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Will Wall Street Workers Be Replaced by Robots?

May 22, 2019
BY Emma Richards

Technology is changing the world at an increasing rate, and many present-day jobs will be gone tomorrow. From self-driving taxis to software engineering, it seems AI advances may soon make us obsolete. One industry that is already seeing radical changes is Wall Street and the financial sector as “Expert Advisors” begin to outperform humans.

AI jobs on the rise

Can a robot do your job?

A London-based global information provider estimates savings from using AI workers in the financial sector could exceed $300 billion by 2030. Big companies are already anticipating the emergence of AI employee integration in the workplace, but when will the rise of the robots begin and what will the impact be?

Reports suggest that estimated global job losses in the financial sector may reach as much as 1.3 million in the coming decade. With such a specific and defunct skill set, those 1.3 million financiers and bank employees will have to get creative in finding alternative sources of income. Customer service reps, financial managers, and investment analysts will bear the brunt of the digital evolution, but countless other jobs will face AI invasion as technology improves.

Aside from the fact that AI employees don’t get sick, don’t need vacations, and don’t have personal issues, the sheer time-efficiency and accuracy of AIs far surpasses what we humans can produce.

These scary projections focus on AI developments in the coming decade, but for foreign exchange market traders, the news of AI in finance is far from new. AI trading bots have existed in the trading world for many years already. In fact, estimates suggest that AI algorithmic trading already accounts for over 80% of the world’s forex investing. This might sound like science fiction, but actually it’s far more down-to-Earth than you think. Using a trading bot is as easy as installing an app on your smartphone.

How to use trading bots

To install a trading bot, otherwise known as an Expert Advisor (EA), on your MT4 or MT5 trading platform, go to the MQL page dedicated to expert advisors and select from one of the many bots available. Which one is entirely up to you, but FX News suggests you review and test whichever bot you choose before using it. Developers constantly update their algorithms, and their previous performance might not accurately indicate how the bot will trade for you.

  1. Select an Expert Advisor that best suits your needs and click the zip link. You’ll get a compressed file download.
  2. Go to your trading platform and click on the folder icon just below the help option. This is the MetaQuotes language editor.
  3. Select the Experts folder in the Navigation pane on the left and select Open Folder.
  4. Drop the downloaded MQL Bot file in the window and then close your trading platform. Upon restarting, you’ll see your chosen Expert Advisor in the Navigation pane.
  5. Enable the AutoTrading button at the top toolbar then go to Tools >> Options >> Expert Advisor tab.
  6. Make sure to tick the “Allow DLL imports.”
  7. Drag and drop the expert advisor icon onto an open chart and you are ready to start AI trading.

There are several customizable options on the bot’s open tabs, and each EA lets you personalize the settings and trading behavior. Best of all, you can test the performance risk-free on your demo account before letting the AI take control of your funds.

Do Expert Advisors trade better than humans?

If the programmer is flawed, so is the program.

AI bots/ Expert Advisors make trades based on the parameters you set. If your trading strategy is flawed from the start, an Expert Advisor will only accelerate those issues. You will not make better choices just because a bot is trading for you. It’s also true that AIs can act faster, and they never sleep, but market conditions are constantly shifting due to political and economic events, and humans are still much better at interpreting the news than AIs.

Then there’s the obvious question. If AIs are so good, why don’t the creators of the Expert Advisors use them to trade and make money? The answer to that is simple. The markets change from week to week, and the algorithms that work today might not work tomorrow.

Exness offers trading tutorials and support services so traders can learn and grow. Knowledge is power, and an EA takes all the learning out of trading. Instead, we suggest you review daily signals, use indicators and follow the financial news. Whether you trade manually or with an EA, always trade with care.

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Disclaimer: the publication of analysis is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience or current financial situation. Analysis is not prepared in accordance with legal requirements promoting independent investment research and Exness is not subject to any prohibition on dealing before the release of analytics. Readers should consider the possibility that they might incur losses. Exness is not liable for any losses incurred due to the use of analysis. Risk warning: CFDs are leveraged products. Trading them carries a high level of risk, so it is not appropriate for all investors. The value of investments can both increase and decrease and an investor may lose all of their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from or relating to any transactions in CFDs. © 2008—2019, Exness
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