In the world of trading, time is money, literally. Traders have to make instant choices in a changeable market, which is why 90% of efficient traders utilize the help of algorithmic trading. The autopilot trading system, when used smartly, can make the traders’ lives a lot easier as it buys and sells currencies on the trader’s behalf. At volofinance, the AI system used is advanced and user-friendly to make trading more accessible to everyone.
When it became entirely possible with contemporary software to activate autopilot trading, the good times started. Once this system was implied, the stress caused by the urgency of fast decision-making faded. This transformation has led more traders to try it and continue using it.
The autopilot trading system allows you to set up your terminal to operate automatically using trading robots. This means that your direct involvement isn’t a must anymore. To activate the autopilot trading system, you’ll have to pre-program the approach personally.
Setting your personal preferences instead of using other people’s programming will be far more efficient. This method is utilized by both novices and pros. You as a trader will need to set the system in motion and indicate the timing and manner in which it should execute trades, and the robots will take it from there.
There are risk factors too in this method. As promising as autopilot trading sounds, employing robots is not without complications. Our guide will teach you the essential things to know about this method, how it works, and how you can use it for your benefit.
Robots often called Expert Advisors (EA), follow the same steps as human traders, as they were made by humans who set them to do that.
– Robots analyze currency pairings using a predetermined technique.
– They can create stop-loss orders to minimize risk and set a budget for each deal.
– The robots are beneficial in this phase of predicting trade outcomes using past data. Current market circumstances must be consistent with previously established norms.
– They also produce and filter signals for trading on the currency market.
There is also an option of not having all the bots run autonomously. Some of them can be set to have manual modes, allowing the human trader to interpret and verify the accuracy of the signals.
Choosing and setting the right autopilot trading system is crucial to your overall benefit, the short-term and long-term ones. You can apply the following steps to be able to get the best out of the Robots you’ll use.
1. Identity what would work best for you.
Do you prefer the robot’s system to be fully autonomous, meaning they should have steady past performance with little leverage and may only need minimum adjustment?
But if you are more complex than that, you may prefer robots with constant and multiple trading with a complicated approach. If you don’t like taking risks, the kind of robots with low trade amount & drawdown with prompt profit locking will be the one for you.
There is also the scalping strategy & rapid progress with heavy leverage robots, and the simple & effective style with clearly understood entry/exit factors.
2. Identify your target.
It is obvious that the more you are willing to invest and risk the higher profit you can potentially gain. You may consider the numerical return target you aspire for when you are choosing the robot type.
You then should move to the second step and set a proper numerical target in key trading parameters. There are various parameters to assess Forex Trading, the two key parameters are Profit and Drawback.
First, the Profit parameter is calculated by setting a target in two key KPI (Key Performance Indicator) Profit / Loss Ratio and Expectancy.
If Gross Profit / Gross Loss is less than 1, it probably won’t generate a profit.
Expectancy: { % of winning trades (average profit per trade) } – { % of losing trades (average loss per trade + transaction cost)}. This calculation should equal a positive high number.
Second, the percentage that a Forex robot loses from its last high point to its next low point is known as draw-down. The most important risk KPI can show you the possible value declines you can encounter with that robot.
3. Conduct testing.
After choosing the type of robot you prefer that will hit your return target, it is time to taste the theoretical theories of that robot’s success. Conducting testing (minimum Back & Forward Testing) will save you the hassle of going forward with the wrong robot. Then it will be time to set up a micro account and run the robot to have a real experience with minimum loss. All these steps will highlight any modifications you should apply. After that, you should create a standard account and use the system safely.
4. Establish short-term and long-term plans.
Your Passive trading is the long-term strategy for profit using autopilot trading. When it comes to long-term plans, you’ll have to widen your area of investing. The diversification in fields of investment will not only minimize risk but also promises profit optimization.
You may get excited and need more details on how to activate and utilize autopilot trading for yourself, in this case, you may refer to one of our professional teams at [email protected] to offer you all the help you may need.
