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Manual or Automatic for Forex trading?
For many years, people have been trading in the foreign exchange market, and in the beginning, the manual method was the only way to satisfy foreign exchange transactions.
However, since the technology has been developing since then, many people now use automated trading in the foreign exchange market.
Each of these methods has its own specific characteristics, and its pros and cons depend on the preferences of the trader.
It is faster and more convenient to use automated trading in the foreign exchange market.
What you need to know about Manual trading
When using manual foreign exchange trading, you need to be very careful and precise, because the results of your own calculations cannot be helped by robots.
Its advantage is that you can control every order that you open and close.
Therefore, you can know the current state of the market and what currency pair to choose for your trading strategy.
This can help you make a plan for future actions.
Regardless of the market conditions, a manual trading plan will help you stay calm to avoid losses.
What you need to know about Automatic trading
At the same time, using automated trading in the foreign exchange market is faster and more convenient.
Even when you are away and have no chance to watch the graph, you can still trade with the help of a robot or expert advisor.
This is very suitable for traders who do not have enough time to trade.
With the help of automated trading, you can engage in personal affairs while making money.
On the other hand, when you use automated trading, you do not have complete control over the trading account.
This fact will not cause any problems if the trader conducts a small volume of transactions, but if the larger the amount of funds he uses, the higher the risk, which will make it difficult to relax, and the robot can only do everything for the trader.
Manual trading will help you keep abreast of market conditions.
However, due to the fact that all this only depends on the transaction, if there are many open orders, it may not be so convenient or even difficult to control the transaction process.
The first thing you should know is that manual trading plans in the foreign exchange market require all your time and energy.
When trading manually, you need to process all orders yourself, which is especially useful when you want to record every order.
Manual trading will help you keep abreast of market conditions. But the fact is that since all this only depends on the trader, if there are many open orders, it may not be so convenient, or even difficult to control the trading process.
Automated trading provides an easier way to manage orders. Robots and consultants do all the work for you.
With their help, you can open and close a large number of orders at the same time.
In addition to this, the tool can also determine when to enter and exit the market. They also do all the calculations for you.
However, automated trading also has some disadvantages.
First, you need to learn more about the robots you want to use and how they affect your transactions.
Choosing a robot that suits your trading strategy is not an easy task, because your trading results will depend on it.
It’s hard to say which one is better: manual or automated trading only depends on the trader and his strategy.
But there are some suggestions to help you:
- You need to determine how many orders you intend to create in one day.
- You should also determine how long you can spend on the transaction.
- And how much transaction volume you want to make.
If you know this information, it will help you make the right choice.
No matter what kind of transaction you choose, if you devote yourself to the transaction, you will receive good feedback, such as high profits.