Your trade personality
The foremost step you need to take as a trader is to determine your trade personality. Try to figure out if you are interested in taking massive risks with the potential of winning big or you are just interested in only small profits but with a minimal amount of risks. You need to take these into account before deciding on the auto trading system you want to invest in. The rest of your decision would be based on this initial decision you take.
Types of system or strategies
Another thing you need to know is that Auto Traders are made up of trading systems that are comm. Only programmed and sold by individuals. These systems are equivalent to trading strategies and your choice of system or strategy will depend on your initial choice in the first step.
Letting the automated machine trade for you
The next significant factor to consider before auto trading is that you would need to let the system trade for you. All you need to do is basically apply standard statistics and sift out the systems that are not in line with your personal trading style. You are not required to select currency pairs. What you choose with auto trading are systems. You need to select any system that matches your needs and opens a trade depending on that particular auto trading system. You will only be able to trade the currency pairs that the system you choose supports.
The actual steps of auto trading
Choose a trading system
The initial step is to choose your systems. To do this, you define the basic parameters for selecting a system and filtering the list you have. You need to incorporate the system’s maximum drawdown in a single position, how many months the system has functioned profitably, and the number of trades together with the smallest amount of 30 statistical data to be able to correctly analyze the data.
Compare the rate of profitable positions
When you have got to this point, make a comparison of the outcomes of your earlier filter. The major thing you need to do at this point is that of comparing the percentage of profitable positions. Thus if for instance, a specific system generates a 30% profit rate, it generates a seventy percent loss in all its trades; it is definitely not the kind of system you want to use. Except it is the best possible system you could find.
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