Automated Algo Trading - Forex and Futures

I keep seeing apps and bots that do automatic trade execution on Forex and Futures on MetaTrader or NinjaTrader… are any of them good at all? Let them sit and run while you monitor? If so.. any recommendations?

 

I recommend you forget about trading..... seriously.

 

They can be if you use them in conjunction with an edge you already have and realize their limitations. Most algo writers fail to grasp what should be the most basic concept of statistics. Because of this they waste an incredible amount of time, capital, and cycle through loops of failure, never to escape.

 

If you were referring to those EAs, I'd say don't bother about them. You'd get nowhere with them.

 

They are not that very accurate, I will say that.

 

Well, why don't traders want to work independently, it's so interesting. Why do you need automatic systems that decide what happens to your money?? It's almost impossible to control them. And I don't think it's the most advantageous option.
Of course, at first it will be difficult enough for you to deal with all the nuances, and at the beginning of your journey your work will not be very active and effective, it's true. But if you're not lazy or worried about all the mistakes, if you develop and move forward, then in time this business will bring you pleasure, money, you will be the master of the situation and you can act as you like.
Do not go with the flow, plan, learn and soon you will be able to call yourself a professional trader.

 

Obviously manual is not better, if you know what you are doing.

However, I believe you are not able to successfully automate.

Medallion fund has made many, many billions fully automated

* few are skilled enough to win manually and few have the skills to successfully automate.

 

There's alot of factors that come into play. One is the data you are watching and whether it can be implemented into an algorithm. If it can, but you don't have the skill to do it, can you trust someone to write the software. Another is fees, will more trading be an advantage. If you do automate, you need cutoff loss bounderies. That can change the statistics and probabilities, messing up everything.
There are many skilled traders who could argue for either and both are valid.

 

In this case, you cannot be sure that the one who will write the software is professional in this. And does it all make any sense at all?

 

I think it’s better to hone your manual trading skills first. At your initial stages, you might face complexities in trading but after acquiring knowledge it will be better for you. I would advise you to learn trading and practice. Once you get a hang of it, then you can use auto trading in addition to what you're already doing.