Manual trading is preferred by traders who want control over their trades. Traders evaluate the price trends, economic data and technical variables to determine whether a trade should be made or not.
Typically a manual trader deals with a lot of conflicting data. Different time frames of the same currency pairs may provide conflicting trends. News/data events are unpredictable and so are the price reactions to them. Apart from right tools and the right strategy, manual trading success depends on the trader’s mindset. Manual traders have to deal with greed, fear and a whole spectrum of emotions when they have an open trade in their account.
Manual trading is great for traders interested in:
- carrying out their own research
- technical analysis and charting
- learning about different trading strategies
Every successful manual trader would have invested significant amount of time and money in
- learning from professional courses or
- learning on their own by trial and error
Other options to fast track profitable manual trading are participating in trading rooms and subscribing to highly reputed trading signal services with honest track records.