Forex mirror trading reviews

No Forex Strategy Of Your Own? Try Mirror Trading.

If you're tired of looking for the perfect strategy, and sick of your emotions getting in the way – exiting too early on your winners and not pulling the plug on the losers - it may be time to consider mirror trading. Having become extremely popular in the forex market, mirror trading is a way to mirror or mimic the ways of winning traders. Sounds simple and useful enough, but before a trader begins throwing real money at a live mirror trading strategy there are a few things that need to be considered.

A trader may feel anxious about this approach, and program trading and auto trading can lead to apprehension. Yet, mirror trading is much more transparent than the traditional "trading bots" which generally scare retail traders.

The trader selects a strategy, from potentially hundreds, which closely aligns with their goals for his accounts, retirement or financial ambitions. Live results can be seen from the strategy before it is even implemented. People who sell these automatic trading bots will rarely release up to date performance summaries of their programs. Mirror trading strategies generally show updated performance daily, so the trader knows how a strategy has actually performed before using it. (Learn more about electronic trading in our Electronic Trading Tutorial. ) The trader can see additional criteria including what currency pairs are traded, how many trades the program has entered and exited (very important, because we want to see performance over many trades, not just a handful), the winning and losing percentage, how long the program has been live, average win and average loss. One of the most important stats is the maximum drawdown (in pips). This is the largest loss a trader would have experienced while using the program. This needs to be weighed against average wins and win percentage, as well as the amount of capital a trader has available. Traders must avoid systems where the maximum drawdown could wipe them out, no matter how good the other statistics look. Emotions are taken out of the equation. A trader does not concern himself with when to enter and exit. Generally (this may vary by broker and trading platform), trades are made whether the trader' computer is off or on. Therefore, it is very important a trader is comfortable with the strategy (or strategies) that is selected. (Read What should I look for when choosing a forex trading platform? ) The trader can continue to make manual trades in addition to the automatic strategy which has been implemented.

When looking at the advantages, it becomes very important that the trader breaks down what each strategy can offer him, and what it can take away. This can only really be determined if there is a long history and a large amount of trades which have been completed by the strategy. The results must also be live, not on a demo account. And most importantly, the losing trades of a strategy must not wipe out an account, or even lose a large percentage of the account.

Not all reported results are from live trading. It is up the trader to read carefully how the results were attained, and if all of the trades which the strategy had signaled are being reflected in the results. Markets constantly change. If a forex pair has been in a range for a long period of time, and the pair begins to trend, the results may not reflect how the strategy will perform in a trending market. (If you are following a range-trading strategy, you're better off with pairs that do not include the U. S. dollar. Find out why in Range Trade Forex With Non-U. S. Dollar Pairs .) Results are generally based on the strategist account. A trader must be aware that if he is trading a much smaller account, he could be wiped out completely. Some will actually use this as a limit on the amount of money at risk. Still, several losing trades in a row may wipe out a small account, but only put a dent in a large account. The strategy continues to operate until you choose to end it. This means a trader must be vigilant in watching in their account and performance. Closed positions do not reflect the absolute risk to the trader. For instance, the maximum loss may be -100 pips, yet at one point a trade may have been offside 200 or 300 pips, for example. How much a strategy is willing to allow a trade to go offside is extremely important. (Learn more in The Stop-Loss Order - Make Sure You Use It .) Summary results shown for a strategy are often inaccurate for live trading. Go through the trade history of the program to see which trades have actually been traded live. Dollar figure gains often include hypothetical gains accumulated during the initial testing or initial launch phase of the program.

How to Implement a Mirror Trading Strategy.

The trader will need to authorize the broker (or third party) to place the trades for the strategy selected in their account (the whole process should not take more than a week). Confirmation will be provided that the trade signals will be traded on the account. The trader then selects how many lots they would like to trade on each trade signal, as well as how many lots they can have open at any time (risk control). The traders can then sit back and watch if the strategy performs as the statistics indicate. If not, the strategy can be taken off the account at any time.

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Account and Portfolio.

Account and Portfolio Information refers to the data and display options associated with the financial account and transaction information of a forex account. All of the best forex brokers will update account information in real time, display account balances, and provide history reports and statements. While Account and Portfolio Information is relatively important, it’s safe to assume that most forex brokers offer the most important features. An investor who requires specific portfolio reporting features may want to take a harder look at the features in this category.

Most important account and portfolio features.

Account History Reports – You can create reports or view statements of your portfolio or account information. Download Statements – You can download your account statements. Export Data – You can export your portfolio or account data. Gain/Loss – You can run gain and loss reports for tax planning. Order Status and Balance – You can quickly view your current trading positions, open orders, and account balance. Real-Time Updates – Your account balances update in real time.

Cross Currency Pairs.

Cross Currency Pairs includes secondary currencies traded against each other and not against the U. S. dollar. Examples include EUR/JPY, EUR/GBP, and CAD/JPY. This category represents another set of highly traded currency pairs that most reputable brokers offer. The Cross Currency Pairs category is especially important for a forex trading account denominated in a currency other than the U. S. dollar, or for more advanced traders exploiting discrepancies between other economies.

Most important cross currency pair features.

AUD/JPY – The broker offers trading in the Australian Dollar vs. Japanese Yen currency pair. CAD/JPY – The broker offers trading in the Canadian Dollar vs. Japanese Yen currency pair. CHF/JPY – The broker offers trading in the Swiss Franc vs. Japanese Yen currency pair. EUR/AUD – The broker offers trading in the Euro vs. Australian Dollar currency pair. EUR/CHF – The broker offers trading in the Euro vs. Swiss Franc currency pair. EUR/GBP – The broker offers trading in the Euro vs. British Pound currency pair. EUR/JPY – The broker offers trading in the Euro vs. Japanese Yen currency pair. GBP/CHF – The broker offers trading in the British Pound vs. Swiss Franc currency pair.

Major Currency Pairs.

Major Currency Pairs are the most important, most traded worldwide currency pairs available through a forex broker. These pairs consist of currencies from the world’s most developed economies including Europe, Japan, Canada, and Australia. A major currency pair is created when one of these currencies is traded against the U. S. dollar. Examples include EUR/USD and USD/CAD. Major Currency Pairs is an important category because these pairs represent the most heavily traded and liquid currency markets in forex trading.

Most important major currency pair features.

AUD/USD – The broker offers trading in the Australian Dollar vs. the US Dollar currency pair. EUR/USD – The broker offers trading in the Euro vs. US Dollar currency pair. GBP/USD – The broker offers trading in the British Pound vs. US Dollar currency pair. NZD/USD – The broker offers trading in the New Zealand Dollar vs. the US Dollar currency pair. USD/CAD – The broker offers trading in the US Dollar vs. Canadian Dollar currency pair. USD/CHF – The broker offers trading in the US Dollar vs. Swiss Franc currency pair. USD/JPY – The broker offers trading in the US Dollar vs. Japanese Yen currency pair.

Trading Technology.

Trading Technology encompasses all technology that enables the execution of a trade as well as tools to simplify trading or execute advanced strategies. The Trading Technology category includes a spectrum of features, from alerts and real-time quotes to the more advanced features such as automated trading and conditional orders. Trading Technology is one of the most important categories when considering a forex broker because the ability to execute a chosen strategy is highly important when forex trading.

Most important trading technology features.

Alerts – You can set up personalized alerts for your portfolio. Automated Trading – You can place trades by setting automated triggers. Conditional Orders – You can place orders that, when executed, immediately triggers or cancels another order. Customizable Interface – Layout and features of the trading platform can be customized and changed. In Chart Trading – You can use the charting tools to actually place trades. Real-time Charts – Real-time updating charting tools are available through the broker. Real-time Quotes – Up-to-date price quotes are available in real time.

Customer Service and Support.

Customer Service and Support is the availability of the forex broker’s support channels. The forex brokers with the best support are available during all trading hours through multiple channels including live chat, , and phone. Some of the top forex brokers also have retail locations where you can speak to someone in person. Support especially matters for online forex trading because forex markets trade around the clock, necessitating access to support at all hours.

Most important customer service and support features.

– You may access customer support by . Live Chat – You may access customer support by live chat. Phone – You may access customer support by phone. Trading Hours Support – You may access customer support during the majority of trading hours.

Mobile Trading.

Mobile Trading is the ability to access a trading account using a mobile device. Mobile Trading encompasses the availability of dedicated apps for a variety of devices, the functionality of the features within the mobile app, and how users have rated the application. Mobile trading continues to grow in importance as the quality of applications improves to meet the demand for high-performance, on-the-go trading tools.

Most important mobile trading features.

Android – The broker provides an app for Android devices. BlackBerry – The broker provides an app for BlackBerry devices. Create Alerts – You can create alerts with one or more of the mobile trading applications. Favorable App Store Reviews – Three or more stars have been awarded to the broker’s iPhone app from users in the Apple App Store or Google Play. iPad – The broker provides an app for the iPad. iPhone – The broker provides an app for the iPhone. Mobile Research – Research features are available using one of the mobile applications. Mobile Website – The broker offers a separate mobile website for accessing your account from a mobile web browser. Place Trades – You can place trades using your mobile device. Portfolio Tracking – You can track your portfolio using a mobile device. Streaming Quotes – Streaming quotes on mobile devices are available.

Research is the resources that a forex broker provides to their clients to help them make decisions and understand market activity. The research provided by the best forex brokers include advanced charting capabilities, third-party research, research reports, and market commentary. Forex trading can be highly computer driven, and some forex brokers offer traders access to historical data so they can back-test strategies before allocating real money. Research is an important category for traders who are looking for assistance in making decisions as well as independent traders who are seeking confirmation on a trade or a second opinion. Some of the more self-directed brokers offer less research amenities because they cater to more advanced traders who pay for third-party research.

Most important research features.

Charts – You have access to charts so you can conduct research on investment products. Historical Data – The broker gives you acess to historical exchange rate data. Market Commentary – You have access to market commentary from outside experts. News – You have access to daily market news and updates from third party services. Research Reports – The broker provides you with various research reports.

Trading Platforms.

Trading Platforms covers the different software platforms available for forex trading provided by the broker. Trading Platforms can differ based on a trader’s needs and are often categorized as a standard or professional platform. Additional platforms include mobile platforms to execute trades on the go and virtual platforms to test strategies without risking money. Trading Platforms is an important category if a trader is looking for a forex broker that can meet the trader’s needs as they change.

Most important trading platform features.

Mobile – The broker offers a platform to execute trades on a mobile device. Professional – The broker offers multiple platform levels including a professional platform. Standard – The broker offers multiple platform levels including a standard platform. Virtual Trading – The broker offers a virtual account for customers to practice trading without risking any actual money.

Introductory Offers.

Forex brokers often offer promotions to attract a prospective customer. Examples of incentives include introductory offers for opening an account and customer referral programs. Others offer free trading demos so traders can practice forex trading before committing to the broker. Incentives aren’t considered very important because they’re generally not related to the actual services of the broker, but it can be nice for some customers to be aware of the potential bonuses as they make a decision between two forex brokers.

Most important introductory offer features.

Free Demo – You can access a free trading demo so you can try one of the trading platforms. Referral Program – You can be rewarded for referring a friend to the broker. Special Offer – Special offers for new traders who open an account are available.

Other Investment Products.

Other Investment Products consists of other investment products a forex broker makes available for someone to trade. Other Investment Products include stocks, futures, options, and CFDs. This is a less important category because most forex traders are highly specialized, but it can be a more important category for professional traders with expertise across multiple products.

Most common investment products.

CFDs – The broker provides other instruments settled as Contract for Difference Futures – The broker provides trading of some futures products. Options – The broker provides trading of some options products. Stocks – The broker provides trading of some stocks.

Trading Education.

Education is all of the resources an online forex broker provides to help their clients learn about forex trading and navigating the platform. A forex broker that excels in the Training Education category regularly offers webinars and videos so traders can advance quickly, learn new concepts in forex trading, and easily get accustomed to the broker’s platform. Additionally, the best forex brokers provide a superb trading community to facilitate the exchange of trading ideas. Education is less important to an advanced investor, but a beginner benefits greatly from the courses and webinars offered by most forex brokers.

Most important trading education features.

Courses – You can access educational trading or investment courses from the broker. Glossary – A glossary of important investment terms is provided by the broker. Live Seminars – You can attend live in-person seminars around the country from the broker. Trader Community – You have access to an online community to have discussions and share advice with other traders. Videos – You can view training videos on the broker’s platform. Webinars – Webinars are available to help you learn about investment products.

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Tradency Mirror Trader Review: Brokers.

Unlike some other social trading networks and auto trading providers, Tradency don’t act as a broker and they’re a pure technology provider. You therefore have to sign up via one of their associated brokers before you can use the Mirror Trader platform. Tradency have partner brokers all over the world and in March 2013 this list included:

FXCM, FXDD, INVAST SECURITIES, Alpari Russia, Alpari UK, FX TRADE, AForex, AVA FX, Central Tanshi FX, Golder Markets, Markets, Finexo, Forex Club, USG Capital, Gallant, Seven Investors, youtradeFX, Axiory, I am FX, Forex Yard, Phillip Securities, Think Forex, FXOpen, FXOptimax, FXPrimus, Fibo Group, FIBO Group Holdings, FxGrow, Mayzus, World Pro FX, FX Pulp, XE Markets, CM Trading, Planex Trade, Integral Menkul, ACM Gold and TMS. And coming soon: Varengold, HotForex, directFX and ILQ.

5m+ Professional Traders to Copy from $5k CryptoFund $100,000 Demo Account!

(Please note that we’re aware this list is outdated though there’s no longer a list of supported brokers available on the Tradency website, so you can still use this as a starting point any manually check with any of those brokers. For sure AvaTrade, previously called AVA FX, still offers Mirror Trader to their customers.)

With the choice of brokers provided there’s a good chance you’ll find one in your region, though the choice of currencies currently supported by Mirror Trader seems to be limited to USD and EUR. I. e. while some brokers may offer different currency accounts for their own platforms (e. g. GBP and JPY) the choice is limited to EUR and USD when you want to use Tradency’s Mirror Trader platform.

It’s not within the remit of this Tradency review to evaluate each and every single broker which offers the Tradency Mirror Trader platform to their customers. We suggest you do your own research and you may want to check whether the broker charges for using Mirror Trader or not . As discussed in our “costs review” section, Tradency charge the broker a volume fee per trade or a monthly technology fee , and quite a few brokers levy an extra commission on you or widen the spreads when you use Mirror Trader in order to cover some of the costs.

From our limited broker research we know for a fact that a the time of writing this review section AvaTrade (new name for AvaFX) didn’t charge anything extra while FXCM did. From the list which was still displayed on the Tradency website we also noticed that Alpari no longer offers Mirror Trader.

We also know that AvaTrade offers you access to the fully functioning Mirror Trader platform with a demo account (with 100,000 dollars or Euros). Click here to try the Mirror Trader demo.

Mirror Trader Forex Brokers.

Forex is not an easy trade and you, of course, need a certain amount of background knowledge to successfully trade. However, the beauty of the trade is that you can start easy and from the comfort of your home. If you are an enthusiast or just need to upgrade your knowledge before trading more seriously, besides educational materials and demo account there’s always quality input from more experienced traders. This is probably the main reason for the rise of social, copy trading and mirror trading. The platforms allow you to actively engage with the market, investing the money following the steps of already developed and successful traders.

Mirror Trader Trading Platform.

Mirror Trader is a trading platform by Tradency, with a 10-year experience put into it. Developing a user-friendly and easy to use trading platform which is sophisticated and refined, Tradency hit the jackpot becoming one of the best-known social trading platforms. Mirroring trades with Tradency Mirror Trader is an easy process done with just a couple of clicks, and more recently taps. With real-time signals and many tools to actually evaluate them in the current market conditions, Mirror Trader opens great opportunities. Thus, Mirror Trader is not just an automated trading system but rather allows comprehensive trading with the trader deciding what’s best. Through an intuitive interface, traders are allowed to take signals, mirror whole trades including opening and closing them or just pick when to close it themselves, or just follow experienced traders and make manual trades. Mirror Trader also provides analysis tools to help decide winning strategies and work through the signal providers at your own pace. Mirror Trader also charges a fixed fee for using the web-based and mobile app platform, which is rather straightforward and thus appealing to users worldwide.

Mirror Trader Features.

There is a range of trading methods available with Mirror Trader. Of course, the best-known is the automatic trading, which allows you to add signal providers to your portfolio and automatically mirror all the trades they make to your Forex account. With semi-automatic mirror trading, you are allowed to see the signals from the selected signal providers and actually decide which ones to follow in real time. This is supported with many built-in charts providing insight into all major indicators and possibilities to monitor and alter your strategies through detailed strategy summaries. Manual trading will allow you to execute trades on your own, just as you would with any Forex trading platform, with access to trading signals by filtering and employing appropriate strategies for your style and current market conditions.

Other Forex Brokers We Recommend.

Other Forex Brokers We Recommend.

Other Forex Brokers We Recommend.

The Best Mirror Trader Forex Brokers.

AvaTrade is an advanced Forex broker founded in 2006 in the British Virgin Islands with headquarters in Dublin, Ireland and with executive offices in Australia, Italy, Japan, France, China, and Mongolia. The broker is authorized with all the regulatory bodies in these countries and operates under strict regulation. AvaTrade thus offers safety and security in a high-quality trading experience with unique and well-developed features. The broker offers a wide range of assets to trade as well as educational materials and analysis tools, together with a fully-operational demo account to check out the features and start trading. With over 200 currency pairs in the offer, AvaTrade provides different trading platforms including MetaTrader, propriety AvaTrader as well as allowing automated trades and signaling service through Mirror Trader.

FXCM was founded in 1999 and is one of the long-standing US based Forex brokers. With executive offices in 15 cities around the globe, FXCM employs more than 800 people and provides a quality service to traders through a number of different trading platforms including MetaTrader4, FXCM Active Trader as well as Mirror Trader and other auto trading systems. Wide a wide offer of currency pairs, floating spreads, and high liquidity, FXCM is a reliable broker known for the execution as well as customer care. The customer support includes a phone line, e-mail, fax as well as an online live chat service. Trading with FXCM is a well-rounded service and an overall good experience. FXCM is also known for not running promotions and while some mind this, other traders will argue bonuses are turning trading into a casino with big turnovers needed to withdraw funds and other arising issues.

FXDirectDealer is a US Forex broker founded in 2002 in New York. The broker has always offered an innovative approach to trading and it’s well known for the customer care it provides. The customer support is offered in 13 languages with dedicated agents for every account holder. FXDD offers 32 currency pairs including all major US Dollar pairs, providing access to the market through more than 5 different trading platforms, including Mirror Trader, MetaTrader 4 and their own FXDD Swordfish.

Final words.

Mirror Trader is a very popular social and copy trading platform where many novice Forex traders have started their trading journey. While there are many propriety copy trading platforms developed by brokers, Mirror Trader still takes a prominent spot and many premium brokers offer the platform as one of the options to access the market. The platform offers many unique tools to execute and analyze trades, enabling all traders to follow successful traders and start employing proper trading as well as money and risk management strategies. With Mirror Trader, it’s easy to sort and choose the best signal providers and act on them through automated or manual execution.