In today's world of automation, the world of Forex has seen the advent of trading systems that are automated and work towards removing the human element from trading operations.

In this write-up, we are going to discuss the most prominent and various types of automated trading systems used in the Forex market today.

With the advent of automation, several industries in Indonesia and elsewhere across the globe have been transformed. In several sectors, automated systems have replaced manual activities, thereby infusing efficiency and precision in such operations. The same holds true for Forex trading in Indonesia. Thanks to robust software platforms and improved computers, several traders are turning to automated online trading systems which carry out trading based on commands coded into them.

What are Automated Forex Automation Trading systems?

Automated forex trading systems are trading systems that use custom developed algorithms and computers to carry out trades on a platform. These are essentially robots which have been bred for the pure purpose of carrying out trades. Such systems increase the efficiency of the activity and bring down the chances of failure by analyzing previous trends.

What are the types of Trading Automation systems that are prevalent in the market?

While there are several ways in which these automated processes are deployed in the market, these are the most prevalent methods that traders use.

1) Algorithmic Trading:

Here, algorithms or instructions are developed as codes which are then fed as input. These algorithms operate only under predetermined conditions. When the conditions are met, the system automatically executes the order.

2) Copy Trading:

It is a rather convenient style of opening positions for novice traders who are yet to master the skill sets required for successfully executing trades on their own. Here, traders or their systems follow the strategies adopted by experts and replicate their moves on the platform. The success of the trade depends on that followed by the expert.

3) Mirror Trading:

This is similar to copy trading in terms of its operation. The only strategy adopted by traders is to mirror the moves that are carried out by successful traders. Traders can analyze the patterns and strategies adopted by these traders and mimic them to gain profits.

While the above-mentioned systems brief on some of the commonly used automated systems, there are several others that are used in the markets.

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