What is copy trade software?
Copy trade software or forex mirror trading software or MT4 trade copier are scripts for that copy trades (trading time, trading size, position stop loss, and position target) from the master account to the client MT4 account. Scripts were named “mirror trading software” to copy positions the same (like in a mirror) from one account to another. Using these scripts, traders can trade the same positions on several trading accounts.
How forex trade copying works
Many traders are using Metatrader 4 (abbreviated as MT4) for trading in foreign exchange (forex). These traders are often managing the investment accounts of different clients for a fee. Hence if they are confident that they will make a profit, they would like to replicate their trade in each of the accounts which they manage. Replicating the trade manually is a time-consuming process. Hence they are interested in using copy trading software to quickly and easily duplicate forex trades. Any person with experience with MT4 could install the client and master apps in five minutes or less. They could then begin copying the trades immediately, taking very little time. Instruction manuals are included with the software, and the stepwise procedure for copying trades is also described below. Videos with instructions are also available.
The local trade-copier is software that has been developed explicitly for the Metatrade4 platform. It is developed to increase the productivity of forex account managers and retail traders. Instead of manually duplicating trades in each account, the software allows the trader to automatically replicate trades between many accounts on the computer or VPS which he is handling. This allows the trader to manage multiple MT4 accounts at the same time. The trader does not have to risk dealing with Forex brokers who are not regulated and can convert a losing forex strategy into a profitable one. The trader can create his own investment portfolio with many MT4 accounts or become an account manager independently without signing contracts or paying the broker large amounts for PAMM accounts.
Download copy trades software – MT4 Trade Copier
Mirror trading software or copy trading software you can download from free on the mql5 website such as:
Trade Receiver Free
Exp COPILOT MASTER for MT4
Paid versions cost from $30 to $50, and if you want to use paid advanced trading copier versions, then go to the Mirror trading forex copier download page.
Now let us see how mirror trading software (scripts) work:
Preparing the terminals
The first step involves preparing the MT4 terminals for trading. This can be done on any laptop, desktop PC, or VPS with a Windows Operating system. The procedure for Mac computers is slightly different. The trader should be aware that all the MT4 terminals should be installed on the same computer if trades are copied between the different Metatrader 4 accounts. If the MT4 runs on the client’s computers, the trader should use a trade copier for remote computers like Signal Magician. Guidelines for installing multiple MT4 terminals using one or more forex brokers are provided.
Installing Mirror Trader Server EA
The trader copies the trades from the Master MT4 accounts, and these accounts should have the Mirror Trader server Expert Advisor (EA) running. The number of master accounts depends on the processing power of the computer. These master accounts may also be called provider, server, or sender accounts. The auto-installer of the Mirror Trader can be used to install server EA on multiple accounts automatically. Alternately the files may be copied manually to the data folder of each mt4 account. If Mirror Trader EA is properly installed, restarting or refreshing will show EA in the expert advisor list. If server EA is started on an MT4 account, it becomes a master account. The trader decides the master and client MT4 account.
Installing Mirror Trader client EA
The MT4 accounts to which the trades are copied are called client accounts, and they should have Mirror Trader client EA installed. The CPU processing power determines the number of client accounts on a computer. These accounts are also called receiver, follower, or slave accounts. The Mirror Trader auto-installer will automatically install client EA to selected accounts, or the trader can manually copy the relevant files to the data folder of each MT4 account. After installation, the client EA will appear in the expert advisors list after restarting MT4 or refreshing the window. A client account can also be configured as a master account to provide trades for different client accounts.
Launching Mirror Trader server on master accounts
First, the Mirror Trader server EA should be attached to the master MT4 accounts from whom the trades have to be copied. The master accounts can be changed at any time. For running the Server, the license key for Mirror Trader should be used for activation. The server EA can be attached to any chart, with EUR/USD highly recommended. Experts recommend that the traders use the default settings of the Mirror Trader initially. The Signal-provider-id is set at 1 as default, and all clients having the same id will receive the trades. Other master accounts will have different group ids. After the Mirror Trader server is started, it will continuously scan the master account for new forex traders and changes in trades to send these details to client accounts.
Using Mirror Trader client on client MT4 accounts
The Mirror Trader client is attached to all the client MT4 accounts to which the trades are copied. These client accounts may be removed or added as required. No license key is required for activation; only one chart has to have Client EA attached, with EUR/USD being recommended by experts. Default settings should be used initially. There may be multiple account groups on the same computer, and the master account list may be configured. The default settings make the client copy the trades for similar amounts in percentage, based on the amount deposited, currencies. The risk factor for every client account may be configured separately for each client account. It has five options for managing risk. The Mirror Trader client will monitor all the Mirror Trader servers continuously. If there are any changes in existing trades or new trades, they will be applied.
Testing the Mirror Trader server, client installation
After setting up the Mirror Trader server, the client, to test the system, a pending order should be placed on the master account at a price that is not likely to get triggered. The Mirror Trader client should be checked to ensure that it is copied, and ideally, this should be completed in less than one second. After the trade is copied, the client account can be checked for any error message. Sell, buy, pending orders, trade close signals, modifications, partial trades are some of the many trades which will be copied. The master account’s trade-in can be opened using multiple methods, like a script, expert advisor, manually, or remotely by the person managing the trades elsewhere.
Forex copier or mirror trading software can work differently, but these were the primary and most common steps.