[Written By External Partner]
For successful trading operations, many of the brokerage companies have implemented advanced automated trading software technologies which allow traders to make their transactions more efficient and faster. Human involvement in the process is limited in the numbers of stock or currencies you are able to monitor.
What is automated trading software?
Automated trading software is the same as the advanced trading platform which uses an algorithm for market monitoring. Traders are able to set the special margins for the maximum and minimum prices and the actions are made by the system itself. There are several different trading software which are implemented by big different companies. The main pros of using this system are fast trade execution, lower transaction costs, and lightening the stress level. However, some brokers still have a skeptical attitude towards it due to the lack of control and many robots have questionable success rates, too.
The best-automated software platform for the stock exchange is Interactive Brokers which are operated in 31 countries and have access to 120 more markets. It also provides educational materials about trading.
Most traders label MT4 as the best trading software. The program created in 2005 has been updated and upgraded dozens of times in order to catch up with modern standards and traders’ requirements. It was one of earliest adopters of AI – the platform offered users automated Forex trading when it wasn’t a thing yet and made other trading platforms look old-fashioned. The main advantage the platform has is that it offers expert advice through automated robots with analyzed strategies.
The second best-automated software platform for trading is the eOption which was created in 2007 for low-cost transactions. The service which this platform offers does not require any programming language knowledge.
The hardware requirements for trading platforms
General requirements of the hardware for trading platforms are more or less similar and the MultiCharts is most actively used and demanded. The most advised requirements to have are the followings:
- The computer has at least 2 cores 4 virtual threads.
- At least 4 GB of RAM
It is recommended to rent a VPS (Virtual Private Server) which has the main advantage of lowering the risk of electric blackouts and the connection is more stable.
The main goal of an automated software platform to use while trading is to lower the risks of becoming a victim of your own emotions. This is achievable through setting parameters for your software which is making decisions based on the margins set by you. However, it does not guarantee that only the profits will be made by using this platform, there are some risks left.
The main goal of automated trading software and advanced hardware is to simplify our life in terms of being involved in the trading process. Even though we say that it is automated and the computer does our job, it still needs to be taken care of. The decision, which one to use for your trading process is to realize what type of security issued concerns you, how much initial capital you are starting with, and the pain caused by unsuccessful activity is up to you to tolerate. The program does your indication and helps you to save your time and energy.