| Automated Forex trading online has increased | | | | time frames and various key indicators, e.g. oscillators, |
| dramatically over the last several years as fast | | | | moving average and trend indicators. |
| computers and high speed internet have become | | | | 3: Price Entry Points: These entry points are price |
| basic commodities available to all rather than the | | | | levels that should have a high probability of success. |
| preserve of large, cash rich, corporate traders. This | | | | These are generally, but not always, calculated for |
| widespread availability of good quality IT hardware | | | | you by the software and are also known as trade |
| has led to an explosion of software applications into | | | | set-up rules. These entry points will vary depending |
| the market place aimed at the lone trader operating | | | | upon which technical analysis indicators are being |
| remotely. One of the most popular types of | | | | utilized at any given time. Again this may be done |
| software to arrive in the market place is the Expert | | | | automatically for you but may also require you to |
| Advisor type, otherwise known as a Robot. These | | | | manually input some selection criteria. |
| applications not only alert you to up-coming trades | | | | 4: Stop Loss and Take Profit orders: The stop-loss |
| but can also execute these trades for you. When | | | | order is a safety mechanism that puts a ceiling over |
| looking at any of these packages you should ensure | | | | the losses that a poorly placed or unpredictable trade |
| they meet the following basic criteria. | | | | can cause. When setting the stop-loss order |
| 1: Broker Compatibility. You must ensure that the | | | | threshold, we're actually specifying the maximum level |
| software you choose can integrate smoothly with | | | | of trading loss that we are both willing and able to |
| your brokers trading platform, otherwise you will not | | | | tolerate, beyond which our confidence in the trade is |
| be able to execute automatic trades. | | | | no longer acceptable and our position must be |
| 2: Technical Analysis: Technical analysis is a | | | | protected. The take profit order specifies the price |
| fundamental skill and you need to be familiar with it | | | | quote at which we would like our position to be |
| before you begin trading. You must ensure that the | | | | closed, and profits to be realized. This take-profit |
| software is able to plot accurate, real time graphs of | | | | order can be set at various levels depending upon |
| current market conditions and should include multiple | | | | how conservative you wish to be. |