The trading strategy consist of a set of criteria, and is typically programmed, but can also be created by using a method combining the set of criteria visually without programming.
It can be run in highly specialized setups, but is also used by private traders on more simple platforms.
An automated system is also unaffected by the psychological swings that human traders are prey to.
[3] While Forex autotrading systems, especially cloud-based ones that are active 24/7, are an attractive idea to many investors, as a decentralized and relatively unregulated market, the risk of Forex scams is high.
Bodies such as the National Futures Association and the U.S. Securities and Exchange Commission have issued warnings and rules to avoid fraudulent Forex trading behavior.