Autochartist – An Added Reason To Download MT5 Now
The daily volume of forex trades across the world amounts to a reported US$5 trillion. If you put that number in context, you will realise how big the forex market is. The GDP of the United States, the world’s largest economy by far, is only about US$20 trillion annually.
Why is currency trading so popular? What can justify the tremendous size of the forex market?
One of the most important reasons for the large volumes is that the market participants have deep pockets. The biggest players are the commercial banks, the central banks of different countries, investment managers and hedge funds, and many of the world’s large corporations.
The massive trading volumes in the forex market provide a tremendous opportunity for individual traders. If you use the right strategy and follow a disciplined approach, you can make sizeable returns.
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However, there’s a caveat to this proposition. One of the preconditions to making money on the forex markets is that you should deal only with a top-notch financial institution. It is imperative that your broker should be reliable and trustworthy and also offer the latest in technology.
Enter Phillip Futures
Phillip Futures is a 35-year-old integrated financial institution and one of the founding clearing members of Singapore Exchange Derivatives Trading. Individual traders who sign up with the brokerage arm of Phillip Futures get access to Phillip MetaTrader 5, the latest platform in the MetaTrader series.
The MT5 platform offers the following advantages:
⇨ You pay zero commission.
⇨ Spreads are extremely low. They start at a rock-bottom0.6 pips.
⇨ You have the option to automate your trades.
⇨ You can choose your lot size. Select between micro, mini, and standard lots.
⇨ The MT5 platform works on your desktop, tablet, and mobile.
Try out the MT5 with a demo account now.
In an important development, Phillip Futures’ clients now get access to Autochartist as well.
What is Autochartist?
Autochartist is a new technical analysis tool that has been made available to the customers of Phillip Futures. It has the potential to simplify the trading process and provide you with the opportunity to boost your profits while capping your losses.
How does it do that?
Think of Autochartist as an all-seeing pair of eyes working for you in the forex market. It functions primarily as a pattern-recognition tool that is scanning the markets on a continuous basis.
The moment it sees a trading opportunity, it provides you with an alert. You can quickly decide whether the trade that has been suggested is worth getting into. With multiple trading opportunities based on chart patterns being provided on a regular basis, you will have a far greater opportunity to increase your profits.
Test out the Autochartist feature on the MT5 demo account here.
Some of the biggest problems that a forex trader faces and how Autochartist can help to overcome them
The forex market has the potential to generate large profits for individual traders. However, if you’re not careful, you can lose a lot of money very quickly.
Let’s see why forex trading is considered to carry a sizeable degree of risk.
Firstly, most individuals use highly leveraged trades. It’s possible to operate with a margin as low as 2%. This means that the funds that you have deposited into your margin account are leveraged by a factor of 50. A successful trade can increase your profits 50 times. But the flip side is that a trade that goes against you can wipe out a significant portion of your capital.
Another area where many traders err is that they set themselves impossibly high profit goals. This can be a big mistake. Why is that? While there is nothing wrong with trying to maximise your trading profits, the problem arises when you take on too much risk to achieve this.
You could also be tempted to take an “all-or-nothing” approach. Taking too large a position on a single trade is inadvisable. You are putting a large part of your capital at risk. A loss could wipe you out.
How can Autochartist help?
Remember that Autochartist is an automated technical analysis tool that continuously scans the markets. Not only does it help you identify potentially profitable trades, but it also helps you to pinpoint the values at which you should set stops and limits. This is a dual benefit – on the one hand, you use Autochartist to pick the right trade, while on the other, you can decide on the best exit point.
A third trap that many traders fall into is that they fail to adapt their strategy when the market changes. No “trading system” remains valid forever. You must be ready to alter the way you trade when the market demands it.
Try out the new Autochartist feature safely, with a free MT5 demo account.
Autochartist can be a great help to traders in every type of market situation. This tool identifies different chart patterns and points you in the correct direction. An added advantage is that you gain access to both completed and emerging charts. This can be of great help in making trading decisions.
Of course, Autochartist isn’t a magic wand that will guarantee a profit when you enter into a forex trade. You must also have the discipline to abide by some basic rules:
⇨ Limit the amount that you place on a single trade. It’s advisable to keep this to a maximum of 2% of your capital.
⇨ Don’t forget to set a stop loss.
⇨ Plan your trading strategy and stick to it.
⇨ Remember to cut your losses and let your winners run. The unwillingness to close a losing trade can lead to massive losses.
The bottom line
The MT5 platform and Autochartist can be an unbeatable combination. The pattern recognition abilities of Autochartist can give you just the advantage that you need to maximise your profits.
Give it a try. You can register for an MT5 demo account on the Phillip Futures website. It’s a simple process that will take less than a minute. After submitting your application, you will immediately receive an email that provides your login id and password. You can download the app on your desktop and your mobile phone and see for yourself how the MT5 platform that is integrated with Autochartist works.