I’d prefer manual trading over automated trading. Automated trading works only when the trader himself knows how to trade. Manually trading can be a little tough in the beginning. But if you are disciplined and consistent, you can be prosperous.
It used to be more like manual trading better than auto trading in the past and a combination of both is good for now at present in my opinion. But very soon within next couple of years, it is completely going to change and only auto trading or machine learning will prevail in every field including forex trading.
What you call as mind is the results of human brain which consists of around 86 billion neurons and our world has not reached that level of artificial neural network to reach 86 billion neurons, but will reach and surpass probably within next 2 to 5 years. Then, what decisions one can make through mind, a computer can do it 1000s of times better, cheaper and faster at the speed of light compared to a human being.
Few latest examples are the AI research results of companies like Google and Tesla who are already performing at super human level in many tasks. Actually, after crossing the threshold point, whether forex trading will exist or not that also I doubt since once the Artificial Intelligence reaches the human levels, then they usually reach super human levels within a couple of days of additional training and so forex market may collapse also if such algos are directly run in forex trading and no human can ever compete in any way.
Machines are quite helpful in determining the direction of the market. The human mind is no less. But as humans, we have emotions that machines do not possess. So, machines are helpful in that. But machines are not accurate all the time, and they might point us in the wrong direction. So, we have to use our intellect and machines to trade. If we consider only machines to trade, we will suffer heavy losses.
Mindset and approach are two important steps towards attaining success in this market. Traders need to stay focused, disciplined and should make quick decisions to get rid of losses. Relying on their own knowledge is crucial to survive in the market longer.
SteveFx11 posted: A right plan can change everything. But it’s sad to know that traders don’t focus on this issue much. For developing a plan, traders need to predict the market destination through market analysis.
Yes, I agree. A trader must adhere to a trading strategy with plan and carry out their trades after carefully examining market trends.A career in trading requires a lot of discipline.
I will always say the mind is better than the machine. Reading and analysing price action charts on your own to deduce the results and predict the future market movements prove to be more accurate than indicators most of the time. The human mind has a certain factor called ‘instinct’. When a trader spends a lot of time in the forex market, they develop an instinct as to how the market is going to behave to a certain condition. Always rely on your mind.
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