The Mirror Trader is a development of various FOREX traders. The professionals have developed a software that offers beginners, like busy traders, the trading strategies of professional strategy providers to mirror. The Mirror Trader differentiates between different levels of automation. Vendors have also expanded and modified the platform according to their own requirements and those of their customers.
The most important thing at a glance:
- Mirror Trader offers its traders various strategy providers to choose from
- Mirroring as auto or semi-mirroring
- Learning through comparisons in manual trading
- Suitable for beginners and busy traders
- Mapping of charts and live signals of the strategy -Vendor
- Semi-Mirroring allows early termination of trades
- At AvaTrade only existing customers can use the Mirror Trader
- Free demo account with € 50,000 play money at FXCM
- FXCM offers:
- Automated trading
- Professional strategies
- Currency baskets
- DailyFX PLUS trading signals
Social trading with the Mirror Trader
The Mirror Trader is a downlo ad platform that serves the networking of different traders . Basically it is a continuation of social trading. While on the classic social trading sites, such as ZuluTrade, the best traders can be followed with a click , the Mirror Trader also offers its customers the automated Trade and copy verified strategies . The portal was developed by experienced FOREX traders . The so-called T-Scor indicator shows which strategy makes the most sense for the current mood.
The Mirror Trader lets inexperienced and busy traders successful Strategy providers follow. Experienced FOREX brokers have developed it and added an additional T-Scor indicator.
The Mirror Trader at AvaTrade - from Manuel to Autotrade
The Mirror Trader can with AvaTrade can only be used by existing customers . They can log in to the Mirror Trader platform using their normal login data. At AvaTrade, foreign exchange, raw materials, CFDs and other instruments can be traded via the Mirror Trader.
AvaTrade offers its customers all three properties on the Mirror Trader platform:
(1) Auto-Mirroring - fully automatic trading
(2) Semi-Mirroring - semi-automatic trading
(3) Manual Trading
To (1): The Auto-Mirroring
Here you have the option of several strategies - Compare providers with each other. Depending on their own risk behavior and market perception, those strategy providers who come closest to their own actions can be selected and in the strategy portfolio be taken over. So their trades are copied and transferred to their own - "mirrored". As a result, busy traders do not need to constantly monitor the charts. The providers can be exchanged at any time.
To (2): The Semi-Mirroring
With the Mirror Trader, not only the Charts , but also the live signals of the strategy provider visualized. With fully automatic trading, your own position is closed at the same time as that of the strategy provider. Here a trade can be canceled manually beforehand .
Zu (3): Das Manual Trading
Apart from additional mirror trader tools , it also offers the option of strategy providers to watch . A learning effect arises here, especially for inexperienced traders. You can set your own signals based on observations and the portfolio of strategy providers can be replaced step by step with your own strategies while the providers are still being monitored.
At AvaTrade, only existing customers can try out and use the Mirror Trader. The broker offers all properties of the Mirror Trader. Customers can switch between auto and semi-mirroring and manual trading.
FXCM: The four ways to use the mirror trader
The broker FXCM offers its customers among other things the possibility to use the platform Mirror Trader. For those who are undecided there is even the possibility to try the demo version first. All you have to do is fill out and send a form. A demo account with 50000 EUR is opened and the trader can immediately start to put the platform through its paces.
FXCM recommends a credit of 10000 for a real account € to be able to use all advantages of the Mirror Trader profitably.
At FXCM the trader has four options to use the Mirror Trader:
(1) Automated Trading
(2) Professional strategies
(3) Currency baskets
(4) DailyFX PLUS trading signals
Regarding (1): The Automated Trading
First you should choose a Trading Goal before your eyes. With a view to this goal, the appropriate strategies are selected . By activating automatic trading all selected strategies are copied into the FXCM account. You can also set stops and limits to minimize the trading risk. Automation of the trade does not mean that control is removed. If a strategy is considered too risky or not very profitable, the automation can be stopped at any time and manual trading can be carried out.
Zu (2): Die Professional strategies
Not only for beginners, but also for busy people, the Mirror Trader offers the optimal solution to participate in global trading around the clock. The mirror trader highlights based on the analysis of past strategies the currency pairs, the results of which are the most positive considering the market situation . When got into a trade and when it should be left is a difficult task, especially for beginners. This decision is made by one of FXCM.
To (3): The currency baskets
At this point FXCM assumes that one has a basic opinion on certain currencies . Even without a lot of factual knowledge, there is a gut feeling paired with well-founded background knowledge. However, according to the FXCM, this is difficult to express by comparing only two currencies. The broker therefore offers its customers baskets that compare the currency with each of the most important counterparts in the global economy . This creates a much more meaningful picture regarding the development of individual currencies. While the relationship between two currencies is heavily dependent on domestic and foreign policy decisions and can fluctuate to the same extent from now on, the currency basket gives an overall picture.
FXCM distinguishes between bullish and bearish opinion . If you think that the currency in question is undervalued, so that the currency will continue to rise, then this corresponds to the bullish opinion and a basket of currencies should be bought. If, on the other hand, you are of the opinion that the currency has already passed its zenith, you have a bearish opinion and the basket should be sold again.
To (4): The DailyFX PLUS Trading- Signals
Here, signals can be determined and automated for which the Mirror Trader trades are to buy or sell l. The signals form a strategy that is automated by choosing and applying to the account.
FXCM goes one step further with its version of Mirror Trader. On the one hand, it offers a free demo account. On the other hand, he has developed various options for working with the Mirror Trader. These are: automated trading, professional strategies, currency baskets and DailyFX PLUS trading signals.
The Mirror Trader not only enables the use of various strategy providers, but also the gradual development to independent trading, Own strategies can be developed and automated. In addition, the platform offers enough options for modification to assert itself as a unique selling point among brokers and to offer an optimal service for traders.
Read our AvaTrade test report!