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.
Forex Mirror Trader: The Interface
Mirror Trader is a browser-based platform with an interface that 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.
Mirror Trader - Add a Strategy
Mirror Trader Basic Features
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 being added to 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.
Selecting Strategies
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.
- Smart Filter
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:
- start account balance
- trade size
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.
- To view a strategy's performance curve in graphical format, click on the "Curve" tab.
- It is also possible to add a strategy to a "Portfolio". To do this, select it by clicking on the graph or by clicking the "Plus" tab.
- To add strategies to the "Watch List", click on the "Star" icon.
Mirror Trader - Live Signals
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 Watchlist
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.
- Click on "Curve" to view the curve of the strategy.
- To add a strategy to the portfolio, select it by clicking on the graph or by clicking on the "Plus" tab.
- Customise how to view the table with the "Add/Remove Columns" tab. This then displays only the chosen table preferences.
Viewing and Controlling Open Positions
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.
Mirror Trader - Open Positions
- Close an open position using the CLOSE POSITION icon. Click on the position to close it. A dialogue box pops up, and there it is possible to click the Close Position icon to exit an open trade.
- Initiate manual trading by clicking the Currency Rates at the top of the platform.
- Increase or reduce the size of the Open Positions area by using the computer mouse to pull on the upper border of this area.
- Modify the Stop Loss and Take Profit prices when the position is open. The Stop Loss distance can only be reduced from the entry price, and the Take Profit distance can only be increased from the entry price.
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.
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