How to automate your manual trading?
Do you often think there is a better way to spend your trading time?
Explains how you can manually devise a trading strategy using a zerolag MACD, and then have this strategy traded automatically for you with the use of the Autotrader.
There is a lot to be said for trading manually. You can see what is happening. And most professional traders swear by it because it is their craft, it is what sets them apart. And they spend long working days at their computers doing just that.
But do we as part-time traders want to be glued to our computers or tablets? Always on call waiting for that trade setup so as to catch the next lucrative trade? And then being asleep when the setup occurs and missing out?
If you don’t want that sort of lifestyle then here is one way you can automate your trading.
You need to develop trading strategies based on one or more of the three most commonly used technical indicators – RSI, moving averages, the zerolag version of MACD; and combinations such as MAs of RSI.
Using just these indicators and appropriate entry and exit rules, it is amazing how many profitable strategies you can easily develop. Just by scanning the charts over the past weeks and months with these indicators and then adjusting their settings until they provide the profitable entry signals that you need.
Once you have done that, you simply enter these settings into the FX Autotrader Elite, determine the correct lot size based on your sound money management rules, and let the Autotrader do all the trading for you.
As the weeks go by you may need to re-optimise the settings as market conditions change and you can do that easily.
So now your trading regime is simple. Once a week, say on weekends, you scan the charts with your indicators and look for profitable settings for new strategies – maybe different pairs, different timeframes or different combinations of indicators. And check and modify, if necessary, your existing strategies.
Enter the settings of your selected strategies into the various copies of the Autotrader (a portfolio of say 6 is not a bad portfolio set), and then let the Autotrader do the trading for you during the week while you relax and get on with life.
Please watch this short video for a simple example of developing and automating a trading strategy using zerolag MACD using FX Autotrader Elite. The video can take a few seconds to buffer so please be patient. I will be covering more strategies in the next articles
And always remember, when you are testing a new strategy, start out using demo accounts.