CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data. *Availability subject to regulation.
Mirror Trader is a trading platform that is designed and owned by Tradency Inc. Tradency lays claim to being the innovator of mirror trading, or social trading as the activity is known today. Tradency’s mirror trading service was developed in 2005, and their core offering is Mirror Trader, Tradency’s innovative retail trading platform. Using Mirror Trader, retail traders are able to match the trading insight that had to date been the exclusive preserve of experienced and institutional traders.
Mirror trading allows individuals to have accounts that mirror the accounts of experienced traders, by replicating the same trades taken by them. To be able to make this a seamless process, Tradency created the Mirror Trader.
Using Mirror Trader, “buy” and “sell” signals from Strategy Developers are tracked by Tradency’s servers and copied to the accounts of the traders who follow them. The Mirror Trader platform enables new traders to visualise, analyse and evaluate trading signals sent by these experienced traders.
It is possible for anyone from around the world to become a Strategy Developer and share trading experience and knowledge with new users on the Mirror Trader platform. All trades of Strategy Developers are recorded and can be evaluated by new traders, allowing them to decide which experienced traders to follow. To be able to do this properly, an understanding of Mirror Trader for the forex market is essential.
Mirror Trader is a browser-based platform with an interface which supports automated strategies as well as manual trading strategies. The interface allows quick and easy account opening and activation, and seamless integration of the client account with Strategy Developers’ active portfolios. The platform also displays comprehensive strategy performance data and account status parameters. The Mirror Trader platform tops this off by providing tools that enhance a trader’s ability to evaluate and therefore select which accounts to follow.
Here are the basic features that traders who use Mirror Trader will encounter in their daily trading activity.
1. Live Charts for all currency pairs: Choose between charts for different currency pairs. It is also possible to select different time frames, and zoom in or out. Various indicators are available for technical analysis. Also, line, bar and candlestick charts are available.
2. Strategies Filters: This is where the trader can select strategies, place strategies on the watchlist, and monitor performance of strategy providers. Set custom filters to identify suitable traders using a specific criteria.
3. Strategies Performance: Get a detailed performance summary for all strategies on the watchlist.
4. T-Score: Use the T-Score to evaluate the risk, momentum and stability of a strategy on a scale from 1 to 10.
5. Watch List: The watch list is a tool providing quick access to pre-selected strategies. Strategies may be followed before added in a trading portfolio.
6. Risk Management: Control risk using Mirror Trader’s risk management tools such as the Automatic Stop.
7. Exposure Meter: The Exposure Meter shows the leverage of the portfolio’s maximum positions. This measures risk exposure on a scale of 0 to 100, with >80 being the red alert level.
A trader’s use of the Mirror Trader starts with the section of strategies. The “Strategies” section is where the trader can access the database of strategies from developers worldwide.
Developers send their “buy” and “sell” signals to the Tradency servers using Mirror Trader. The strategies are recorded and stored in a database, and traders can then use the Smart Filter function to search, add, and use the chosen strategies.
The “Smart Filter” is the tool that new traders use to locate the perfect strategies for their accounts. The smart filter is designed to enable the using to find a choice of strategies using two parameters:
The trader selects the time frame that will be used for trading. Smart filter will dig into the data of trade strategies available for the selected time frame. The Smart Filter will then calculate the performance data for all strategies for the selected time frame, and present only the strategies that match their preferences.
Performance of each strategy is presented in tabular and graphical format.
A pop-up will appear on the screen. Select the trade size for the opening strategy. Click on the Add button to complete the action. Add more strategies by repeating the process.
The “Watch List” allows a user to save selected strategies that are of interest for easier access much later. So rather than having to scan through hundreds of strategies looking for that one strategy which caught attention previously, the “Watch List” can be used to follow up on the performance of a strategy before it is added to the portfolio.
The performance of strategies is presented in graphs and tables to enable the trader to get the information at a glance.
There are several things that can be done when viewing and controlling positions. One of such is viewing and amending open positions. Click on the “Open Positions” tab to view all open positions entry orders in the trading account.
Showcase the history of ended trades on the account (i.e. the closed positions) by clicking on the Closed Positions tab. If a position copied from a strategy provider is closed manually, and the strategy provider’s position that was copied is still open, the “Close Position” order will be fulfilled.