when emotions or boundaries interfere with a trader's mind. Opting for an automated trading platform eliminates all such changes of emotions causing human errors and keeps the plan of action on a straight path.

On the contrary, robots also allow you to inbuilt a certain amount of dynamism in the trading strategy which is slightly difficult when you are manually trading. Thus, the transactions are not influenced by human emotions and in turn, you don't lose out on the added profits.

3) Backtesting

Automated trading gives history the importance it deserves. Backtesting basically enables implementing your trading strategies in historical realistic data which are similar to present trends, only to understand the viability and feasibility of your game plan. Infact, for beginners, this is the best way to have a smooth learning curve, without losing out on the money in the live market at an initial stage.

4) Fast-paced

When you sit in front of the computer, work manually, it takes time for you to process what is happening and then enter or exit a trade. With automated trading, your market conditions are analyzed all the time and as soon as there is a hit, a match to your ground rules, the trade is implemented. This puts you first, improves your trade speed and hence, makes you a quick-mover.

5) Quality of work

Automated trading systems have the benefit of handling all your multiple accounts, giving you more time to refine your trading strategy and to have your next move planned with consistency. Automation means regularity, consistency, and discipline, the three most crucial checkpoints for any trader that knows how the market expectancy is crucial in making the right deals.

Closing thoughts!

For automated trading systems, the pros definitely weigh out the cons, especially in today's gen when the entire world is heading towards automation. A study by the World Economic Forum suggests that by 2025 more than half of the world's tasks will be automated.

Thus, with so many choices available in the market, opt for what fits your budget, try out a few game plans and then take a call. Don't fall into scams, especially those free robots. Nobody genuine and provides this extensive deal for free. Keep a track of your profits personally, go the legal way and don't stop monitoring. But most of all trust yourself and your intuitions!