Are you a Forex or commodities trader at a loss for what to do with such a large volume of information flowing from your sources on the internet? The biggest challenge in these days of hectic online trading on money and commodities markets is in dealing with the information overload. Without a good and reliable trading platform, you could be swamped with good but useless information if it is not being put to good use.
Introducing the Auto trader
Auto traders are just what they sound like. These are applications that are fed with data leads, parameters and indicators after which they are then left to make trade decisions. This is very crucial for traders that have to deal on several markets. Smart applications make high volume trading accurate and easy. They have a high impact in cases where a trader is short of manpower. They are a powerful compensating force in lieu of a skilled team of traders.
Features to look for in an Auto trader
A powerful and efficient Auto trader like the Meta trader will have features that enable you to handle incoming data, analyze it and enable you set the required trading parameters. Among others, a good Auto trader should have the following features;
• Be capable of trading different items – An Auto trader should handle money markets, commodities, EFTs, indices and other items that are on the different markets in the world.
• Have Custom alerts and arrows – Custom arrows and alerts enable the trader to see different trends quickly and accurately. This leads to quick decision making and taking advantage of situations as they arise in liquid markets.
• Be quick and easy to set up – Like any other good application, a good Auto trader should be easy to install and setup. More and more amateur traders are getting into markets with little resources which keep them from having full time IT teams. A person with basic computing skills should be able to set it up.
• Be intuitive – A trading platform should help you make quick trading strategies based on the incoming data and the market trends. As a busy trader, you may not have time to analyze different markets and the Auto trader should help you out with this.
• Be easy to understand – Some applications are very powerful but getting to work with them is a headache, which in the end erodes the benefits of the application. User guides should be easy to understand and should be accompanied by video tutorials if possible. Video tutorials are easier to understand and mimic, which means you can use the application in the shortest time after installation.
• Money management – Just like a human trader, an Auto trader should have money management features. It should be able to minimize losses when they occur by managing sizes of lots and shares, and keeping the exposed risk manageable.
• Have consistent support - Upgrades are crucial for high performance applications like Auto traders. These are sensitive applications that can lead to real money losses in case of failure. Ensure your Auto trader is based on a strong platform with sound support.
If you choose an Auto trader based on the features above, you are bound to succeed in your trading.
Mark Fitz is the author of this article on EA Builder. Find more information, about EA Generator here