How to start Automated Forex Trading with FXOpen's Myfxbook and ZuluTrade? Table of Contents

FXOpen offers Automated Copy Trading

Automated Forex trading, also known as algorithmic trading, is done using expert advisors, or bots.

An Expert Advisor is a program designed to fully or partially automate trading processes.

The level of automation can range from helping the trader make a decision to placing orders and canceling them.

Auto trading bots can also perform additional functions.

For example, control of placed orders and analysis of market conditions such as volatility and liquidity.

This trading model is called automatic.

The advisor program is written in MQL4 / MQL5 and is designed to interact with MetaTrader 4 / MetaTrader 5.

You can also add trading bots to the TickTrader platform.

A Forex trading bot will not earn capital for a trader without his participation.

On the other hand, a well-tuned trading advisor will save a lot of time and eliminate the need to constantly look at the monitor for each trade.

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How do auto trading programs work?

Automated trading technologies are mainly used for technical analysis.

Let’s look at a common example.

A trader writes or buys an advisor for cryptocurrency exchanges that buys one type of cryptocurrency after another under a certain condition – when a short MA (moving average) crosses a MA with a longer period.

Also, a trader can instruct the program to sell a certain cryptocurrency when the price for it reaches a given value.

After setting the input data, the auto trading program can work without human intervention.

Auto trading services are now available to any Forex trader.

Initially, auto trading was used by professional traders or corporate clients in the highly liquid Forex markets.

Today, trading robots are also available for the retail segment, including crypto traders.

Any user of an automated trading system should be a good analyst, keep abreast of market developments and, if possible, try to predict price movements.

An inexperienced trader can lose a deposit even using an advisor.

How to start algorithmic (automated) trading on MT5?

Go to FXOpen’s Official Website

See also – All Bonus Promotions and Contests for FXOpen MT4 and MT5

Benefits of automated Forex trading

MT4 auto-trading takes place using the services of third-party advisors with a pre-installed base configuration.

After receiving the bot at his disposal, the trader can customize it in accordance with the desired parameters and market conditions.

On platforms such as Myfxbook, servers with MT4 terminals are installed to exchange signals through advisors.

  • Unlike humans, counselors are not influenced by emotions. Decision-making is entirely based on mathematical calculations.
  • A well-designed and well-functioning system help to facilitate some calculations and increase the likelihood of profitable trades.
  • Automated trading systems can control several trading instruments simultaneously 24 hours a day.
  • The EA settings can be changed at any time.
  • Automatic trading can also be used to copy the trades of successful traders. Thus, it is possible not to conduct market analysis on your own.

It is impossible to completely exclude control over transactions due to possible communication problems, power outages and other technical problems.

An advisor with the full range of analytical capabilities and flexibility of human consciousness has not yet been written.

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How to open Forex account with FXOpen?

How to start automated Forex trading?

FXOpen provides opportunities for affordable automated trading through Myfxbook, ZuluTrade and signal subscriptions through MT4 / MT5 interfaces.

With the help of these services, you can learn auto trading without risking making mistakes due to a lack of experience.

Also, by subscribing to signals, you can simply monitor and learn from successful trades without making any investments.

1. Myfxbook AutoTrade

Myfxbook AutoTrade allows you to mirror trading and copy strategies and trades of the most profitable traders, and also includes risk management tools: you can abandon a losing strategy at any time and set a balance or drawdown level.

Using MT4 terminals installed on their servers, Myfxbook can exchange signals through advisors.

The service is fully automated and does not require a VPS.

2. ZuluTrade

ZuluTrade – managing your trades.

You just need to select a trader whose trading style you prefer and ZuluTrade will copy his strategy to your MetaTrader account via ZuluTrade’s VPS service.

What is ZuluTrade’s Forex Copy Trading?

ZuluTrade Copy Trading Guide for Investors (Copy Traders)

Professional traders have been using automated trading for a long time. And if you are going to make a living through Forex trading, or just want to simplify some of the procedures, you will have to resort to automation one way or another.

Start Automated FX Trading With FXOpen

How to open FXOpen’s Forex account? Which account type is the best?