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Why Forex Traders Need Automation

Traders should not be wasting times with repetitive tasks

Are you tired of waiting and staring at price charts? Forex traders should not need to constantly wait for certain criteria to wait up, especially if you are day trading. Automation should be a part of the traders tools to improve their trading experience and increase their edge over other Forex traders. After all it is a zero sum game.

Staring at charts not only increases your chances of over trading but it also damages your ego if you miss opportunities or a signal fails. Your time can be used much more efficiently analysing other factors or spending time with people you are interested in. Staring at charts is the last thing a trader wants to do all day.

The Logic Strategy is cutting edge in the field of automation and below are just a few reasons why retail traders should be using it.

Advantages of automation in Forex trading:

  • Minimises emotional trading

  • Accurate back test results

  • Preserves discipline in trading rules

  • Able to keep consistent in your system

  • Best entry times

  • Diversifies trading

  • Filters trades you don't want to enter instantly

Have you been in that spot where you lost a trade and you feel the pain, anger or sadness build up? Automation helps reduce this pain and keeps you consistent to your strategy results, you will not have that opportunity to over trade when the automation signals when you can enter and when you can't according to your strategy and rules.

Back testing is an important part of strategy development and testing. How else are you going to know what you are doing is correct? However, human back testing manually is incredibly inaccurate, there are many cognitive biases which humans fall under which causes results to be skewed. Automation generates instant back test results over whatever period of time. Instead of spending the weekend back testing your strategy, you automate your strategy and get instant results and a bot for your trading system.

Summary of automation:

  • Saves the retail trader time

  • Reduces pain caused by trading

  • Generates instant strategy results so you know what to focus on and what not to focus on

  • Lets the retail trader live their lives

To keep up to date with education, analysis and research head to our info centre.

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