The Forex and CFD broker FPMarkets, an Australian company regulated by ASIC, is offering its clients a modern copytrading service known as Autotrade, which is based on the concept of “mirror trading”.
AutoTrade is a service that this broker provides through MyFXBook and offers the clients of the company the possibility of copying a wide selection of trades generated by any system or trader in the MT4 trading account that the copying investor has in FPMarkets. It is designed for both experienced and inexperienced traders who want to make money speculating in Forex and other financial markets.
The copytrading process in AutoTrade is quite simple. The client has to connect his FPMarkets account to MyFXBook and select the trading systems he wishes to copy.
You can get more information about the broker FPMarkets in the following review where we explain its main features and services for traders and investors interested in Forex and other markets: FPMarkets broker review
Advantages of the FPMarkets AutoTrade copytrading service
This copytrading service offers a number of advantages for both beginner and experienced Forex traders who want to diversify their trades by copying various winning trading strategies. These advantages are detailed below:
- The platform only shows winning trading systems: Thanks to this, investors do not spend time looking for winning systems. AutoTrade only shows profitable systems.
- The platform only shows systems traded in real accounts: All the trading systems that Autotrade shows are traded in real accounts, which provides greater security to the investor, since the signal provider traders are also risking their own money. This prevents them from taking unnecessary risks.
- Investors have full control of their accounts: The investor can add or remove trading systems that he is copying at his own convenience. This allows the investor to modify his portfolio of trading systems when it is not profitable.
- Signal providers only make a profit on winning trades: Thanks to this rule, signal providers share the same interests as investors who copy their trades, since they only obtain incentives when their transactions generate profits, unlike other copytrading platforms where signal providers win with both winning and losing trades.
- Advanced risk management tools: AutoTrade has multiple advanced tools that facilitate the risk management process during the copytrading process. These tools include a multiplier designed to set the maximum lot size and the maximum number of open trades.
- Access to real data with accurate performance statistics: The platform shows complete performance statistics of all trading systems, allowing the investor to analyze and select the best strategies objectively for monitoring. In addition to the earnings, winning and losing trades data, the investor can access the information related to the drawdowns experienced by the systems since they were added to the platform.
- Fully automated copy process: Once the investor selects the systems he wishes to copy and activates the copy trading process, all trades performed by the systems are automatically replicated.
- The installation or use of any software is not required: The entire copytrading process, including the selection of trading systems, is carried out on an online platform of MyFXBook, so that the investor does not have to install any software or use a VPS server.
FPMarkets copytrading service risks
All trading systems, even the best, have drawdowns without exception. This reality also applies to AutoTrade systems. Therefore, if the investor is not careful, he may experience heavy losses with the replicated trading systems, as can occur in any form of investment in markets such as Forex.
To avoid excessive losses that may jeopardize the total capital of a trading account during the drawdowns periods of the copied trading systems, the investor must apply risk control and monetary management measures that minimize risks and at the same time maximize profits. These measures include the optimization of the lot size and the maximum number of trades copied and opened, as well as the use of a stop loss in each system and in the portfolio in general, among others.
Due to these risks, the investor must constantly monitor the performance of his portfolio of trading systems, despite the fact that the entire process of copytrading is automated.
How to select the best trading systems in Myfxbook Autotrade?
As already indicated, Myfxbook Autotrade has multiple winning trading systems based on all types of trading systems. However, every system has an associated risk level that must be taken into account. In addition, truly profitable systems capable of generating long-term profits are difficult to find.
To help traders in the selection process, Myfxbook offers different tools designed to filter and evaluate trading systems according to various performance statistics. These statistical data provide important information about the systems analyzed that can be used to determine if a system is really profitable or if it presents an excessive risk level.
Among the data offered by the platform we can highlight the following:
- System drawdowns (periods with the biggest losses)
- Earnings generated by the system
- Number of winning and losing trades
- Daily, weekly and monthly earnings
- General information of the system, including the markets in which it trades.
- Profit factor
- Average profit per winning trade.
- Average loss per losing trade.
- Total Pips Won
- Risk of ruin
- Average trade duration
- Sharpe ratio
Among these data, the maximum drawdown is among the most important since it indicates what is the maximum potential loss that we can expect with a trading system.
FPMarkets AutoTrade copytrading process
The steps for copying trades on the FPMarkets copytrading platform are as follows:
-Step 1: Open an account in FPMarkets and deposit funds
- New customers: Open a trading account with FP Markets. For this use the secure online registration form and complete the simple account opening process.
- Existing customers:
- Log in to the company’s customer portal and select “Open a new real account”‘.
- Once you have opened your account, you must link it to Myfxbook AutoTrade.
- Send an email to firstname.lastname@example.org with your new account number to link it to Myfxbook Autotrade.
-Step 2: Connect your trading account with Myfxbook Autotrade
The process is fairly simple. You must first click on the corresponding button in the FPMarkets user panel. This will take you to the Myfxbook page where you will be asked to complete the online application.
-Step 3: Select the best trading systems to replicate its trades
Once you connect your account with Myfxbook Autotrade, you must select the best trading systems to copy and replicate their trades. For the selection process, the investor can use the multiple performance analysis statistics offered by the platform to filter and find the best trading systems to copy according to various criteria. For example, the investor can select the best trading systems according to criteria such as risk level, maximum drawdown, return on investment, number of winning trades and others.
Once investors have found the most appropriate systems according to their needs, investment objectives and risk criteria, they can start copying their trades with a few clicks.
-Step 4: Replication of the selected systems
After selecting the trading systems that he considers most profitable and capable of generating long-term gains, the investor can begin to replicate its trades with a simple click on Autotrade. As we have already indicated, the copytrading process is carried out automatically without the need for trader intervention, which facilitates the trades execution. In this way, the investor can devote his time to other activities.
However, as we indicated, all trading systems have periods of losses. For this reason, the investor should always keep his systems portfolio under surveillance to ensure that it is not causing excessive losses to his trading account during the drawdown periods.
You can find more information about the FPMarkets copytrading service and other services offered by this company related to trading and markets in general through the following link: