Automated trading systems are basically sophisticated trading platforms that use computer algorithms to monitor markets for certain conditions. They are widely popular because human beings are limited in capabilities when it comes to the number of stocks of currencies they can monitor at a given moment. But that is not the case with automated trading systems. The top Forex Expert Advisors help Forex traders of all levels in carrying out trades even when they are not physically present.
In case you’re wondering what to look for in an automated trading system for an ideal investment or choice then have a look below. The best-automated trading platforms share a few common features of characteristics that you can keep in mind in order to choose, and they are as follows:
- Industry-standard programming language
- Detailed price histories for backtesting
- Access to your preferred markets
- Functional interface
There are very few trading systems that have the power of MetaTrader4. This is one of the most popular and one of the best automated Forex trading systems that is considered an overall best. This system is from the Russian tech firm MegaQuotes Software Inc. This highly preferred Forex trading platform was released in the market in 2005 and became the most acclaimed at a rapid pace as the choice for experienced traders.
The beauty of MetaTrader4 is that it can be integrated into almost any brokerage account allowing users to exploit the platform’s capabilities without forcing them to open new accounts. This automated trading system runs on its own programming language that is MQL4 which is quite similar to the popular programming languages like C.
If currencies are your thing MetaTrader4 should be your go-to. Another attractive aspect of this platform is the Expert Advisors. This platform has some of the best Forex EAs designed to implement automated strategies. The Expert Advisors can be purchased from the MetaTrader marketplace or you can create your own robot using the MQL4 programming language.
- Interactive Brokers
Interactive Brokers is one of the best global trading firms for stock trading. It is a great viable option for those who wish to trade beyond just Forex. It offers brokerage services in 31 distinct countries where their users can access 120 distinct markets from equities to bonds to currencies.
Interactive Brokers is a platform that is well suited for both beginners and experienced traders. Beginners will enjoy plenty of educational material about different products, strategies, and markets through its Traders University. On the other hand, experienced traders can play around with automated systems using the platforms API solutions.
Interactive Brokers API lets users create their own automated trading systems using popular programming languages like C++, Java, and Python. Users have the ability to connect their program right into Trader Workstation.
eOption is one of the best-automated trading systems for options trading that was created in 2007. It specializes in its low price point and leveraging its self as low-cost options trading. It also has some of the lowest commission in the options trading space at merely $0.15 per contract and $3 per trade. The most attractive feature provided by eOption is that it is not just for options anymore but it also offers its clients the ability to trade ETFs and stocks for $3, mutual funds for $5, and bonds for as low as $3.
eOption lets its users set up automated trading systems without any programming language knowledge requirement. Instead, it offers its traders a series of trading newsletters. So as a user you can choose a newsletter to follow and the automated trading desk will execute trades from your specific newsletter. Do remember the trades that go through the Auto Trader Desk are subjected to a higher $5 commission and your account cannot stray from the newsletters trades after you enroll into auto trading. This implies any trade you wish to execute manually has to come from a different eOption account.
Automated trading systems are an ingenious invention that is here just to simplify your life in many ways. But it is still important to learn and understand why trades are being made in order to effectively carry them out and not suffer any monetary loss. Even the most automated and sophisticated systems need maintenance and tweaking during certain market conditions, therefore, ensure you keep your investment goals in mind.