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At present, we live in the era of technology. Technology has absolutely changed our way of life as well as our thinking. Now we are doing the things that were nearly impossible a decade ago.
Online trading has increased in recent times because of advanced technology. Just like normal trading, automated trading involves creating, buying and selling orders.
This command is computer generated and transferred automatically to the center of the market or trading center.
The command generated by a computer program that is part of an algorithm. There are several factors to consider when trading online.
If you can utilize it in the proper way then it’s definitely a BOOM for all the online traders.
And especially now it’s the best moment for using automated trading platforms or trading robots whatever you might call them. Because now technology is at it’s highest peak.
Besides, there are also several factors that you need to give attention like what are the things that you should do or you shouldn’t do in Automated trading. Therefore, I’ve collected a few information on this aspect regarding my point of view.
Here are the DEETS….
DO’S in Automated Trading
Make premarket preparation —
Every successful trader must make checks to keep market trends before making a sale or purchase order. The market may change from time to time and the trader must check the right order before making or buying them.
The liquidity ratio and very significant volatility during trading. Keep updating your computer’s software as well. You also need to check out the Forex exchange rates to ensure the right amount to trade with. Before you start trading on comparing the 5 best Forex robot you can venture into the market.
2. Make a good game plan for the upcoming season —
As a trader, you must have a good strategy.
This strategy will involve looking at risks that may arise in the market. Be careful about the risks involved and minimize them. Take opportunities in the marketplace and maximize them. This is called a market survey.
Many online traders fail during trading because they do not survey the market correctly. You must be a breakdown of the technical potential in and out of the command to increase your success in the trading period.
3. Make sure you make the evaluation of post-market performance —
Knowing how you’ve done in the market will help you make good decisions in the future. Taking inventory evaluation after a certain trading period is crucial for the success of any trader. Every trader should make sure that they evaluate their potential in the market and ensure that they grow.
4. Trade what you can lose —
In any trade, people are advised to trade what they are prepared to lose. Online trading is like trading Forex and you have to learn the trends, the trick to being successful. Starting from small is very important because it will give you time to learn. $ 10 could be a good start.
DON’TS on Automated Trading
Avoid Emotional Trading —
Same as Forex trading, trading Crypto doesn’t need emotion. If you have realized that you can not make a profit trading period just let go. If you continue trading with emotion, you will end up losing all the money you have. The best thing to do is to stop trading.
2. Do not lose respect for money —
Sometimes traders found themselves out of respect for the dollar while trading. This will make the traders to get more losses. Just like I said before, it is important that you start small, trade with money that you are prepared to lose but it is not respectful to lose money. When traders forget the real value of the dollar, they may take unnecessary risks that can cause harm.
3. Do not be contented —
The Human mind is packaged in a very funny way. It will be used for things and make money or lose money in the market is no exception. Avoid getting used to trading to extend where losing your money is not a problem for you.
In the end, if you have set up your mind that you’ll use automated trading then you should know that there are certain risks that you’ll have to face in your automated trading career.
So, always keep that in mind and make the proper use of technology. If you do that then I think you’ll get promising results.
Forex trading is a learning experience. How do you tell a lot about the psychology of your trading?
Do you trade emotionally, if you over trade when you see a favorable offer, or if you strategize a lot before the trade?
But most importantly, how you train and monitor these things?
That is why it is very important to make psychologically trade journals. This is the go-to weapon for the trading situation is important because it will contain your behavioral tendencies. It makes you realize the pattern of trade that you do not have to follow.
Do not know where you'll be one of those things. But that's when your psychological trading journal will be useful. When you know your trading patterns, it helps you to stay away from people who may incur losses. So, here are some tips to maximize your trading journal:
1) BALANCING POSITIVE AND NEGATIVE
It is easy to write about your mistakes so you do not make them anymore. But you also have to write about the positives. For example, if strategy A and B fails, you can write in your journal. In addition, you also have to write about strategies C and D work.
Many Forex trading site describes the different errors that traders usually do. Forex Academy is one website that not only shows the error but also tells a different way you can fix it.
So, your journal should have two parts. The one with the negatives, which contain trading mistakes you should avoid, and secondly, the positive that talks about some of your successful trading strategies. This will help you to work on the negative and turn it into a positive future.
2) ALWAYS HAVE THE PURPOSE OF TRADING
Just follow your friends or fellow traders are now the way forward in Forex trading. You should always have a goal-oriented approach.
For example, if you make a few mistakes on the first trading day, you should aim not to repeat them the next day or next week. Similarly, if you have a satisfactory ROI on your first trade, you should look to follow that strategy and get more in the second attempt.
However, make sure that you assess the condition of the market while trading. If you are successful the first day, it does not mean the market will remain like that forever. So, keep an eye on the constantly changing market conditions.
3) ALWAYS HAVE AN OPEN MIND
As already mentioned, there is so much to learn from a professional Forex trading even would say that they do not have full knowledge of the market. Keeping an open mind is the best way to maximize your trading journal. Learning does not have to be limited to correcting your mistakes.
There are many new techniques you'll find you start to trade. Do not avoid off this strategy because you trade successfully without assistance.
Forex trading can be tough at first, but if you have a journal, hard days will be the pillars of success you soon.
Also read: The Best Automated Trading Software of 2020
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