Autotrading- Using Software and Robots to Trade Forex

The term forex trading software can actually refer to two very different things.

1. You could be referring to the user interface such as Meta Stock or Meta Trade 4/5, which are used to access the forex markets
2. You could be referring to robots that are used to automate trading.

If you are looking for information on the former, kindly proceed to our article about Forex Trading software {link to be inserted here}.
Today I would like to talk about forex trading robots and whether it is a good idea to do automated trading. This topic is not mine alone. I would also like to hear your say. So, kindly make sure that you have dropped a comment at the end of the post.

History of Automated Forex Trading Software

 The history of forex trading software can be traced back to 1999 when online forex trading became first accessible to small scale traders. However, bigger companies were able to automate forex trading from way back in the 1970s.
Automated software trading is currently used in spot forex trading. I have never used any automated software to trade forex, and I cannot tell how profitable trading using robots is. You are therefore free to treat any information on this page as mere hearsay. Do your research, and establish whether trading forex using bots will earn you more money than manual trading.

Types of Automated Forex Trading

There are two broad types of automated forex trading.

1. Fully automated trading: Machines use an algorithmn to decide the best entry and exit points plus the trade size. The software will also execute all trades on your behalf.
2. Autotrading using signals:The computer algo makes orders but leave you the freedom to decide whether you are going to execute those orders.

Those who argue the case for using automated trading insist that by using software to trade forex, you can enter many trades in many markets than you would normally do trading manually. Software are also less prone to errors and they do not suffer from emotional decisions. A very good argument if you ask me.

There are puritan traders who, on the other hand, will never trust a forex robot to make decisions for them. They insist that many forex trading software are not to be trusted.
What's your take on this?

Easy Forex Review

Those who have followed my forex trading career know that I never recommend a forex broker before I have actually personally tested them. There are so many online forex scams (which reminds me of Viportal in Kenya). You need to do very due diligence before you decide which forex broker you are going to trust with your hard earned cash.
In the past, I have recommended XM.com, Iron FX and Hot Forex. All these are very reliable forex brokers that I have personally taken for a test, and would highly recommend them at any time.

Easy Forex

Today I would like to add another broker to my list of recommendations. This broker is none other than Easy Forex.
I have been seeing forex trainers in Kenya recommend Easy Forex to their students and never really bothered to find out why they are so taken in with Easy Forex. This was until I decided to do my own research to establish the credibility of Easy Forex. To my surprise, they are among the very best forex brokers in Kenya and very efficient to work with. What's more, if you sign up and deposit $100 into your Easy Forex account using this link, you will receive an additional $100 to boost your trading. This is a limited time offer, so hurry up and sign up. As a very reputable IB (introducing broker for several forex brokerage firms, I am able to organize various deals and discounts with forex brokers. This is just one of the many deals that I have).

Depositing Money on Easy Forex

 One of the many things that keep Kenyans from investing in forex is lack of knowledge about doing online transactions. How do you for instance deposit money in Easy Forex to start trading?
Easy. The process is simple. If you have an ATM card that is Visa or MasterCard Branded, you can easily draw money from your bank account and deposit it in your Easy Forex Live trading account.
The things to note when using an ATM card.

1. Your card number is the number printed across the center of your card, usually 16-digits long. It is different from your bank account number.
2. The date of expiration is printed near the bottom part of the front side of your card
3. The security code/CVV is the three last digits found on the back side of your ATM card.

Can Muslims Trade on Easy Forex

According to the Islam faith, it is not halal to take interests on their money. Easy Forex has a provision for an account that does not incur rollover when trades are carried on to the next day. This is the best account for muslims to trade on.

Welcome to Kenya Forex Trading

If you are reading this page, chances are that:

1. You are located in Kenya (Nairobi, Eldoret, Mombasa, Nakuru-- you name it), and
2. You are interested in forex trading and you are desperately looking for information that will help you start trading profitably.

If you answered true to these two scenarios, welcome. You are in very safe hands and you are about to discover the best forex trading strategies in Kenya. This blog is my way of taking knowledge out there and giving you the best of what I have.

My name is John Ekitoi, and I have been trading online forex for the past three years now. When I first started my journey, there were not many known forex traders or trainers in Kenya. I invested heavily in forex tutorials that I purchased online. Some of these tutorials went for as much as $100 per month. It took me close to 6 months to learn and master the art and science of profitable forex trading. I invested more than $5,000 into the training, but I would say the price was well worth it. I have made profits that far exceed what I used training.

Do You Need to Enroll in a Forex Trading School/Academy

Trading forex comes with its share of risks. One silly move and you could lose all your invested capital. A common saying in the forex trade industry is that you should never dare to trade with money that you cannot afford to lose. 'Money that you cannot afford to lose' is money that will give you a major setback if you lost it. It could be your college school fees or borrowed money. The wisest forex investors trade in cash that they have wisely planned for. They have met all their needs and those of their loved one, and now is time to get into forex trading.

Having said that, I might as well point out that with the proper training, forex trading becomes fun and profitable. If you combine training and trading with money that you can afford to lose, all things become a walk in the park.

You have several options you can use to learn forex. You can watch forex tutorials on YouTube. You can devour information on blogs and websites (check out BabyPips.com, it is great). You can download and read forex ebooks e.t.c e.t.c.

There is one thing that I would like to mention however, nothing beats training with forex trainers based in your country. You get to watch them conduct live trades and they are always available in case you need forex answers.

In this section, I will be discussing a few forex trading schools and academies in Kenya that are doing a very good job at training beginner forex traders:

1. Kenya Forex Firm- This is with no doubt the best forex training academy in Kenya. Patrick Kihara, the founder of the training platform is a well-known webpreneur in Kenya who started his journey as a freelance writer. He went into blogging and finally settled on forex trading. Whatever he touches turns into gold. I have consulted with him severally on the best strategies to trade forex in Kenya, and his passion and knowledge on the subject matter is evident. Patrick charges 5,000/= for his online training package, which includes premium video tutorials and ebooks.
2. East African Forex-East African Forex offers several other services apart from forex trade training. However, like many other forex trading schools in Kenya, they charge quite a lot for their services. Consultation goes for 6,500/= and the training classes, which are conducted in the morning and evening hours go for 23,500/=. The school also has forex trading books that start from 3,000/=
3. Kenya Forex Answers- This is another of my recommended forex training schools. Kenya Forex Answers offers detailed information about forex trading on their website for free. This is the one reason why they get a spot on my list of top 3 best forex schools in Kenya.

Obviously there are more forex training schools in Kenya.
If you have a suggestion that I have let out, feel free to contact me to add it in the comments section.