Automate Forex and CFD trading strategies using TradingView alerts and execute trades seamlessly through supported brokers. PickMyTrade allows traders to automate entries, exits, and risk management for Forex and CFD instruments while eliminating manual execution.
This page covers Forex & CFDs as an asset class. Broker-specific setup guides are linked where applicable.
Automated Forex and CFD trading allows you to convert TradingView indicator or strategy alerts into live trades at your broker. Instead of placing trades manually, PickMyTrade listens for alerts, applies predefined execution and risk rules, and executes orders automatically.
This results in faster execution, reduced emotional bias, and consistent risk management — while keeping full control over your TradingView logic.
PickMyTrade integrates directly with TradingView and supported brokers to deliver reliable and scalable Forex and CFD automation.
Forex (Foreign Exchange) trading involves buying and selling currency pairs to profit from changes in exchange rates. Examples include EUR/USD, GBP/USD, and USD/JPY.
A CFD (Contract for Difference) is a derivative contract that allows you to trade the price movement of an asset without owning the underlying asset. CFDs can track Forex pairs, stocks, indices, commodities, and crypto.
| Aspect | Forex | CFD |
|---|---|---|
| What You Trade | Currency pairs | Price movement of an asset |
| Assets Covered | Only currencies | Forex, stocks, indices, commodities |
| Contract Type | FX position | Broker-issued contract |
| Ownership | No ownership | No ownership |
| Market Structure | Over-the-counter (OTC) | Broker-based |
| Trading Hours | 24/5 | Depends on underlying asset |
Important: Forex is a market, while CFD is a contract type. Many brokers offer Forex trading as a Forex CFD, which is why platforms may show FOREX, CFD, or FOREX CFD as instrument types.
A TradingView indicator or strategy alert fires based on your configured conditions.
PickMyTrade determines Buy, Sell, or Close action, direction, instrument type (Forex/CFD), quantity, and SL/TP logic.
Stop Loss and Take Profit rules are applied automatically based on your configuration.
The Forex or CFD order is routed to your connected broker and executed instantly.
PickMyTrade supports both TradingView alert types for Forex and CFD automation.
| Alert Type | When to Use |
|---|---|
| INDICATOR | RSI, EMA, VWAP, custom indicators |
| STRATEGY | Pine Script strategies with defined entries and exits |
Use INDICATOR alerts when exits are managed by PickMyTrade.
Use STRATEGY alerts when exits are fully controlled in TradingView.
| Term | Explanation |
|---|---|
| Long | Buy expecting price to rise |
| Short | Sell expecting price to fall |
| Lot Size | Trade size defined by broker |
| Spread | Difference between bid and ask |
| Leverage | Margin-based exposure |
| Margin | Capital required to hold positions |
| Tick Size | Minimum price movement |
PickMyTrade provides broker-aware risk controls.
Trailing Stop Loss availability depends on broker support.
PickMyTrade supports Forex and CFD automation with the following brokers.
| Broker | Indicator Alerts | Strategy Alerts | Forex | CFDs |
|---|---|---|---|---|
| MatchTrader | ✓ | ✓ | ✓ | ✓ |
| TradeLocker | ✓ | ✓ | ✓ | ✓ |
Feature availability depends on broker configuration and account permissions.
Based on broker selection, the following instrument types are available.
Instrument selection is handled during alert configuration in PickMyTrade.
| Action | Result |
|---|---|
| Buy | Opens a long position |
| Sell | Opens a short position |
| Close | Closes all open positions |
Execution behavior follows broker-side rules.
PickMyTrade supports:
Under one login
Separate PickMyTrade accounts
Per account scaling
This allows strategy replication and controlled scaling using a single TradingView alert.
PickMyTrade currently supports:
Trade liquid pairs and instruments
Use conservative leverage
Apply defined risk per trade
Avoid illiquid CFDs
Keep automation logic simple
Forex and CFD trading involves significant risk due to leverage and market volatility. Automated systems execute strictly based on predefined rules and may not react to sudden market changes.
PickMyTrade does not provide trading signals or investment advice. Always test strategies in demo or simulation before deploying live capital.
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Automated Forex and CFD trading allows you to convert TradingView indicator or strategy alerts into live trades at your broker. PickMyTrade listens for alerts, applies predefined execution and risk rules, and executes orders automatically — resulting in faster execution, reduced emotional bias, and consistent risk management.
Forex is a market where you trade currency pairs (EUR/USD, GBP/USD). A CFD (Contract for Difference) is a contract type that lets you trade price movements of assets like stocks, indices, commodities, crypto, and forex without owning the underlying asset. Forex can be traded as pure FX or as a Forex CFD depending on the broker.
PickMyTrade currently supports automated Forex and CFD trading with MatchTrader and TradeLocker. Both brokers support indicator alerts, strategy alerts, Forex, and CFDs.
PickMyTrade provides Stop Loss methods including Dollar (USD), Percentage, Ticks, and TradingView plot values. Take Profit methods include fixed targets, percentage-based targets, and strategy-controlled exits. Trailing Stop Loss availability depends on broker support.
MatchTrader supports Forex, CFD, and Forex CFD instruments. TradeLocker supports Forex, Equity CFD, and Crypto instruments. Instrument selection is handled during alert configuration in PickMyTrade.
Yes! PickMyTrade supports automation across multiple broker accounts under one login, multiple PickMyTrade accounts, and quantity multipliers per account. This enables strategy replication and controlled scaling using a single TradingView alert.
No coding required! PickMyTrade is a no-code solution. Simply connect your broker, configure TradingView alerts with the webhook URL, and your trades execute automatically. Setup takes under 5 minutes.