Democratization and increased access to individuals are two trends that have been shaping financial trading over the past decade. Between online platforms that make trading accessible, various resources that allow individuals to learn about strategies, and access to new types of assets such as cryptocurrencies, have made trading more available than ever.
Even with all that advancement, finding success in trading is still difficult. Some estimates put the percentage of traders operating at net loss above 90%, showing that accessibility doesn’t correlate with success. The inherent risks of trading aren’t affected by the number of people accessing it.
“It’s true that there’s a significant risk if you don’t know what you’re doing. Statistics show that a large percentage of traders fail, which is accurate,” says Theo Miller, the CEO of Eminence Pro. “For example, if you open a trading account with Charles Schwab or any other platform, deposit money, and then give up after a few losses because you find it too challenging, you’d be considered a failed trader. This contrasts sharply with fields like medicine, where failure is less common because professionals undergo rigorous training and practice before performing surgeries. The high failure rate in trading underscores the need for proper education and preparation.”
Education and preparation often require one resource that’s scarcer than money — time. Miller has solved the problem by starting trading young, getting his first exposure to it in high school, and spending his time ever since learning about it in theory and practice. But other people might not have had the foresight as he did, which puts them at a disadvantage when they opt to enter the market.
Theo Miller wants to solve that problem for them, and his tool is algorithmic trading. He first became interested in it during the COVID-19 pandemic, using his free time to learn as much about it as possible. He worked with a developer to create one and started seeing good results when he applied it to his live account.
“I wouldn’t recommend the risk setting I applied to anyone, but it showed results. The algorithm alone brought over a 100% return within two months. That was the moment everything changed,” Miller recalls. “I started sharing my track record on Myfxbook, showing friends and raising funds. People started investing within four or five months, from $5,000 to $100,000. It snowballed, and I began raising significant amounts of money.”
Algorithmic trading democratized the field in several ways. It makes advanced trading strategies more accessible to novice traders who may not fully understand what’s involved. It can also bridge the gap between trading and people’s lack of financial literacy, allowing people to benefit from sophisticated trading methods.
Different platforms can also come with risk-management tools that protect users in case of black swan events, as Eminence Pro does. And because they eliminate emotion from the equation, they can protect users from themselves.
Different barriers make some platforms better suited for various kinds of users. Eminence Pro, for example, states that it’s not a good opportunity for novices to trade or people with limited capital — which is a disclosure many other forex trading platforms should also provide. But when traders decide to step up their game and invest in a solution that can help them take some load off, Theo Miller and Eminence Pro will be there, as will the algorithm.
