For last week, I chose to trade the AUD/EUR foreign currency pair. Actually, I took advantage of ETORO’s trading algorithm so I don’t have to monitor the pair myself. The software bought a standard lot of the pair for me last August 21 at EUR 0.674 and sold it after a week for an AUD 268.42 profit. It may not be a huge profit but it’s still higher than what the banks give for a savings account interest for 1 week. Also, I don’t have to spend a lot of time in front of the computer just to monitor the price movements.
ETORO Trading Algorithms
That’s the advantage of a trading algorithm. I can just set it up and it will do the rest. It will either buy or sell depending on the parameters I’ve entered prior to the trades. With the software running on the background, I can do other tasks without fear that I’ll be losing a lot of money when I’m away the trading platform. However, the downside is that I can’t maximize my earning potential because the software will just execute what it has been programmed to do. It doesn’t have a mind of its own. Thus, it won’t be able to wait for a better opportunity. It will sell when it has reached the threshold.
eToro – Financial services company
eToro is a Cyprus based social trading company that allows its users to watch the financial trading activity of other users and copy them. Wikipedia
CEO: Yoni Assia Founded: 2007 Founders: Ronen Assia, David Ring Facebook Twitter Google+ YouTube LinkedIn
Thus, to remedy this, I still make it a point to check the ETORO trading platform from time to time so that I can do the necessary changes to the algorithm parameters. After all, nothing beats the human’s mind. It can process a whole lot of information and is able to make a decision when needed. This is why; I still make it a point to monitor forex charts and economic news. I need them to make changes to my trading algorithm parameters in order to make the best possible profit in a trade.
ETORO is a RELIABLE Algorithm Provider!
Being an experienced forex trader doesn’t mean one has to be in front of the computer all the time. The trading algorithm is one powerful forex tool every trader can use. It is reliable enough to ensure that every user doesn’t lose money beyond his stop-loss parameter. However, it won’t be able to determine if there’s an uptrend and a very strong possibility of making more money. Thus, human intervention is still needed from time to time.