Many of you may have already heard of Mirror Trader, the social trading solution from the trading software company Tradency. A number of well known brokerages have integrated the platform into their offerings, with Markets.com, AvaTrade and xemarkets being among some of the better known brokerages to be offer the Mirror Trader platform to their clients. The powerful Mirror Trader platform offers traders the opportunity to undertake both semi-automated and fully automated trading, additionally traders can undertake manual trading using the platforms advanced charting tools. While not having the same high profile as ZuluTrade or other social/automated trading solutions, Tradency’s MirrorTrader is a powerful tool for those who want to automate their trading efforts.
MirrorTrader: Manual Trading
First off, we are going to take a look at manual trading using the Mirror Trader platform. While many traders will be more used to using MetaTrader or solutions to undertake their manual trading activity, the Mirror Trader platform has been built to compete with these other platforms. The platform has some nice charting features built into the platform. These features allow traders to add all the most popular technical indicators to the very attractive charts feature on the platform. The platform also displays the percentage of traders who are long or short in particular instrument, helping traders gauge overall market sentiment. While not being particularly innovative as a manual trading platform, Mirror Trader is exceptionally easy to use. Those who haven’t had experience trading financial markets will find getting to grips with the platform a breeze.
MirrorTrader: Semi Auto Trading
Semi Automated trading differs from both manual and fully automated trading. In order to engage in Semi Auto trading, users of the Mirror Trader platform are required to keep the platform open and watch for any signals which may pop up from signal providers. They then can choose to follow the signal if they desire, opting to either close the trade at their leisure or wait until the signal provider decides to close the position. Semi Auto trading provides a nice middle ground between full automation and manual trading, giving you the option to follow signals only when you think they are likely to be accurate.
For many the AutoTrading feature is going to be the biggest draw. Mirror Trader allows its traders to automatically trade the Foreign exchange markets. To engage in Automatic trading, all users of the platform have to do is to click on the strategies and portfolio tab. Traders can then use a number of different filters or alternatively create their own filter in order to work out which strategies they should consider following. You can easily view the profit and loss curves of the various strategies available to follow on the platform, if you want to take a deeper look into the history of the strategy it is possible to do this as well. There are a range of different strategy providers featured on the platform and a number of providers who have made some quite impressive returns. While there is an impressive range of strategy providers the platform has a much more limited range than say ZuluTrade or eToro. Just like with other social trading platforms strategy providers are paid commission for each live trade placed by a user of the platform. This gives traders a good reason to share their trading strategies with others.
Does MirrorTrader AutoTrading Work?
As with all other social/automated trading platforms whether or not one is successful using the platform depends on whether you make the right choices regarding which strategies to follow and also setup your risk management properly. Sucess depends on traders spending time determining which strategies to add to their AutoTrading portfolio, as well as being sensible in regards to risk management. Those who are able to do so have a chance of making some decent returns using the Mirror Trader platform, however it should be stressed that as with all trading their is significant risk involved.
For those interested in Automated trading, the MirrorTrader platform is definitely worth a look. Those interested in finding out more would be well served by going over to Tradency’s website and reading the numerous guides and articles outlining the basics of the platform. Those who want to become strategy providers and have the chance at making commission, should head over to the Tradency website where they can sign up to the strategy provider program.