Copy trading is an option available to anyone who makes Forex trading, or just plans to do it. The method is based on copying trading strategies that have already been successful by experienced traders. Its plus is that it frees the time of the trader, bringing the trading process to the level of passive earnings. Specialized software, such as MirrorTrader, allows you to perform the process of trading.
This product was developed by Tradency, which owns many popular trading services. The creators of MirrorTrader made sure that those who do not have extensive knowledge of the theory of markets, or those who want to spend less time tracking quotes, can afford to fully earn Forex.
The main advantage of the MirrorTrader platform is experience. Experience and life practice of those who “ate the dog” in the matter of speculation in the markets. It is this experience that conveys the service in the form of trading strategies for specific tools that anyone who joins in the business can freely use. Without experience, your first transactions in the trading arena will most likely end with a partial or total loss of the deposit. If you benefit from your trading quickly and without long training, then congratulations – you belong to a small percentage of the darlings of fate, on whose side is probably innate luck.
The principle of the Mirror Trader. Social investment.
As you probably already guessed, the idea of using the trading algorithms of more experienced market players formed the basis for the functioning of the MirrorTrader service. For this purpose, the developers at Tradency are developing partnerships with large stock traders, whose profits steadily come out on top.
Having gained access to the MirrorTrader platform, which is a web shell for your trading terminal, you can choose, test and use these algorithms for your trading. This increases your chance of success with the first transactions, and decreases the likelihood of loss of funds.
At present, the choice of “Mirror” includes an impressive list of three hundred strategies available to users. The platform works in conjunction with the Meta Trader 4 (MT4) terminal, and can function in parallel with your main trading. The profitability of each strategy reaches 80%.
You can fully trust the trading platform, and you can direct the work of Mirror, combining a ready-made algorithm with your own experience. Three trading modes serve this purpose:
- Manual (when the whole process is completely controlled by you);
- Semi-automatic (you define only the maximum of open orders and the volume of copying yourself);
- Automatic (opening and closing orders is carried out automatically).
Free access to the MirrorTrader program is provided by the regulated online broker AMarkets.
What you need to start using MirrorTrader
Everything is also what a trader needs for normal trading, plus an immediate wrapper for trading. Fortunately, getting it very easy is not a separate heavy program, but a service that can function right from your browser window.
AMarkets gives direct access to the Mirror Trader strategies. You can start using the service by completing a few simple steps:
- Register and open a brokerage account on amarkets.com
- In your account, download the MT4 platform, and log in to your trading terminal using the login and password you received after registering your account
- Go to the amarkets.com home page and click on the MirrorTrader icon at the top of the page
- Use the same login / password for authorization in the MirrorTrader system.
Now all the wealth of mirror trading is available to you. Choose the most suitable algorithms and get your profit, using the experience of “senior” traders. Strategies differ in terms of trading instruments, profitability, and are designed for different deposit amounts. The minimum fee to start trading on a single strategy is $ 100.
The Benefits of Copy Trading
The main advantage of using this type of trade is to minimize the influence of the human factor. Trades are opened and closed, bypassing the emotions, fears, greed or insecurity that are often found among novice traders. The ideological basis of trading is in the axiom that market history is cyclical, and a certain sequence of events tends to repeat with high probability.
This is also the main drawback of mirror trading. Despite the high percentage of repetition of market scenarios, there are situations when it is necessary to take the fate of the transaction under personal control, and dramatically change the current sequence of actions for a different one. But such cases are rare, and only a very experienced market leader can track them.
The second important advantage is the time released, which is never enough. By making a trade in the automatic mode, you can completely exclude your participation in the process by trusting the selected scenarios.
Even when using trading, we advise you to diversify risks and distribute the deposit to several strategies (up to five or more). This will protect the deposit and will contribute to profit.