Mirror Trader is a forex trading platform provided by Tradency and used by many forex brokers. In this Forex mirror trading tutorial we give a detailed guide on how to get started to using the mirror trading platform. The mirror trader provides a comprehensive trading solution for traders that includes unique trading tools such as live forex signals, market sentiments, forex oscillators and chart studies. The mirror trader comes with a database of various trading strategies. Using the mirror trading platform, traders will be able to make use of the information provided to assist in manual trading, follow selected signals to help you trade better and of course, make use of the automatic mirror traders based on the strategies that are selected.
Forex Mirror Trading Tutorial – Live charts
The live chart section in the mirror trading paltform provides traders with the live market charts of all the currency pairs that are available to trade directly from the mirror trader. Traders can make use of this functionality to add additional charts as well to the open charts.
The live charts enables traders to make use of a rich collection of forex analytics tools to help analyze the charts better. The features include:
- Choose the timeframes for the candlestick charts
- Make use of oscillators to study the charts more deeply
- Choose from Candlestick, line and OHCL charts
- Make use of the market sentiment
Each of the open charts on your mirror trading platform also includes a buy/sell rates for the symbols. Traders can create a manual position by clicking on the rates on the chart area. Traders can place market or limit orders and set the stop loss as well. Traders can monitor their open positions either in the box found right below the chart or hover over the live chart to see details of the previously opened positions.
The benefits also include that the position opened are tagged with S, M or A.
A: Automatically opened position
M: Manual position
S: Mirrored from a signal
Forex Mirror Trading Tutorial – Using Strategies
From the strategies tab, traders can take a look at the database of worldwide forex trading stragies. The forex strategy developers constantly send the Buy and Sell signals straight to the mirror trading platform. Every signal sent is recorded, which means that traders can find the complete history of the signals from the day it was accepted into the mirror trading platform.
Making use of the Strategies filter, traders can start building up their portfolio. The smart filter section allows traders to identify the most suitable forex trading strategies based on the parameters that you specify (Currency pairs, time when the strategy was added and so on). From the filtered list, traders can then click on the strategy name (known as the strategy card) to find more information as well as details such as accumulated pips and so on. This is useful as it allows traders to locate potential strategies making use of the additional information such as the performance data.
Strategy card: The strategy card allows traders to find more detailed information on the forex trading strategies. The following information is available from mirror trading Strategy card:
- The strategy’s performance summary
- History of the strategy’s t-score
- Current Open positions
- Trade history and strategy description
To add the strategy, just click on the “+” sign or click on the “star” icon to add the strategy to the watch list.
Forex Mirror Trading Tutorial – Portfolio
The portfolio section in the mirror trading platform brings up a list of all the strategies that you have chosen to trade for your account. Traders can see a list of strategy providers and the open and close positions of those respective strategies. When you add a strategy to your mirror trading account, every trade being sent is automatically opened in your account. Note that by adding a strategy to the watch list, you can monitor the traders and add them manually.
To start or stop a strategy, you can just check or uncheck the boxes.
When creating your portfolio, pay close attention to the portfolio’s exposure which is an indicator of your portfolio’s leverage. In the event all the strategies are execute, you could potentially max out your positions
Forex Mirror Trading Tutorial – Using live signals
The live signals (perhaps one of the easiest to get started with) tab displayed to the right side displays the list of open signals (if any) at the particular point in time. Clicking on Mirror, the particular trade is automatically mirrored (executed) in your account. You can see whether the signal is for Buy or a Sell and the currency pair the signal is intended for. Besides the option to mirror the signal, traders can view the signals’ past performance and an overall performance of the strategy provider.
Traders are allowed only 35 seconds to join a signal. This is limitation set in place considering the market volatility. There is a time frame bar that shows the available seconds before the signals will close.
Whenever a new signal is sent, it is indicated by the sound of a bell. So even if you are not watching the screen, you will have 35 seconds after the bell to place the trade.
Mirror Trading Platform – Preferred Forex brokers
Refer to the table below for a list of forex brokers that offer the mirror trading platform.
|Instruments||34 Pairs + Gold, Silver||34 Currency Pairs|
|Min. Deposit||500 units of base currency||1000 USD|
|Execution||No Dealing Desk||Dealing Desk|
|Min. Trade Size||0.01 Lot||0.05 Lot|
|Spreads||2.50 Pip mark up||Fixed. From 3 Pips onwards|
|Join Now||Join Now|
Forex Mirror Trading – References
Read the articles from the following links for more information on Forex mirror trading.