There are many services on the web that offer this type of service, some better than others. There are really three main approaches to autotrading forex:
Forex Robots - this is a system whereby software automatically makes all trading decisions based on a certain formula such as scalping, swing trading or trend trading. You can have the software based on your own computer, which means that it has to be on, connected and running 24 hours per day. Or you can base the robot on a Virtual Platform, which you log into whenever you want. The robot runs fully automatically for 24 hours without interruption. This system has the least amount of human input - you simply set the software up, link it to your account, and let it run. The most talked-about example of this type robot currently is FAP Turbo, which claims to be able to double a trading account in a month. Data on their website seems to indicate that this is true, and there are plenty of forum postings from users that are doing well from the system.
Community based autotrading - a system whereby real human traders make the trading decisions. You can log into the system, and do your research to find the most successful trader. You can then choose to have that trader's signals applied to your broker account. The system is totally anonymous - the trader does not know that you have selected him. If his system goes bad, you simply drop him and pick someone else. or you can spread your risk by having your account traded by several traders that you have picked for yourself. This system has a moderate amount of user input - a user has full control over the selection of signal providers, and can change them at any time. Once a trading system has been selected and applied, the account is traded automatically. A good example of this type of system is that provided by Zulutrade. Started by two brothers from Greece, it has hundreds of traders and users, and can be applied to accounts with five different brokers.
User controlled forex robot - in this system, the robot picks the trades, and the user selects the trades in which he wishes to participate. This system requires the most user input and attention, because the user must be connected and online in order to make timely decisions on picks generated by the robot. A good example of this is FX Automoney, which has three services - intraday, daily and weekly. The system can be fully automated, if the user selects that option.
Autotrading forex is a useful alternative for those who lack the knowledge or experience in forex trading, or for those who do not have the time to devote to sufficient technical analysis or to monitor the news and world events. Selecting the right approach and the best system needs research into results and performance, as well as an understanding the systems and strategies involved.
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