The forex industry has evolved greatly from the days when it was just a simple buy-and-sell transaction of currencies of the past. And automated forex trading has definitely been one of the more substantial innovations that are aimed to help forex investors improve their forex trading. But, as with many things in forex and other investments, there are many types of automated forex trading that forex investors can utilize in their trading.

The Different Types Of Automated Forex Trading

If you are one of those investors who are trying to learn more about automated forex trading and trying to contemplate if this is the type of trading for you, then read on. We shall try to describe the different options available for you as a forex investor in utilizing automated forex trading to your advantage.

Automated Forex Trading Using Expert Advisors or Forex Robots

This is probably the most common type of automated forex trading. If you are using a platform like Metatrader, there are various Expert Advisors that you can find online (either free or for a fee) that you can readily attach to your Metatrader trading terminal. Depending on the programmed procedure embedded into the Expert Advisor, it can actually make your forex trading fully automatic. You just have to leave your PC on the whole week with your forex trading platform running. The Expert Advisor shall take care of “guarding” the market for opportunities. And once it identifies a trading opportunity, it may automatically send out the trade orders to your forex broker. And the Expert Advisor also takes care of closing the said orders.

Some forex traders are not comfortable with this kind of a set up where the forex robot takes care of every trade automatically. And you, as the forex investor who still has full control of your forex account, can actually modify some options to make the final trade decisions still come from you. This is done by having the forex robot notify you (maybe in the form of an email or instant message) when a trade opportunity is identified by the forex robot. But the big difference is that the forex robot would still have to wait for your approval before a trade order is placed into your account.

You, as the forex investor, also have the option to turn off the Expert Advisor which is running in your trading terminal whenever you choose to.

Using Forex Signals To Trade Forex Semi-Automatically

The next type of forex trading that you should know of is the type which uses forex trading signals from forex experts.

There are quite a number of forex signal providers available out there on the internet. Same as with forex robots, these forex signals may come for free, or with a subscription fee. The reason why trading using forex signals can be considered as semi-automatic is that you, as a forex trader, do not really have to do much in analyzing the markets. All you have to do is get the trading signals from the provider of your choice, and apply it to your forex trading account.

There are even some forex signal providers nowadays that make the application of the forex trading signals even simpler by giving you the option to just click on which trading signals you choose to be applied to your trading account. It is simply that easy, almost automatic.

Convert Signals From Forex Experts Into Trades

The last type of automated forex trading system that you should know about is basically just like the semi-automatic trades when you utilize forex signals from signal providers. But the major difference here is that the trade signals are automatically converted into trade orders into your forex account.

This type of automated forex trading is not based on artificial forex robots entering the trades into your account, but on the human analysis of forex experts on the price charts of forex. Each forex expert specializes on his own kind of trading strategy. It may be based on scalping, or swing trades, or even long-term trades. When he sends out his forex signals for every trade, his subscribers’ accounts are automatically updated with the trade signals and orders are placed accordingly.

This is a pretty simple, yet powerful way of automated forex trading since it is also possible for you as a forex investor to choose more than one forex signal provider. This means that you can conveniently pick various forex experts specializing in different types of strategies so that you, as a forex investor, can grab every opportunity that the market presents whether the market is on a momentum run, or it is simply consolidating, or if it is simply ranging. All bases are covered, as they say.