Best AI Trading Software in 2024 — Using Artificial Intelligence for Forex, and Stock Trading

In the last few years, especially since the pandemic, Artificial intelligence (AI) has revolutionized the way trading is conducted in different financial markets. By leveraging sophisticated algorithms and machine learning techniques, AI trading software can analyze vast amounts of financial data, identify patterns, and make trading decisions with remarkable speed and accuracy that far surpasses a human’s ability in technical aspects. This has made AI trading software an indispensable tool for traders looking to stay ahead of the curve and generate profits in today’s volatile markets.

As of 2023, the use of AI trading software (artificial intelligence trading software) has become increasingly widespread, and some stat projections indicate that soon the market will be dominated by these AI traders as opposed to humans, With traders in the Forex and Stock markets all turning to these powerful tools to help them make better trading decisions. AI trading software is particularly useful in these markets, which are characterized by rapid changes in market conditions and high levels of volatility. By analyzing large amounts of data and identifying patterns in real time, AI trading software can help traders make more informed decisions and react quickly to changes in the market.

Still, using AI trading software has its own woes, such as its incapability to properly analyze fundamental data and events and its lack of adaptability to sudden changes in the market climate. Stay with me to learn more about the world of AI trading software and how to use them in order to minimize potential losses!

Is AI Trading Reliable?

Let’s begin our entry into the world of AI trading by answering the most important question that every doubtful trader is faced with at the prospect of using AI trading software. The truth of the matter is that there is no clear-cut answer to this question.

Navigating through the intricate web of AI trading involves dissecting numerous pivotal elements, each weaving its own influence on reliability with a nuanced impact, all while intertwining responsively with one another, adding layers of complexity to the matter. At the heart of a successful AI trading venture, the software’s quality and the human-crafted configuration embedded within it emerge as paramount factors. Yet, a lingering question hovers: Are AI traders on the brink of completely outsmarting us in the market?

Well, provided these two factors are up to par, the stats show a yearly net positive in the gains made by the AI traders that outperform even professional human traders. According to Eurekahedge’s AI Hedge Fund Index, AI-driven hedge funds outperformed traditional hedge funds in 2019 and 2020. In 2019, AI hedge funds returned an average of 9.6%, compared to the 6.4% return for traditional hedge funds. In 2020, AI hedge funds returned an average of 13.6%, compared to the 9.6% return for traditional hedge funds. So, all in all, AI trading can definitely be reliable.

Who Should Use AI Trading Software?

AI trading software can be used by anyone interested in trading financial markets, including stocks, bonds, currencies, and commodities. As mentioned, the amount of success that you are likely to have is directly affected by the amount of time and effort you spend on configuring the software properly. After all, a sous chef has spent way more hours on his cake, right? But generally, the following categories are poised to make the most from using AI trading software.

• Experienced traders who want to enhance their trading strategies and improve their returns can spend some time automating the easier aspects of day trading, such as trading in the range market, by using an AI trading software.
• Novice traders who want to enter the markets with more confidence and knowledge. This enables beginners to automate some of the more repetitive aspects of trading to make some initial profits while focusing on the more challenging parts.
• Financial institutions that want to optimize their trading processes and make more informed investment decisions. The fact that massive hedge funds like Eurekahedge are already using AI trading software with a positive net gain is a clear indication of the increasing reliability of these AI traders.

Do note that using an AI trading software is not a one-size-fits-all solution and should be carefully evaluated and tailored to suit the specific needs and goals of each individual or organization. What floats your boat could be vastly different compared to another trader!

Best AI Trading Software Candidates

Now with that knowledge in hand, we can begin to cover the best candidates for your choice of AI trading software. Different markets have different AI traders that perform better in that specific market. Since the most popular markets are stocks and forex, I will cover the best software for these two markets. Let’s get to it!

MetaStock: The Best AI Stock Trading Software

Let’s first cover the Best AI software for stock trading. MetaStock is my choice for this category. As the name suggests, MetaStock is a popular trading software and analysis tool used by traders and investors worldwide for trading stocks. It was first developed in 1982 by Steve Achelis, and since then, it has gone through several updates and iterations to become one of the most advanced trading platforms in the market. It is one of the oldest AI stock trading programs, which cements its status as one of the best.

MetaStock employs its exclusive system, PowerTools, melding artificial intelligence, machine learning, and technical analysis to assist traders in making enlightened decisions. The system delivers real-time data and analytics across diverse markets, encompassing stocks, futures, options, and forex, serving as a robust tool for traders navigating through the multifaceted world of trading.

The platform comes with a variety of cutting features, including customizable charting, technical analysis tools, backtesting, and scanning capabilities. MetaStock also offers a wide range of add-ons and plugins, such as the RMO system, which uses extensive networks to analyze market data and generate trading signals. It’s also easy to use, so you won’t have a hard time starting things out with it. It also has near-universal support for different stock markets, so you can start out at the market that you like best from the get-go.

MetaStock is rather expensive, with three different paid plans. MetaStock D/C ranges from $499 to $1,495, depending on the version and add-ons you choose. The subscription includes end-of-day data for stocks, futures, and forex. MetaStock RT ranges from $999 to $1,495, again, depending on the version and add-ons you choose. The subscription includes real-time data for stocks, futures, and forex. Finally, we have MetaStock Xenith, which ranges from $199 to $299 per month, depending on the version and add-ons you choose. The subscription includes professional real-time data for stocks, futures, options, and forex. If AI forex trading is what you’re looking for, then MetaStock is the ultimate choice for you.

Forex Gump: The Best AI Forex Trading Software

Now let’s cover the best forex AI trading software. Bearing a creative pun-driven name, Forex Gump is an expert advisor (EA) for the MetaTrader 4 (MT4) trading platform. As an AI-powered EA, it uses automated algorithms to generate trading signals and execute trades. Forex Gump is designed to trade multiple currency pairs, including the most traded pairs like EUR/USD, GBP/USD, and USD/JPY.

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Forex Gump integrates a blend of technical indicators and price action analysis to formulate its operational strategy. Employing both trend-following and counter-trend strategies, alongside sophisticated risk management approaches, it seeks to amplify profits while curtailing losses. The user-friendly interface of Forex Gump is complemented by comprehensive guidelines on software installation and utilization. Additionally, it offers a range of customization alternatives, allowing adjustments to trading parameters, stop-loss levels, and take-profit targets. Notably, Forex Gump incorporates a news filter, aiming to sidestep trading during significant news releases that have the potential to inject volatility into the market.

It is a middle ground compromise between all the different qualities of a top AI forex trading software that can satisfy every brand of forex traders out there. The pricing includes only one plan, which is a one-time payment of $199, so no AI trading software free options here. However, a minimum of $4000 initial deposit is needed to trade. All in all it stands as one of the best ai software for trading!

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Which Markets Have the Best Yield in AI Trading?

Out of the three markets that we evaluated and proposed AI trading software for, it is widely understood that the Forex market has the highest average yield both for standard trading and AI Forex trading. There are two general reasons for this fact.

Initially, it’s pivotal to acknowledge that the Forex market, serving as the global arena where currencies are perpetually traded, stands out as the world’s most liquid market. Moreover, its movements are governed by algorithms and standards that are relatively well-understood. This familiarity with its operational mechanics significantly simplifies a software’s task of deciphering the inherent trading patterns.

When these elements are combined, you have AI traders that are significantly more advanced in their comprehension of the market compared to other markets. These more advanced AI traders, operating within a less volatile, 24/7 market like forex, make it the most profitable market for AI trading with the highest average yield. So, if you are in doubt as to where to start with one of the candidates for the best AI trading software, AI forex trading is a very good place to start learning the ropes!

Best Method to Host AI Trading Software?

It is generally well-known that the most economical and efficient way of using these best AI trading software is by hosting them on a server. This comes down to the fact that one of the main strengths of AI traders is their 24/7 trading capacity, which humans simply do not have. The main problem is that you can rarely spare your own computing resources to run the software 24/7 without hindering your own operations on that computer. Therefore, hosting these AI traders is the go-to practice. But which method is the best? In recent years, traditional methods of hosting trading AI traders, like dedicated legacy servers, have been swept aside by cutting-edge virtual private server (VPS) technology. But what are the principal advantages that a VPS offers?

VPS hosting enables traders to execute trades quickly and efficiently, which can be crucial in fast-moving forex markets. By reducing latency and improving network connectivity, VPS hosting can help traders take advantage of market opportunities as they arise. This is the result of the fact that you can choose a server location close to the major Forex centers with low latency.

Forex VPS hosting also provides a more secure environment for hosting trading platforms and automated trading software. VPS hosting providers typically offer advanced security features such as firewalls, intrusion detection, and regular security updates to protect against potential security threats.

VPS hosting provides traders with the flexibility to customize their virtual machines to meet their specific needs. They can install and configure their trading platform and automated trading software as they see fit without the limitations imposed by shared hosting or a personal computer.

Conclusion

Now you know some of the best AI trading software candidates for different markets out there, as well as the optimal means of hosting them in a reliable environment. All you now need is some basic training for configuration purposes, and you are good to go for hosting your ideal AI trading software on a powerful VPS server and making some money!

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FAQ

Do I need programming skills to use AI trading software?

Some AI trading software may require programming skills to fully customize and optimize trading strategies, but many providers offer pre-built strategies that can be easily implemented without programming knowledge.

Can AI trading software replace human traders?

Although AI trading software can deliver expedited and more precise decision-making, it doesn’t supplant the expertise and intuition brought to the table by human traders. While it can serve as a tool to bolster human traders, integrating it with human analysis and decision-making remains crucial to harness its full potential effectively.

How do I choose the best AI trading software for me?

When choosing AI trading software, it is important to consider your own trading goals and strategies, as well as the features and capabilities of the software. Look for a provider that offers a free trial or demo period so you can test the software before making a purchase.

What are the benefits of using AI trading software?

AI trading software offers numerous advantages, such as enhancing decision-making speed and accuracy, swiftly processing vast volumes of data, and adeptly adapting to fluctuating market conditions.

What types of assets can be traded using AI trading software?

AI trading software can be used to trade various assets, including forex and stocks. Futures are also sometimes used with AI traders, and there are projections for other markets to also get their own trading AI traders in the future.

How does AI trading software work?

AI trading software uses machine learning algorithms to analyze market data, identify patterns and trends, and make trading decisions based on this analysis.

Is AI trading software safe to use?

AI trading software can be safe to use, but it is important to choose a reputable provider and to use caution when trading with any type of software.

What features should I look for in AI trading software?

Some important features to look for in AI trading software include real-time data analysis, customizable trading strategies, backtesting capabilities, and risk management tools.