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In today’s rapidly evolving world of information technology, trading systems that rely on artificial intelligence through forex platforms have become essential for successful global trading. These systems offer significant advantages over traditional ones, providing fast, integrated access to information for users. It’s challenging for an investor to manage multiple financial instruments (for example, five instruments) in different markets continuously, 24 hours a day, five days a week. Instant analysis requires extensive effort, which could hinder the achievement of success goals.
Trading robots, also known as “Expert Advisors,” mark a groundbreaking shift in trading when effectively used. This article sheds light on how these robots function in the forex market compared to traditional trading systems.
MetaTrader is one of the most popular trading platforms globally, offering an integrated development environment that allows users to create complementary scripts using MetaQuotes Language (MQL4), primarily based on the classical C programming language. This language makes it easy for interested users to learn and enables the construction of an automated trading framework with various technical analysis tools. While some of these frameworks are available for free online, others require paid subscriptions for access to advanced features like continuous support.
1. Emotional Influence
Trading robots help reduce emotional influence on investors during trading decisions, as they adhere to predefined plans and execute orders immediately when conditions are met. This minimizes hesitation and prevents over-trading.
2. Testing Capability
Trading robots allow testing and refinement by running on demo accounts for a sufficient period to evaluate performance. They can also be tested on historical data through charts, though differences between demo and real accounts must be noted.
3. Continuity and Discipline
Trading robots ensure adherence to trading plans in all market conditions, unlike traditional systems that may be affected by market fluctuations. They can also plan future moves without distractions from external factors.
4. Speed
Trading robots are highly responsive to market changes, making trading decisions as soon as criteria are met. Their speed enables them to generate trade orders instantly, surpassing a human investor’s reaction time.
1. Cost
The development and operation of trading robots are costly, often requiring subscriptions or paid versions for access to advanced features. Additionally, these systems require high-performance devices, leading many users to rent advanced virtual systems to ensure consistent performance.
2. Price Gaps and Execution Times
Price gaps and execution times are evident when comparing demo and real accounts. Real accounts have more complex trading conditions, and most companies don’t offer technical support for demo accounts, making it harder to understand actual price differences and execution times.
3. Deep Market Conditions
Automated trading systems struggle to adapt to deep market fluctuations. For instance, in 2015, the Swiss National Bank’s decision to unpeg the currency from the Euro led to unprecedented turmoil, temporarily halting many trading systems. Such extreme disruptions are challenging for automated systems that rely on set price levels without considering full market conditions.
Using forex trading robots provides numerous advantages, including speed, consistency, and reduced emotional influence. However, they also come with challenges and costs that investors need to consider.
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