Find Out What is Mirror Trading
Mirror trading exists to make Forex trading more accessible and increase the number of traders. It enables people without experience in Forex trading, to profit without direct participation. Usually, the first question that beginners have is “What is mirror trading?”. The answer is simple, work principles of the mirror trading are not complex. Method revolves around copying Forex signals and repeating them. More detailed: when one trader (supplier or dealer) opens a trade, special copy platform gets a signal and executes the same trade in the account of the recipient. Respectively when supplier closes a trade, recipient account repeats this action.
If you want to try your hand at copying Forex signals then important thing is to select proper trading platform, for example TradingFXSignals, which provides high-quality services, low latency, and experienced suppliers with low risks.
Why is Mirror Trading So Popular?
The mirror trading method has gained popularity due to its simplicity. You log in some social trading network or copying platform, choose the supplier of trades and voila. The platform will copy signals of chosen methodology and execute them in your account.
However, before starting to choose the best copy trader, you should know which challenges you can come across:
- Previous profitable trades does not guarantee that this supplier will be that successful in the future;
- Choose a supplier that suits the size of your portfolio; If you have a modest portfolio you should use methodology which has low risks until your amount of funds are ready to endure more significant drawdowns;
- Don’t forget that you are responsible for slippage signals. In order to avoid drawdowns, caused by slippage, you should set range of specific parameters: conditions of auto-close trade or terms for stop use a certain methodology. Though trade mirrors work in real time, situations with slippage, bringing problems for traders, exist.
It’s one more important reason to use reliable copying platform. Our platform offers a wide range of customizable settings for our clients. You can setup function of Stop Loss, strict limits of maximum slippage, and which percent of your portfolio will be used by certain methodology.
Who are Signal Suppliers for Mirror Trading?
Signal suppliers or dealers are traders, who trade in real or demo account. They do nothing for copying signals. The special platform does the automated trading work. They catch supplier’s signals and execute these trades on the accounts of the recipients.
A lot of platforms do not care about the quality of suppliers. It can be people, who registered 5 min ago, and they already start to sell signals. It can be amateurs without experience in Forex trading, who don’t care about risks and profit of copy traders.
TradingFXSignals, in turn, has another approach. Specialists check all traders before acknowledging them as our trade mirrors suppliers. Every trader has to fit certain requirements. We don’t accept high-risk methodologies. All our suppliers have high ranked reviews and many followers, it confirms their maternity. Also, our platform lets to check statistic and characteristics of the traders, you can read feedbacks about everyone and track their success for previous periods of time.
Free Trade Mirrors
The best feature of TradingFXSignals is an opportunity to use mirror trading services free of charge. We receive funds from spreads, and no additional fee to our suppliers. Additionally, a lot of our partner suppliers have low spreads (from 1.5 pip on EUR/USD)
The Most Effective Method to Locate a Good Signal Supplier
Most of the financial experts prefer methodology that creates stable 5-10% per month then odd methodology, benefiting 300% with big fluctuations and drawdowns. TradingFXSignals demands all suppliers to keep allowable values of the following characteristics: productivity, maturity, unpredictability, drawdowns frequency, and recuperation periods.
Choose 3-4 of the most profitable methodologies for your portfolio from the table in our platform. Pick several suppliers after you investigate them, and choose the most suitable. If you have a small portfolio, you should use methodologies with a normal amount of trades and high level of stability to prevent auto-shot of trading in case of drawdowns. Not to have an unpleasant surprise, check your signal supplier, and watch out if he suddenly changed his strategy.
TradingFXSignals lets you separate your funds among several signal suppliers. You will choose yourself which percent of your portfolio should be invested. If you doubt how to do it properly, our platform will help you make a right decision, increasing productivity and break risks of the picked strategy.
TradingFXSignals gives all followers higher level of control over their balance, so our platform includes a considerable measure of additional factors.
There are lots of customization, when follow a signal supplier. A beneficiary can set the slippage level, custom stop-loss, and take-benefit. You can also opt choosing an inverse of trades. Such inverse trading strategy makes sense just for terrible techniques, we don’t recommend using it.
Paid Forex Signals Service
Most of Forex signals services charge clients monthly for using their platform, and for a subscription to each Forex signal. A signal supplier decides on a fee for his Forex trading signals. The fee charged by a real time Forex signal suppliers depends on their gainfulness and rating. Typically, reliable brokers set higher charges and can be very costly.
Email or SMS Forex Signals VS Auto Trade Copying
Forex signs can be sent to clients from email memberships, instant messages, or auto duplicating. This choice requires action from a signal recipient (client): receiving an email or an instant message, you need to do trade manipulations manually. On the one side a broker has more control over his funds and can choose whether to follow a particular Forex signal or not. It imposes responsibility for the transaction completely on the signal receiver.
Responding to a forex signal manually is always delayed, as it requires some time during which the trade cost can change significantly. Timing is another significant inconvenience.
In auto trade duplicating the signs are replicated lightning fast, with any activity required from a signal receiver.
Forex Signal Demo
The user can try TradingFXSignals Forex signals service without associating his real-cash account to it. Forex demo is an approach to check whether Forex signals online free you up from the continually observing the market. A ton of clients has reported that Forex signals free up over 4.5 hours every day.