By CountingPips.com
Automated trading has become a popular aspect of the online trading world with more and more forex traders testing and utilizing automation in their toolkit. Below, we have put a list together of 10 automated trading resources and services for the forex market that are out there to help you put trading strategies into an automated reality. We caution that this list may be a good starting point to automated trading but just like regular forex trading, do your homework and perform testing before you commit real resources to any automated program.
1. MetaTrader
This trading platform by MetaQuotes Software is extremely popular for online fx traders as it is highly customizable and has been widely adopted by most major forex brokers. The ability to add custom technical indicators, scripts and automated trading in the form of “Expert Advisors” is highly attractive and allows you to implement almost any kind of trading setup imaginable.
2. AvaFx Ava Mirror Trader
Many services on this list involve mirror trading which doesn’t necessarily always mean automated trading but allows a trader to choose another successful (hopefully!) trader’s buy and sell orders and have those executed on their account. The AvaFx Mirror Trader allows you to choose between auto-mirroring, semi-mirroring and manual trading all within the one trading platform. Use the knowledge of experienced traders and select their specific trades from a database of over 1,500 strategies with signals in real time that you can manage and control while showing all information of the strategies and activities of users including detailed statistics. *(Act Trader Algorithmic Trading is also available at AvaFx)
3. ForexYard FX-Automate
ForexYard offers automated mirror trading through existing trading systems of experienced traders on their Fx-Automate platform. The offered systems have a signal history which has been verified on ForexYard’s trading servers over the last 12 months. You can start autotrading in just three steps with your ForexYard account when you choose your system, set your money management parameters and apply the trades to your account. *(Act Trader Algorithmic Trading is also available at ForexYard)
4. Thinking Stuff’s Automated Trading Machine
Thinking Stuff’s Automated Trading Machine was created “to bring automated trading to the masses”. The ATM is free software that allows you to create strategies and backtest them on your computer. The software works with clicks of the mouse and no programming language is required. There is also a paid service available that will help you build your system, test your system and run your system if you should desire.
In their words: “Our revolutionary software runs on your computer, using your trading rules, but none of your emotions. There’s just one requirement – you know how to use a mouse.”
5. ForexSB.com
Forex Strategy Builder is a free downloadable and visual software for creating and back-testing trading strategies. Trading strategies are based on different technical indicators and are executed through the MetaTrader Platform. It includes an automatic strategy generator and other analytical tools for fine-tuning your trading algorithm.
In their words: “Forex Strategy Builder incorporates the best practices for developping technical strategies and the most reliable methods for backtesting. Its purpose is to facilitate you in gaining profit on the forex market.”
6. ZuluTrade
ZuluTrade is another mirror trading service that was founded in 2006. ZuluTrade allows you to mirror trades from hundreds of different trading systems and signals with an account through their supported brokers. Once you chosen your preferred strategy you can have trades executed automatically in your account.
In their words: “Autotrade the FOREX market like never before! Let ZuluTrade drive trades by specialists into your FX account.”
7. RentaSignal
RentaSignal calls itself the “Forex Signals Marketplace” and is another mirror trading website that allows you to choose and search from numerous signal providers by many different parameters.
In their words: “Autotrade the Forex market by automatically mirroring worldwide FX traders’ trades.”
8. Collective2
Collective2 lets you choose any system from a library of over 45,000 trading systems and have trades placed automatically in your brokerage account. Read other trader’s reviews on the trading systems as well as system analytics, system guru recommendations, forums, real-time broker results and a quant grid. Many major brokers supported as well as MetaTrader, NinjaTrader and TradeStation compatibility.
9. Tradency MirrorTrader
Founded in 2005, the Tradency Mirror Trader offers traders a comprehensive trading workspace, with variety of popular trading tools as well as unique features and personalized options. Features include live signals, sentiments, market charts, oscillators and chart studies as well as the unique Tradency T-Score that indicates the strategies’ stability and momentum. Tradency allows manual trading, semiautomatic mirroring, and automatic mirroring in one platform.
10. Strategy Exchange
Founded in 2006, Strategy Exchange provides investors with the ability to automate trade signals in both the forex and futures realms. Your SE account gives you full control over fully automated execution, a broad range of statistics and detailed data analysis on signals from over 500 forex and futures systems. Supported brokerages do include some major forex brokers and a good number of futures brokers.
Feel free to leave any other Automated Trading Resources or Services that we might have missed in the comments below or create a post in our Forum. Happy Trading!
Risk Disclaimer: There is a high level of risk in Autotrading and Forex Trading and can result in loss of part or all of your investment. Due to the level of risk and market volatility, Foreign Currency trading may not be suitable for all investors and you should NOT invest or trade with money you cannot afford to lose. All opinions and research materials on this website are provided as general market commentary, and does not constitute investment advice.
