In order to answer that question we must glimpse at how big the Forex market has become. From that perspective we will understand the importance of automated systems.

It is general knowledge that The Forex market in terms of daily turnover and revenue per trader is the largest in the world. It is also the largest market in terms of players.

The list below includes some of the participants in the Forex market that trade on a regular basis.

BANKS- are more than deposits and loans, in fact they are a major player in the currency markets.. Banks cater both to large quantity of speculative trading and daily commercial turnover. Well-established banks can trade billions of dollars worth of foreign currencies everyday. The majority of the trades are through their proprietary desk although some of the trades are transacted for their clients.

COMMERCIAL COMPANIES- These companies account for a small percentage of the trade as compared to banks and they have little influence on the markets themselves.. Nonetheless, the long term trends of exchange rates are affected by the transactions of the commercial companies.

CENTRAL BANKS- these institutions are key players in the currency markets. This results from the fact that they control the supply of money, interest rates and inflation.. In addition, they have also official target rates for the currencies that they are handling. One of their functions of central banks is to stabilize their currency through the purchase and sale, or intervention, in the foreign currency markets. Their actions usually prove adequate to stabilize their currency.

INVESTMENT MANAGEMENT FIRMS-The managed by these firms include pensions funds and endowments and are typically very sizeable.. They are using the Forex market to facilitate transactions, specifically in foreign securities. For instance, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases.

RETAIL FX BROKERS- are responsible for fraction of the Volume of the Forex Market.. The estimated volume from retail transactions is estimated to be 25 to 50 billion dollars which is just 2% of the total market volume,

SPECULATORS- these are individuals who purchase and sell foreign currencies and profit through fluctuations on its price as opposed to accepted methods such as interest and dividends. They perform the important role of transferring the risk to individuals who do not wish to bear it..

In Forex market alone, these are the six major players taking part in the $1.8 trillion worth of daily volume. With such large volume and player and the fast and furious action be these players it becomes obvious why a automated Forex system is a essential.

The major players mentioned above used automated systems for their transactions.. Since they focus on the price fluctuations of various foreign currencies in order to profit, the real time data analysis will help them determine trades that will give advantage to them.

Several automated or robot system exist currently. Some of these systems are free as part of a traders account and supplied by the brokerage firms.. Such complimentary system packages are typically elementary trading system. Additional features are not usually free and get more expensive as more are added.

There are two types of automated Forex trading system:.

Desktop-based system- all Forex-related data are stored on your desktops hard drive. This system is unpopular to Forex traders because all data are vulnerable to computer virus contamination and other security problems. Worse case scenario is if your system crashes and you did not make a backup you have lost all your data. However, it is little expensive compared to the other types of automated trading system.

Web-based system- the security of your Forex account and other data are provided by your web-based provider.These are hosted on secured servers. It is also convenient in the sense that there will be no software required and it is universally compatible with your Internet browser.

Forex robots represent the most intriguing way to trade and have become almost necessary. Your learning curve is greatly reduced and the robot is able to react much faster and can be aware of many more variable then the human eye. Markets move at lighting speed and the only way to trade effectively and be profitable is by using one of these robots or you will be at a great disadvantage. These robots are program for profitability and have the advantage of removing human emotion from trading which is the downfall of most traders.

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