Want to be Able to Trade with Just a Few Clicks? Read our Mirror Trader Review.
Tradency is the name behind Mirror Trader, a very user-friendly Forex platform for trading live signals. It is possible to mirror the trades of selected signals providers either on a manual, semi-automatic, or automatic basis. Originally, it was only possible to trade foreign currencies, but Mirror Trader has added CFDs to the menu, as well as releasing a mobile trading app.
Tradency is a trading software company that has no direct involvement with traders, but its Mirror Trader platform is available from a wide range of brokers. There are a number of other trading platforms better known than Mirror Trader, but we felt it was definitely worth a look.
With Mirror Trader Forex brokers, trading can be fully automated.
By far the most popular feature offered by Mirror Trader is its option that allows traders to trade the markets automatically. Using the platform is simple, and only requires a few clicks on the Strategies and Portfolio tabs. You can filter the results using the preset options or create your own. It is easy to see profit and loss curves of different signals providers, but there is also an option to dig a little deeper, with historical data that allows a trader to glimpse into the strategy of a particular signal provider. The number of providers is a little more limited than with other better-known platforms, but should suffice for most traders.
You get the option to choose semi-automated trading with Mirror Trader.
For traders who would prefer not to leave all their trading decisions in the lap of a machine, there is a semi-automated option with Mirror Trader. Fully automated trading means you don’t have to watch the markets at all, or even keep the platform open, which for some can be a little unnerving. Semi-automated trading is in between this and the fully manual option, so could be considered the best of both worlds. The platform has to be kept open, or a profitable trade could be missed; but if a trader spots a trade they particularly like they have to option of copying it and closing the trade, or waiting until the provider closes the position instead.
For those who prefer a hands-on approach, Mirror Trader also offers manual trading.
Manual traders tend to prefer the big names such as MetaTrader 4, but they’re missing something if they’re not willing to try Mirror Trader. It has some very good built-in features, and its user-friendly platform is easy to get to grips with.
Are there any benefits to using a Mirror Trader Forex broker?
A trader is assured of the utmost transparency when choosing a Mirror Trader Forex broker. Historical trade data and all current trades are clearly visible for everyone to see. It is possible to manage individual copied strategies as well as set different risk levels. With the Mirror Trader platform, a trader gets full control 24 hours a day, and is able to close open trades any time of the day or night. We are pleased to let you know that there is generally a demo account available, and we would advise anyone thinking of using Mirror Trader to sign up for this first. It’s always a bonus to be able to try things for free, and see whether the way it works suits you. And if it’s not going to cost anything, what is there to lose.
Moving on now to the disadvantages – because as is usually the case there are going to be some – the downside is that the Mirror Trader does not allow traders to interact with the signal providers or other traders, which after all is a big part of social trading. For investors who choose to use Mirror Trader, there are also a number of Forex brokers who choose to add a little extra commission to the trades. Another disadvantage is that strategy providers do not need to do their trading with a live account, which, as you all know, can lead to unreal figures. The figures for drawdown are only calculated on closed trades as opposed to including open positions, which could make the figures irrelevant depending on the strategy.
Is mirror trading a good strategy?
There’s no denying it has become a very popular way for certain traders to participate in Forex trading, but it’s not going to suit everyone. It can be a great way for beginners to start trading and gain some vital experience. Following what the experts are doing and realising why they are doing it is only going to help develop a trader’s own strategy. It will also give you a feel for the market, and make you more confident in making decisions in the future.
Can a trader be successful with Mirror Trader?
Well, that’s a million-dollar question, and one we really can’t answer completely. There are so many factors that can influence any one trader’s success; but how is success measured? Is it the amount of profit at the end of every month? or is it more a case of counting the number of successful trades? For some, success is measured by the amount of enjoyment they get from the whole experience. Whatever way it is measured isn’t just based on the choice of trading platform or the strategy that the trader chosen to follow; another important factor is the management of risk. So will Mirror Trader lead you to success? It really depends on all the other choices you get to make in your Forex trading career.
The best advice we can give at this point is to have a good risk-management plan in place. As with any other form of investment it can go up as well as down. Devising your own risk-management plan will help you to make the right decisions, and not be afraid to pull out when you have to.