Forex Trading System
How To Start An Automated Online Forex Trading System
In previous posts, I have explained about reliable VPS. After
choosing the right one, we are going to the next step. This time we will
select some good forex broker companies that suitable for Automated
Forex Trading. Why do I choose this topic? That's because not all forex
brokerage are using a same trading platform. There are Meta Trader 4,
Ninja Trader, Virtual Trader (VT), Trading Station, Trade Decision, etc.
Not all of them can be setting for automated trading. One of platform
that supports automated trading is Meta Trader 4 from Metaquotes.net
So,
now we know that platform is important thing in automated trading. The
reason why we choose Meta Trader 4 is almost 90% of retail brokers use
this platform. Most traders develop their automated trading robots in
MQL, computer language that is developed by Metaquotes exclusively for
Meta Trader 4 Automated Trading. Robot that is developed in MQL is
called Expert Advisor (EA). Many retail brokers use Meta Trader 4
as their trading platform. Help me, I am confused because there are a
lot of.... How I can find the right one? Yes, there are some
requirements that should be provided by the broker for automated
trading.
I will list that below :
1. Allow Automated Trading.
Broker should activates the automated trading menu in MetaTrader 4
Platform. Yes, not all broker accept trading by robots. Even MetaTrader 4
support that function, broker still can choose to activate it or not.
So, you must confirm this issue to your broker before using Expert
Advisor.
2. Fast Execution. Many brokers don't support this
criteria. Delay for opening or closing trades can make our profit become
smaller and causing problems for Expert Advisor. So, we can make
deposit for a very little money to try the execution speed of the
broker.
3. Use Filtering Price. Price data (or tick data) is sent
by broker to our computer every time if there is any changes in the
market. Some broker don't use filter for this data, so tick data that
comes to our computer is moving so fast. This can makes a problem for
manual even for automated trading. Smooth price moving is good for
Expert Advisor.
4. Have Micro Account. Let say we have a
profitable Expert Advisor, so we want this EA to trade in our live
account. But we don't know the capability of this EA exactly before
placing it at live trading for real money. Some of us may think to try
EA in demo account to test it. What I can say is the result won't be
same as live account using real money. Why? Because the tick data for
demo account is different from live. So, we want to test this EA in live
account but don't want to loss a lot of money. The solution is using in
micro account where 1 points = $0.01. Just for a little money to
deposit and we can test EA in live account.
5. Non Dealing Desk.
This is an additional criteria to select good broker for automated
trading. In Non Dealing Desk feature, orders are handled by computer so
they will be executed very fast. This won't be seen in manual handling
by human operators. So, if broker has this feature, it will be an added
value for them.
6. Support High Leverage. If we try with a little
money, then we must consider to use high leverage. This will reduce our
deposit and margin use.
7. Support Many Payment Processor. In case you adored this information and also you wish to get details relating to ninjatrader price alert indicator kindly visit our own web-page.
If we want to deposit for a little money, actually we don't want to pay
for expensive transfer fees, right? So, try to find a broker that
support many payment processor because that will reduce the transfer
fees.