Manual Traders
Technical analysis is a method for evaluating
currency movements by analyzing the data generated by market activity; this
data is often historical data such as past prices and volume. Technical
analysts will attempt to analyze this data in order to identify patterns that
can help them predict future (short-term or long-term) price movements in the
currency. There are several different techniques technical traders use to analyze data. They include moving averages, Fibonacci retracement, trends, resistance and supports, double tops and double bottoms, Bollinger Bands® and the popular MACD.
Automated
Trading
Automated trading systems, also referred to as mechanical
trading systems, algorithm trading, automated trading or system trading, allow
traders to establish specific rules for both trade entries and exits that, once
programmed, can be automatically executed via a computer. The trade entry and
exit rules can be based on simple conditions such as a moving average crossover
or can be complicated strategies that require a comprehensive understanding of
the programming language specific to the user's trading platform, or the
expertise of a qualified programmer. Automated trading systems typically
require the use of software that is linked to a direct access broker, and any
specific rules must be written in that platform's proprietary language. The
TradeStation platform, for example, uses the EasyLanguage programming
language; the NinjaTrader platform, on the other hand, utilizes the NinjaScript
programming language.
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