What if the behavioral biases could be completelt eliminated from trading? What if decisions could be made logically rather than emotionally?
The best-automated trading software enables exactly that since they have been designed with the consideration of a central question – how to build a trading platform that makes trading efficient and emotionless?
Automated Trading Software explained.
Automated trading software gives traders the ability to automate their moves by setting various parameters for potential trades, allocating capital, and even entering and closing positions without any manual involvement. Automated trading utilizes sophisticated algorithms to monitor the markets and analyzes stocks to see whether they fit the set criteria to execute the trades.
Automated trading software enables traders to monitor and analyze more stocks than is humanly possible and execute trades within the span of a second, thus maximizing gains and achieving efficiency without a broker.
How to select an Automated Trading Software
Consider these characteristics when selecting an automated trading software:
Even though automated software performs most of the legwork, it still needs to be managed and adjusted as per changing requirements. Therefore, such software must have a navigable interface enabling you to make changes on the go.
Standard programming language
If you need to implement a unique and complex strategy, you might have to implement it yourself, in which case the programming language should be a standard one to make things easier for you.
Ideal automated trading software should allow trading in multiple currencies and offer support for various kinds of stock.
5 Best Automated Trading Software 2021
Here is a rundown of the 5 best-automated trading software currently available:
MetaTrader integrates easily into any brokerage account and runs on its own programming language – MQL4, which shares similarities with mainstream languages such as C+. The platform adheres to traders’ needs with advanced technical analysis, algorithmic trading, and flexibility of the trading system.
It also presents expert advisors with the ability to implement automated strategies.
eOption specializes in low-cost options trading and doesn’t require any knowledge of programming to execute trades. It also offers a detailed mobile app with simple trading options and an extensive range of tradable assets. eOption’s tab layout is another striking feature that makes its tool easier to locate.
eOption offers a demo account for testing it out for 60 days without funding the account.
Interactive Brokers lets users access 120 markets of varying nature, from equities to bonds and currencies. It presents loads of educational materials for new traders and an interactive simulation API to test their skills before they formally begin.
A Robo-advisor, Sofi automated investing has no advisory or administrative fees and renders access to low-cost exchange-traded funds with unlimited access to certified financial experts.
ProORder, currently only available through a web browser, enables automation through three main methods, including Wizard, Code & the ProRealTime Marketplace. It also allows traders to create and define their distinct trading requirements without writing any code.
However, this trading automation software is targeted towards professional traders carrying high levels of proficiency.
Simplify your trading wisely
Automated trading software can make trading easier for you in a variety of ways. Still, you must be careful while choosing one and keep investment goals into consideration as you do so. What kind of securities do you prefer to trade, and what is your investment cap – these are the sort of questions you should answer before making a final decision. The automated system might make the trades on your behalf, but if things don’t go as per plan, you will bear the brunt.