Forex Trade Copier Software Tuesday November 16th, 2021 – Posted in: Forex trading
We will tell you about the features that trade copier software should have and how it can help in the day-to-day work of a trader.
Forex trade copier software allows a trader to ease the daily routine and increase profits by increasing the number of traded accounts and also provides many other opportunities for additional profit, which we will discuss in our article.
What is a forex trade copier?
Forex trade copier software is a computer program that allows a trader to copy orders from one or several accounts to one or several accounts with the ability to scale (decrease or increase) the lot according to the redistributed rules for each sub-account.
When you may need a forex trade copier?
Forex trade copier is indispensable if you need to trade on several forex accounts and these accounts can be opened with different brokers and these can be different trading platforms such as MT4, MT5, cTrader, jForex, FIX API. These can be your accounts or accounts that you have been given to manage. These can be Forex Prop Firm accounts. Also, the forex trade copier will help you copy orders from multiple sources to one or more of your accounts, thereby increasing profits or creating a non-toxic flow to mask arbitrage trading. Such sources can be your account managed by an account manager, an account with forex signals, an account with a forex robot locked on it. You can copy signals from an MT4 or MT5 account with only the investor password. MT4 or MT5 copier will help to disguise automatic trading as manual trading and hide stop levels, of course, if the forex trade copier has this functionality. Copying a reversed signal for hedging. Some forex traders try to copy signals from a losing Forex robot to make it profitable, but in my opinion, this idea is utopian.
How does forex trade copier software work?
Forex trade copier reads accounts on the master account using various methods for different platforms, for example, MT4 trade copier can use a forex robot or a script written in MQL4 to “poll” the master account for open orders. The same method of determining orders on the master account can be used in the MT5 trade copier. Further, orders are transferred to sub-accounts also via various protocols, for example, via sockets. cTrader (FIX API) and FIX API is an open and well-described protocol and therefore everything is much simpler here. The methods of reading orders and transferring them to subaccounts greatly affect the copy delay, therefore, the best trade copier is primarily a trade copier with a minimum copy delay, since a small delay can lead to negative slippage and, therefore, loss of profit.
Pic. 1 – Trade Copier Software
What features should the best trade copier have?
- Be able to copy orders between different platforms such as MT4, MT5, cTrader, jForex, FIX API accounts.
- Be able to copy orders between different forex brokers
- Work with various symbols of trading instruments (EURUSD, EUR / USD, EURUSDecn …) in fully automatic mode.
- Work with a large number of accounts at the same time without a heavy load on your computer or VPS.
- Work with copy latency close to 0.
- Copy signals of manual trading and forex robots.
- Simulate manual trading on sub-accounts.
- Be able to correct the signals copied from the master account on the subaccounts: change the levels of stop-losses and tie-profits, erase or change comments, “hide” limit orders …
- Be able to copy selective orders due to the filters applied in Forex Trade Copier: copy or not copy orders with specific comments or magic numbers, copy or not copy orders at specific times or days of the week, copy orders only with a suitable stop loss or profit or orders with lot size not exceeding the specified one ….
Pic 2. Forex Trade Copier Filters
- Have various methods of scaling the lot size on subaccounts, allowing the trader to build their money management style.
Pic 3 – Forex Trade Copier Lot transformation
PowerTradeCopier has all these features. This product has been on the market for over 15 years and has been successfully used by professional raiders, money managers, and forex brokers from all over the world.
How to choose a reliable forex trade copier?
First of all, you need to make sure on the manufacturer’s website how much the forex trade copier has the functions that I described above. You may not need some of these functions right now, but you may need them in the not too distant future.
The next step is to request a demo and test the copying speed first since this is the most important parameter. You also need to test the functions that you need at the moment. Test all platforms and copying between different platforms, even if you are not using them at the moment, it may be necessary for the future.