(Photo : Wance Paleri on Unsplash)
In a world dominated by technological innovations, everyone’s life is impacted. Whether you are a housekeeper, teacher, or trading professional, technology makes part of your daily activities.
Thus, it’s an inevitable factor shaping how we live, work, communicate and spend our free time. In a trading world, technological advances have contributed a lot, including an increasing number of retail traders and ordinary people without financial expertise joining the investment field.
Technologies based on AI and machine learning make up most of the trading process today. And no matter if you are into manual trading and investing or chose the trading robots to work for you, without technological assistance, you won’t be able to execute your trades.
So, let’s get started! If you are still hesitating about whether to indulge in automated trading using auto trading platforms, here is an overview of its main perks and downside.
What are automated trading platforms?
Automated trading systems have been in use since the mid-last century. Their implementation was limited to institutional trading and investment. Therefore the casual, individual traders didn’t have access to it.
With The advent of the internet, these tools became available to the wider public. The auto trading platform represents the set of automated trading tools created using various programming languages and machine learning.
They are developed to automate human trading, enhancing the trading process from searching for opportunities and good prices to executing trading orders at the right time.
The perks of using an auto trading platform
First Fall, the fact that the auto trading platform can replace humans in trading activity means you as a trader have more time to dedicate to other daily life activities. Therefore, it’s time-saving. Besides, these bots are very accurate in making appropriate trading decisions on behalf of a trader.
The results show they are even more precise than human traders. Most importantly, no emotions are included in the decision-making, hesitations, or regrets. The auto trading bot is void of the emotional aspect of trading. These systems are developed to serve both seasoned and beginner traders. Therefore if you are starting on the market, using the trading bot could come in handy.
What you need to know before having your foot in auto trading.
You don’t need prior knowledge and skills to use the auto trading system. You must master at least the fundamental trading orders, take a loss, stop a profit, etc. Also, depending on the asset you want to trade, you must familiarize yourself with its main characteristics.
Finally, getting to know more about the mechanisms of the auto trading system is a plus. However, no trader or investor would venture into something they know nothing about.
Regarding the independence of these trading systems, you can completely rely on their operation. But still you will need to set the parameters in the system. These are most commonly stop loss and take profit orders.
Nevertheless, you can stumble upon some auto trading apps, such as Biti Codes IO, that are created to allow you to gain free cryptos just by solving captchas. These systems, however, don’t require any previous knowledge since you reap your gains practically doing nothing except pushing the buttons on the smartphone screen.