MirrorTrader Forex Brokers Review
Mirror Trader was brought to the world of Forex trading by Tradency, a trading software company. There are a number of well known brokers who have chosen to add Mirror Trader to their offerings, such as AvaTrade, and Markets.com. With the Mirror Trader platform traders can either choose fully or semi-automated trading, as well as manual trading with the help of Mirror Trader’s excellent charting tools.While it may not have received the recognition of other social trading solutions, it is still a valuable tool if automated trading is the direction being taken.
Fully automated Forex trading with Mirror Trader
Autotrading is possibly the most popular feature of Mirror Trader, as it allows traders to automatically trade the Forex markets. When using this particular platform all a user needs to do is click on the strategies and portfolio tab. There are a number of filters available, or you can choose your own. Profit and loss curves are easily visible, but there is also an option to dig a little deeper. Historical data is available for a deeper look into a particular strategy being used by a signal provider. There are a number of providers, but the range is more limited than other better known platforms such as ZuluTrade and eToro.
Semi automated Forex trading with Mirror Trader
With fully automated trading there is no real need to watch the markets, or keep the platform open. However, with semi automated Forex trading, users have to keep the platform open, or risk missing out on any signals from their chosen providers. If a signal is spotted that a trader particularly likes they have the option to close the trade or wait until the provider closes the position. Semi auto trading is kind of a middle ground, which opens up the option of following signals when you consider them to be accurate.
Mirror Trader also offers manual trading
MetaTrader is the most popular trading platform for those who choose manual Forex trading. However, Mirror Trader is worthy competition. There are some very nice features built in and even those with little experience of trading financial markets will have no problem getting to grips with this user-friendly platform.
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How successful is Mirror Trader?
This is certainly one of the most common questions asked about any trading platform, but is not an easy one to answer. Success isn’t just based on your choice of platform. It also depends on the choices made in relation to the strategies chosen to be followed and whether risk management has been set up correctly. It also depends on how much time a trader spends looking at different strategies and which ones are added to an autotrading portfolio. It is also a question of being sensible with regards the management of risk. However, if a trader can be sensible in their approach, there is definitely a better chance of being successful.
The pros and cons of the Mirror Trader platform
When trading with Mirror Trader Forex brokers, transparency is guaranteed. All historical trade info and current open trades are visible. Each strategy copied can be managed separately, including setting risk levels. The Mirror Trader platform is fully operational 24 hours a day, and offers full control, including the opportunity to close open trades at any time of the night or day. There is a fully functioning free demo account on offer from many of the Mirror Trader Forex brokers, which is always a bonus. As it gives new and experienced traders the chance to try the platform out for size, before investing real money.
There are a number of disadvantages of the Mirror Trader platform, and it’s only fair that we mention them here. It is not possible to interact with strategy providers and other traders, which can be a big part of social trading. A number of brokers still charge extra commission per trade, for clients who choose to use Mirror Trader. Unlike FxStat, strategy providers do not need to trade from a live account. Drawdown is calculated only on closed trades, rather than including open positions, which can make the figures irrelevant for certain strategies.
Tips and advice for those considering a mirror trading strategy
Mirror trading has become a very popular strategy for those investing in the Forex market. Mirror trading involves copying what other more successful and experienced traders are doing. The first things a trader needs to decide are their needs and goals. Once these have been defined there are a number of different strategies to choose from, but the aim will be to pick those that best fit the requirements.
Mirror trading is a great way for beginners to start Forex trading and gain experience. It offers the chance to follow what experts are doing and put their strategies into practice. New traders will also gain a certain amount of insight into how to predict price direction and action. Observing, applying and analyzing others strategies means you will get a good feel for the Forex market. We’d always advise new traders to be patient and stick with a strategy, in order to discover the real benefits, rather than pulling out too soon and not getting the whole picture.
Traders should have a good risk management plan in place, as the Forex market, much like other forms of speculative investments, can go down and well as up, and can also remain flat. Having a good management plan means there is a good understanding of when to pull the plug on a deal.