Traders have been relying on computer algorithms in the past century to eliminate human error from trading decisions. However, they often overlook important trading details, putting their perfect trading streak at risk. Today, thanks to technological advances and robotic process automation, our trading businesses rely on computer algorithms that make precise trading decisions and react according to predefined trade plans. This eliminates the need for human factors in trading. There are now many ready-made algorithmic trading robots available that offer a plug-and-trade feature. All you need to do is buy the solution, specify transaction parameters, allocate funds, and enter or exit positions while focusing on other tasks. However, finding the perfect automated trading system that suits your trading market and expectations can be challenging. In this article, we will discuss some key points and review some of the best ready-made algorithmic trading robots on the market.
Characteristics of a Ready-Made Algorithmic Trading Robot:
– Extensive Backtesting Opportunity: The efficiency and behavior of your trading algorithm depend on historical data testing. Choose a solution that offers efficient backtesting and extensive historical data collection.
– Diverse Market Connectivity: If you want to earn from different markets, you need a trading platform that can connect to foreign markets and exchanges and read multiple data formats.
– Least Latency: The temporal delay caused by sending data points from one application to another is crucial in algorithmic trading. Choose a solution that has the least latency to avoid breaking your high-frequency trading (HFT) operation.
– Configuration & Customization: Trading is fast and changing, so you need a solution that allows you to customize buying and selling parameters and responds to your orientation while adapting to change.
The 5 Best Ready-Made Algorithmic Trading Solutions:
1. MetaTrader 5: MetaTrader is one of the most well-known names in the trading world. It offers a full-fledged algorithmic trading system with features like Expert Advisors (EAs), strategy testing, and access to a marketplace with thousands of algorithmic trading tools.
2. cTrader: cTrader is a popular algorithmic trading platform for the Forex and CFD markets. It offers an intuitive user interface, advanced charting tools, automated trading capabilities, and direct market access.
3. Interactive Brokers: Interactive Brokers is a platform that offers low fees and commissions, extensive asset coverage, and strong algorithmic trading capabilities.
4. Pionex: Pionex is a platform that offers a start-free model, good asset coverage, extensive analysis tools, and strong strategy testing capabilities.
5. Wyden Trade: Wyden Trade is a platform designed for high-frequency trading (HFT) and algorithmic trading. It offers strong algo trading capabilities, supports scalping and HFT strategies, and is reliable.
These are just a few examples of the best ready-made algorithmic trading solutions available on the market. Each platform has its own strengths and weaknesses, so it’s important to evaluate them based on your specific needs and preferences.
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