Mirror Trader Platform Review

Tradency MirrorTrader Platform Review

 

The Mirror Trader is a both manual and automated platform, providing traders with a wide range of trading options and strategies. As its developer Tradency says, the Mirror Trader is based in a "Trade-by-Knowledge-Concept"€. Today, 33 Forex Brokers are accepting signals from Mirror Trader.

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Three Types of Trading Styles Available

1) Automatic Trading (Mirroring)

Based on the trader’s pre-selected strategies. Using Mirror Trader, orders are executed fully automatically.

2) Manual Trading

Trades are executed using tools like indicators, charting tools and chart studies.

3) Semi-Automatic Trading (Mirroring)

The semi-automatic execution mode is based on the trader’s judgment and assessment of buy-and-sell signals. Traders are able to pick their signals and mirror them to their accounts.

A Demo account is available. The practice account is an exact imitation of the real-live-account, and as Tredency claims, it provides the same level of functionality.

How an Order can be Executed Automatically?

A signal may be executed simply by the use of the “Mirror Button”. This action opens a new window, where traders must select and determine:

a) their Trade Size (in amount K),

b) their Stop-Loss value, and

c) their Take-Profit value.

After, the new trade appears in the field titled €œOpen Positions.

MirrorTraderTM Key Characteristics

1) Three available styles of trading: Automatic, Semi-Automatic and manual.

2) Most popular trading tools are available, like indicators, charts, oscillators, market sentiments and rates.

3) Many strategy developers around the world are designing new real-time signals for MirrorTraderTM.

4) Special features are available, like live signals & strategies, market trends and deep analysis.

5) Portfolio Risk Management is available, as the Mirror offer traders with the full control of their portfolio risk by using predefined stop-orders.

Mirror Trading Concept

Mirror Trading® is the core mechanism of Tradency'€™s Mirror Trader. The concept is simple and similar to other competitive signaling platforms (Zulu-Trade, etc). Tradency main servers provide with buy-and-sell signals from various strategy designers. Traders are able to view and evaluate signals and afterwards copy and execute them in their own accounts.

Mirror Trader Basic Features

1. Live Charts

Live charts are available for all Forex pairs. Traders may choose between different charts, zoom in and alter time frames.

2. Live Signals

Buy-and-sell signals can be directly executed but also to be used as support to trading analysis.

3. Chart Analysis

Indicators, oscillators plus chart studies are easily available. The chart types, include Line, Candlestick and OHLC.

4. Strategies€™ Filters

Custom filters are identifying the suitable strategy according to the trader€™s selected criteria.

5. Strategies Performance

Detailed summary of the trader€™s selected strategy performance is available.

6. T-Score

T-Score is a scoring method, on a scale from 1 to 10, which identifies each strategy'€™s momentum and stability.

7. Watch List

The watch list is a tool providing quick access to pre-selected strategies. Strategies may be followed before added in a trading portfolio.

8. Risk Management

Risk management is always very crucial when trading financials. The Mirror Trader provides full control of portfolio risk. An approximate loss limit is defined for each strategy separately. Automatic stop is also an option.

9. Exposure Meter

A tool called “Exposure Meter” visualize the overall leverage of a portfolio, if all the strategies open up all their max positions at the same time. The €œExposure Meter” is measured on a scale of 0-100. The red alert range is between the range 80-100.

Calculation:

Exposure Meter = [Sum (Amount (k) * Max Pos )] / (Account Balance)


About Tradency

The Mirror Trader is a product of Tradency BVI, and it was realized in 2005. Many Forex brokers around the world accept signals from Tradency, including FXCM, FXDD, GFT, FXCMJ, Ava FX, Alpari, FX-Club and Markets.com. 

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