Myfxbook owns and operates the next generation trade copy service, AutoTrade. FXPEARL, a premier Forex broker and liquidity provider, introduces the AutoTrade copy trading platform in association with Myfxbook. The platform is easy-to-use with an added advantage for automated mirror trading. It is built-in with high-end technology and designed for community traders to learn and follow the most successful trading strategies.
Traders will be able to link their Pearl Live Account or Trading Account to the trading system of their choice, stay on the top of the best traders and strategies, have full control over your account, add or delete trades any time, change their account settings with AutoTrade whenever they want and diversify the risk of trading.
AutoTrade is simple to install as it runs on its own servers. Only live traders can become signal providers. Myfxbook hand-picks only the best systems and gives incentives to signal providers only for profitable trades. Live statistics are provided to reduce your risk and increase returns. Trade Mirroring is fully automated.
Traders can try AutoTrader first in Demo and activate it live only when they feel ready and will be able to add and remove any system at any time with no restrictions. They can get detailed, in-depth statistics and performance reports for all selected trades with Myfxbook. The traders and strategies in AutoTrade are a part of an exclusive group of traders reviewed and selected by MyFXBook.
Forex autotrading is a slang term for automated trading on the foreign exchange market, wherein trades are executed by a computer system based on a trading.
There are two types of automated forex trading which consist of:
- A completely automated system or known as a robotic forex trading: Generally, this method is what you would classify as a “trading machine” or “black box trading” which executes orders based on certain algorithms based on its creator. The creator of the automatic trading script has already decided on the aspects of the order such as the timing, price or quantity and initiates the order automatically. Users can only interfere by tweaking the technical parameters (such as lot size, risk parameters, stop-losses and take profit) of the program; all other control is handed over to the trading script.
- A Signal-based forex generator: You need to manually execute orders generated by a trading system which has an algorithm in-built to highlight a potential entry and close signal and a user manually executes these trade orders with a broker.