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May 3, 2017

Things You Need to Know Before Moving Your Trading System to the Cloud

Using cloud services to take advantage of the 24-hour trading opportunity offered by forex trading is nothing new. Keeping the trading console online and active all the time brings a number of benefits. You can, for example, use trailing stops to further secure your trades. Before you choose to go ahead and set up an always-on system using the available services, however, there are a few things you need to know first.

On-Site vs. In the Cloud

One of the first things you need to decide is whether to set up your trading platform in the cloud or on-site, either at the office or at home if you’re a home trader. Both options offer a series of advantages. When using a cloud VPS service, for instance, you can expect the whole system to run smoothly almost all the time. You also don’t need to worry about additional costs such as the cost of electricity and bandwidth.

On the other hand, you may not always have the instant control offered by on-site setups if you choose to put the trading console in the cloud. When you need to make sudden trades or close existing ones for whatever reason, you have to manually connect to the cloud server and access the console remotely.

A lot of traders still prefer to use on-site setups, but more are moving to the cloud due to the immense cost efficiency the cloud technology now offers. You can get a capable VPS to run Windows and MetaTrader for as little as $5 per month.

Monitoring

Despite creating a setup that works all the time being relatively advanced in the trading world, there are still those who expect the system to generate profit on a regular basis. Using different trading systems and automatic trading rules, these traders simply get their setup up and running and then forget about it, thinking that they can check back at the end of the week (or even month) and see a lot of greens.

This, unfortunately, is not always the case. We all know that the market is very volatile. Even the best trading systems and technical indicators such as Ichimoku can be wrong at times. Having a way to easily monitor the trades is still a must.

Data Protection Whether you’re using an on-site setup or a cloud-based one, data protection is still a necessary factor to consider. The last thing you want is an unauthorized person logging into your cloud virtual environment and seeing an open console; the damage that person can do is unimaginable.

On-site setups are easier to protect. Even in the event of an HDD hard drive failure, you can get your data back easily with the help of recovery software or services. Plus, you can limit access to the physical machine using conventional security measures – I’m talking about better locks and a thicker door.

Sure, having an automated trading system running 24/7 is appealing. You can fully utilize the features of MetaTrader or other trading consoles, including features that require the trading console to be open and active. Be sure to consider these things we just covered in this article before you get started.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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