There are many traders in the online trading world using EAs and bots to make a profit in the Forex market. But the professional price action Aussie traders always suggest the news traders follow the manual trading system. It’s true that some EAs and bots will generate profit in the early stage but in the long run, it will eventually blow your entire trading account. The Forex market is changing in every second and it’s not possible for a software to track its changes. This is where the human intellect comes into action. Many new traders often get fascinated by seeing attractive ads on Forex bots related website. So they start working hard and earn money to buy the robots which will make them a millionaire. But when they plug their EAs or bots to the live market data they get very frustrated. Today we will highlight some of the major reasons for which you should never buy bots or EAs.
Machine can never assess the market sentiment
The Forex market should be traded based on the major three types of analysis. The third type of analysis is the market sentiment analysis.SO if you give the responsibility to a Forex bots to trade on behalf of you then it will never understand the market sentiment. And without assessing the market sentiment it’s nearly impossible to make money on regular basis. Some websites will claim that their software has the capacity to adapt to the market changes. But if this was real they have just made the first AI in the human history of trading. If their bots are so profitable then why they are not becoming a millionaire? If you ask this simple question to you then you might understand that there is something wrong with the automated trading system in the financial world industry. And most importantly you will never find a single professional trader using the EAs or bots in their trading.
Wild spikes might wipe your entire trading account
If you are trading CFD with EAs then you are just putting you whole capital at risk. At times the market becomes extremely volatile and become nearly impossible to place the stops and take profit level. So the EAs close the running trades at the best-availed price they get. So if you risk $100 from account then it might even exceed more than $1000 USD. Those who have used the EAs and bot during the high impact data release loses money most of the time. Instead of spending a huge amount of money on automated trading system invest your money on Forex educational course.
Why manual trading is better
When you trade the market manually you are actually placing your trades based on three major factors.Most of the traders often ignore the importance of major three types of analysis in the Forex market. But without following this no can make a profit on consistently in the online trading world. Being new to this industry you should learn the art of price action trading system. This system will allow you to place high-quality trades in the higher time frame. Once you master the art of price action trading strategy you will never use any EAs or bots. There are many professional traders in the online trading world offering price action trading course with a very little amount of money. So instead of spending tons of money in EAs go learn the proper way of trading
Summary: Manual trading is always better and it allows the traders to control their profit factor. When you use the automated trading system you are actually risking a huge amount of money in the online trading community. So the choice is yours but we will suggest to develop yourself as a trader instead of depending on the machine.