How to do Automatic Forex Trading:

  • Mirror Trading: Mirror Trading is basically the most basic automated forex trading method. Mirror Trading has been around for a long time and is a development from Algo Trading. However, transactions that are copied by Followers usually do not come from more experienced fellow traders, but from selected trading systems that are built and implemented algorithmically, based on the use of various methods as well as technical indicators.

    One Mirror service provider that is still widely offered at forex brokers is Tradency's Mirror Trader. Not only for forex transactions, but the Mirror Trader platform can also be used to copy CFD and Futures trading automatically. The company also provides 3 automatic trading modes in the form of Automatic Mirror Trading, Semi-Automatic, and Trading Manual.

  • Copy of Trading:Copy Trading can bring together the needs of traders who want to be both Signal Providers and Followers. This is because the automatic trading execution on the Follower platform is adjusted to the position of the Signal Provider it follows. In Copy Trading, usually, there is also a proportional arrangement of trading funds. Let's say you follow three Signal Providers at once, so you can set what percentage of funds from the total capital set for each Signal Provider.

    You can adjust this setting to the results of the search for the performance of each Signal Provider. For example, if the Signal A Provider is more aggressive than the Signal Providers B and C, then you can determine that the portion of the trading fund to copy the transactions from it is smaller. The realization might be like this: allocation of trading funds for A is 10% of capital, while B and C are 30% each of capital.

  • Social Trading: One more way of automated trading without EA which is quite unique is Social Trading. This type is similar but not the same as the two previous examples, because Social Trading is more like the Socmed platform for forex traders, which has extra features for participants to copy strategies to trading positions automatically. In short, Social Trading is like Facebook or Twitter, a forex trader equipped with Copy Trading facilities.

Author's Bio: 

I'm Mansi Dandekar, I am sharing an article about How to do Automatic Forex Trading. Here is more information on the Forex Trading Tips and Free Currency Tips.