Turns out most Forex brokers offer this as an option in their trading platforms for free. Well if it's an option, might as well try it out right? Plus I don't want to give my concrete opinion of something like this if I haven't tried it out myself yet. The only problem was that the broker that I was with (of course) didn't have the option to automate Forex trading, there were several things with my old broker that I didn't like about their trading platform. See, during my research about different Forex brokers (in my previous post actually :) I came across some very interesting alternatives for myself. I came across CMS Forex, the one I reviewed, and tried out their trading platform VT Trader 2.0, at first it was kind of confusing since I'm so used to my old Trading platform MarketScope 2.0 by FXCM, but getting to know the program I discovered that it is far more superior then Marketscope 2.0! For instance it has way more indicators / oscillators and using them actually gives you your insight in the markets. Turning on the RSI actually gives you a number and there's an option you can actually see the volume, those little things are pretty important to me making a decision whether to buy or sell a pair (There are tons more but mentioning them all will get this off topic). The bottom line is that it also had an option for using a automated trading system! AHA! Finally it's my turn to actually see if this works or if it's just a bunch of baloney!
So far, I don't know.
It's still too early to tell and there are several trading systems that I have to test out.
Below is an example of one of the trading systems I'm currently trying out.
The blue arrow is supposed to be a buy signal and the red a sell. Also you can see whether the system 'thinks' it's in a bull or a bear market (blue and red bar) along with indicators and oscillators that trigger a buy or sell signal when certain criteria are met.
I'm still kinda skeptical but it looks promising, hopefully I'll see some positive results soon!
In a few days I'll know if these systems actually work. It all depends on what pair you're trading and the current market conditions and that takes time to try out.
Keep you posted!