The auto trading software Qprofit lets the trader input some details like whether he would want the trade to be executed as a market or a limit order. It also lets the trader decide on when the trade should be triggered like if he wants it to be triggered when the candle closes or after the next candle starts. Most professional traders choose to program the system themselves or work with a programmer to develop the algorithm based on their own trading strategy.This is time-consuming and requires a lot of effort, but the best part is that the trader is not following someone else’s algorithm blindly. This also gives him a lot of flexibility to make changes to the program. This is also very rewarding.
Once the rules are fed into the computer, the computer monitors the market and tries to find out the buy and sell opportunities based on what the trade specifications are. Depending on what the rules are, the trade automatically generates the entry, exit, stop loss and trailing stop loss price. This system is particularly very useful when the market is moving very fast. It could be very difficult to control the loss manually but with the auto trading system, it can be done at super-fast sped.
Advantages of using an auto trading system
There are a number of advantages of trading using an auto trading system over trading manually. When a computer monitors the market for you and takes trades on your behalf you could reap better profits.
Emotions are kept aside
When you trade using the auto trading system it lets you keep emotions aside. When your emotions are kept in check it lets you stick to your trade plan. The trade is executed when the rules of the trade are met and thus the trader will not get the time to hesitate or think about the trade. It also helps those traders who find it very difficult to pull the trigger. Autotradingsoftware curbs the temptation to over trade in the market. It stops traders to buy and sell at every opportunity as it takes trades only when all the criteria are met.
Lets you backtest
You have an idea or a strategy and you want to test if this has worked in the past. The trading software uses historical data to backtest your trading strategy.The computer cannot make guesses and it just does what it has been asked to do. When the strategy is back-tested, the trader will be confident of his strategy and will be able to trade with real money on the live market. It also lets the trader fine-tune the strategy if need be.