Achieve forex targets with AI trading platform
Photo by Greg Scherer from FreeImages

Achieve forex targets with AI trading platform

By SylarHeisenberg | blockchain-blog | 21 Mar 2020


Staying one step ahead in online forex trading is crucial if you want to make long-term, consistent profits. This also includes the necessary tools to help with research and trading. In the year 2020, artificial intelligence (AI) will be at the forefront.

Although this cutting-edge technology has been used in the multi-trillion dollar currency industry for almost three decades, the phenomenon has only recently reached the private trader.

Crucially, it is now possible to work with AI trading robots without having to know how algorithms work. On the contrary, it is now possible to set up an AI trading system that maps proven strategies through a simple but highly effective drag-and-drop process.

This not only allows you to buy and sell currencies autonomously around the clock, but also to support the AI software in technical research. UK-based forex signal provider Learn 2 Trade explains that AI trading platforms can also be used by those who have not yet established a proven trading system, not least because some providers allow you to buy pre-programmed strategies.

This in turn ensures that all traders can benefit from AI trading robots, and not just the institutional sector.

You choose the level of automation

Before you decide on an AI trading platform, Learn 2 Trade emphasizes how important it is to first formulate your goals and expectations. For example, are you looking for an AI bot that reflects your trading transactions across multiple currencies 24 hours a day, or are you looking for a completely different approach?

Experienced traders who have been active in the online Forex market for several years usually want it to be more practical. This is because they feel more comfortable placing buy and sell orders manually in order to evaluate the markets in real time. This allows them to manually end a trade based on current market conditions, as opposed to installing predefined stop-loss and profit-taking orders.

At the other end of the spectrum, some traders prefer the fully automated use of AI trading robots. Learn 2 Trades explains that traders should not be deterred by the idea of letting an algorithm work autonomously, not least because the underlying algorithm is instructed to follow your orders up to the 't'. Above all, this means that the algorithm never deviates from its pre-programmed conditions.

AI trading platforms usually allow you to customize the bot with as many metrics as you like. For example, you might have a particular strategy where you manually enter the markets when a currency pair reaches a Fibonacci retracement level of 61.8%. Normally, you would probably have to sit at your device and wait for the above ratio to trigger before placing your trade manually.

However, by using an AI trading platform, you can implement all the necessary conditions by building your bot from scratch. This includes not only the specific trigger price for market entry, but also the respective exit points. This ensures that as soon as your automated bot places its orders, all possibilities are covered without you having to sit at your machine.

The AI trading platform

Once you have found the perfect balance between manual and automatic operation, there are a number of other metrics to consider when choosing an AI trading platform. Learn to Trade explains that this must first focus on the usability of the platform.

Fine if the vendor allows you to build an algorithm from scratch - but the platform will be of little use if programming skills are required. Learn 2 Trade also stresses the importance of using an AI trading platform that offers internal testing facilities.

This allows you to test your AI algorithm without risking your own money. The specific market movements reflect the real conditions, so you can see first hand how well your bot is likely to perform. You can then make adjustments to the general conditions if the bot needs to be improved in certain areas.

Once you are sure that the bot is ready to act autonomously, you can release the bot into the real forex markets. Finally, Learn 2 Trade recognizes that traders must look at the big picture when pricing.

In this regard, when choosing the best AI trading platform, traders should spare no expense if they are serious about long-term profits. Sure, you will probably find a number of free AI software vendors active in the market, but they are unlikely to be very effective if the platform gives away their product.

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SylarHeisenberg
SylarHeisenberg

I am a 33 year old businessman, based in Germany with a great passion for our monetary system, cryptographic currencies and marketing. I would like to share this passion with you here. https://trafficize.app/app/imwithsylar


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blockchain-blog

This is my blog in the areas of Blockchain, digital currencies and Bitcoin. I report on important developments in the digital currency markets and provide readers with a critical and independent assessment of the news situation.

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