By Yael Warman

As covered in Part I of this article, advances in FX trading technology have allowed traders to combine their two passions: trading and holidaying. Even though the technology allows for what may be considered by traders a happy medium, your loved ones accompanying you on your travels may not be as sympathetic of your needs for balance. Over this two part series we continue to address the dilemma of how to combine your two great passions of Forex trading and taking a vacation with your loved one. To help ease the tension between you and your partner, so that he or she actually feels that they are on a holiday with you, we present the option of automated trading.

Automated trading can be ideal for a holiday situation where you wish to not be involved with the actual trading or are too remote to use mobile/web options.

Most brokers offer an automated trading solution. If they don’t, it should certainly be possible to either find a downloadable signal provider or some other measure that will allow you to set up your account to trade, without you physically undertaking any action to open or close trades. There are many different forms that this can take, each with its own advantages and disadvantages. For an external downloadable signal, you are mostly at the mercy of the robot or trader, which might be unsettling unless you watch over them, so signing up for a new service to run over the holiday might be a stressful situation. Perhaps use it for a while before the holiday so that you can track it for quality.

Alternatively, you can often find external automated trading platforms that allow you to select from a variety of different traders. For protection you can limit their trading activities and even set automatic cut offs if they lose a certain amount of capital. It is usually possible to select more than one trader and allocate your funds amongst them to spread risk. This can provide you with a safety measure to ensure that whilst you are not monitoring it strongly during a holiday, your trading account won’t be decimated by a rogue trader.

It is also possible to set automated trading positions in the form of pending orders. This might be best for someone who is available to set aside a bit of time each day in order to follow up on the market and set their trades for the day. This might necessitate a change of styles if you are a swing trader, but for those whose style would not be compromised by this, it would be a good solution. There is often an advantage to this activity, as you are required to trade a more disciplined tactical style than might be your regular style. It also creates an absolute necessity to set stop losses and take profits, which again may often be neglected during your usual trading situation. For a trader who struggles with these aspects in their regular trading, the once a day pending option should be seen as a good test case for your effectiveness, and should be compared to your normal trading at the end of the holiday. The results might surprise you!

In effect, your holiday does not need to be impacted by your love of trading. For the sake of your loved ones who may not share this love and who feel like they are losing the competition for that love, be rest assured. There are many ways to continue trading effectively, with the tools and capabilities of mobile, internet and presetting options.

But the best part is that you can go back to sipping your cocktail on the beach, knowing that when you finish, you may well be richer than when you took your first sip.

About the Author:

Yael Warman is a creative writer with a strong background in marketing and advertising. Yael has been a writer for over 10 years and has worked for clients in various industries as well as her own companies and is currently the Content Manager at Leverate.