What does it
feel if you could take the psychological element out of the trading?
What if you could trade without becoming a victim of your own emotions?
Yes, this is possible! Automated trading software like Build Alpha makes this possible.
The machines
have given traders the power to automate their moves and take all the
emotions out of the deal. By utilizing trading software, individuals can
set parameters for potential trades, assign funds and open or close
positions all while sleep or watching TV. But using automated trading
software doesn’t mean continuous benefits. There are also some risks
involved even when the machine does all the work for you. Let’s find out
more about automated trading software and what to look at while
thinking to utilize automated software:
What is automated trading software?
Automated
trading software is a trading platform that uses computer algorithms to
scrutinize markets for certain conditions. The traders can set some
guidelines for equities, futures, forex, cryptos and more and can also
set entry and exit points for their prospective positions and then the
computer will do the rest. That is, find the optimal entry and exit for
any set of assets.
Build Alpha
– the automated trading software then monitors the symbols and tickers
that fit the criteria and perform trades based on the pre-established
and tested parameters. The benefits of automated trading can be
noticeable. People are limited in the number of stocks and tickers they
can monitor at any given moment as all of us have only two eyes.
But the
machine can look through diverse markets and securities at a pace that
is not understandable to flesh-and-blood traders. Algorithms can catch a
trend reversal and perform a new trade-in a fraction of seconds all
while monitoring existing positions, looking for new ones and testing
historical patterns.
What to look for in automated trading software?
All the automated trading software shares a
few common characteristics. Here are some features that you need to
keep in mind as you choose one. Let’s find out:
- Access to preferred markets – Using automated trading software doesn’t mean traders will have access to all the markets. This means the software is used to trade particular products or markets. Hence, ensure that you can trade your preferred securities.
- Detailed price history for backtesting – Charts are decisive to execute backtests, so make sure that your automated trading software has thorough backtesting that can be used across numerous timeframes, symbols and asset classes.
- Functional interface – The computers can do much of the profound lifting but automated platforms require to be managed. Hence, pick up the software with a changeable interface so you can make changes on the fly. Make sure you can test what you want easily!
Wrapping Up:
I hope the article has helped you know more about automated trading software. The automated trading software BuildAlpha can
simplify life in a number of ways. You can create hundreds of trading
strategies at click of a button. This software lets traders and money
managers the capability to make hundreds of trading strategies all with
no programming neceassary.
