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What is a Trading Bot?
Automated trading via trading bots is becoming increasingly popular for several reasons:
1. Speed and Efficiency: Trading bots can analyse and execute trades at a much faster pace than humans can. This is because bots can quickly process vast amounts of data and react to changes in market conditions in real-time, which can help to take advantage of profitable opportunities.
2. Emotion-free Trading: Trading bots are programmed to follow a specific set of rules and strategies, which helps to eliminate the emotional component of trading. This can help to reduce the impact of human biases and errors, which can often lead to poor trading decisions.
3. Backtesting and Optimisation: Trading bots can be backtested and optimised to identify the most effective trading strategies based on historical data. This can help traders to identify patterns and trends in the market and refine their strategies to improve their trading performance via automated scanning software saving you days of research.
4. 24/7 Trading: Trading bots can operate around the clock, without the need for human supervision. This can help to take advantage of trading opportunities that may occur outside of regular trading hours.
5. Cost-Effective: Trading bots can be more cost-effective as they can perform trades faster and exit the market quicker, reducing the fees of emotionally holding trades for too long.
Overall, automated trading via trading bots is becoming increasingly popular due to its speed, efficiency, emotion-free trading, backtesting and optimisation capabilities, 24/7 trading, and cost-effectiveness. You don't need to keep your computer on or your charts open for the bots to work. You simply set the strategy and walk away.