With the introduction of advanced technology in financial markets, it has got a huge boost around the world. The forex market is no exception. Forex account managers can now manage many accounts from a single master account. There has been a myth among many forex enthusiasts about forex trade copiers and forex signals but this shouldn’t be merged. A signal service is operated using a signal copier. In this article, we’ll be going over the forex trading copier and how this works in forex.
What Is A Trade Copier In Forex?
The actual trader will be focusing on one account effectively and the same parameters will be posted in other linked accounts. This process of copying information to a slave account works out well regardless of any geolocation. This also creates a great potential for amateur traders in forex. As their accounts will be connected with one of the experienced traders, the trade will be executed according to that. The trader’s account is mirrored whenever he or she makes a trade. If one of your accounts is set up to receive forex signals, that account can act as your master account, and other accounts can be linked to it through a trade copier. A trade copier is similar to a mirror in that whatever happens in front of it gets reflected.
Why Do Traders Use Trade Copiers In Forex?
Though many people have this misconception of blending forex signal copiers with trade copiers, you’ve already learned about these different distinctions. One of the major characteristics of a trade copier is that it won’t make you money on its own or it won’t trade for you automatically; rather you’ll need to have a trade manager.
Do You Know What A Forex Trade Copier Is?
Forex Trade copier is software that copies trades between trading accounts. When a trading signal service actually uses a trade copier to deliver its trades to users, many people believe that the trade copier is the one that makes money for them whereas a trade copier is just a medium of delivering signals. This copying of trades is also known as copy trading and millions of traders are using this every day.
Here, we have listed a few things that a forex trading copier can do.
- A trade copier allows traders to trade in multiple accounts at the same time. This would allow a trader to share forex signals with friends, family and other persons.
- A trade copier also allows you to replicate trades from any forex EA to other accounts, allowing you to split Expert Advisor fees with your friends and copy trades between their accounts.
- Copier allows you to create a multi-account investment portfolio by copying them into a single trading account.
- Allows you to replicate trades from an unregulated offshore broker account into a reputable local broker account, removing the risk of dealing with unregulated brokers.
- As it is a simple and inexpensive alternative to PAMM(Percentage Allocation Management Module) accounts, it allows any trader to become an independent forex account manager.
How To Use Trade Copier
Here is how you can use a trade copier
- You will need to install multiple MT4 platforms to your computer.
- Login to different MT4 platforms using different accounts.
- Install trade copier software to help you trade several accounts at the same time.
- If required, adjust the trade copier position size ratios before starting the trade copier software.
- Place your first order, and your slave accounts will be modified accordingly.
The idea of forex trade copiers has radically changed the way people trade forex. Before its introduction, Forex trading was strictly a game for professionals; now, due to trade copiers, beginners can now also benefit from the expertise of professionals.