The Forex broker Trade24 currently has an automated trading platform called Mirror Trader (it is based in the concept of Mirror Trading and was developed by the company Tradency), which allows the clients of this broker to trade in the Forex market using trading signals generated by systems developed by expert traders with years of experience in the market. Likewise, the investor has the option to trade on the basis of trading signals generated by real traders. Trade24 is a broker which specializes in transactions with currency pairs (Forex), commodities, CFD and other instruments.
The trading signals generated by the automated systems and the traders who used this application free the investor from the task of analyzing the market, open positions, managing open positions and finally close these trades in order to take profits or limit losses. Because these are systems that operate without the intervention of the trader, are an excellent option even for those investors with little experience and knowledge of financial markets that wish to exploit the enormous potential of the Forex market for profit.
- Automatically, in which case the trading signals are executed without the intervention of the trader.
- Semi-automatically, in which case the investor analyzes and selects the trading signals that he wants to execute in the trading account.
In general, the advantages of this automated trading platform are the following:
- Mirror Trader of Trader24 gives the trader the possibility of employing successful and properly evaluated trading strategies in real time to trade directly in the live trading account with this broker.
- This platform has hundreds of automated trading strategies properly tested and signal providers (traders) among which the investors can choose those that they consider most appropriate.
- The trader has the possibility to choose and implement all trading strategies deemed appropriate in such a way that has a portfolio of trading systems that allow to trade in the market under different conditions.
- The automated execution feature of this platform enables investors to automatically run the selected strategies directly into their trading account.
- Because all trading signals can be executed automatically, these trading systems allow the investor to make money even when he is not connected to the platform.
- The system of Mirror Trading allows to filter the list of trading strategies according to various criteria.
- Before executing the strategies selected, the trader can simulate the performance of these with a function that uses historical and current market data.
- Also, the investor can view the history of all transactions through this application.
- The trader has the option to open / close positions manually as in any traditional trading platform.
In this case, the trading signals generated by the automated systems of the platform are sent directly to the investor’s account where they are automatically copied and executed using the investor´s capital. The investors simply select the strategies that seem most profitable and add these trading systems to their portfolio (The trader can choose all the systems that he wants). Mirror Trader executes and manages the orders automatically according to the conditions specified by the traders based on their style of trading.
The selection of the trading systems can be accomplished through an application called Smart Filter, which allows to filter the hundreds of strategies of this platform according to a set of criteria by means of the following functions incorporated:
- Start Balance: The initial capital the trader wants to start trading on this platform.
- Trade Size: The transaction size that the trader choose to trade using the selected systems.
- Time frame: The time period selected by the investor to evaluate past results obtained by different trading strategies of the platform.
- Profit and loss curve: It shows a chart with the performance obtained by the trading system during the time period chosen. This graphic allows to display the performance of up to 5 strategies.
- Symbol (currency pair): It indicates the currency pair in which trades the selected strategy.
- Total Trades: The amount of open and closed positions during the selected time period.
- ROI% (Return on Investment): The return produced by the strategy during the selected time period with respect to the initial investment.
- Pips: Number of pips gained or lost during the selected time period.
- MP (maximum number of positions): Maximum number of positions that open an automated system according to the strategy that was programmed.
Cost of service
- Open a regular trading account with Trader24.
- Select the trading platform (in this case Mirror Trader).
- Deposit funds in the account.
- Sign in Mirror Trading platform and select the trading systems of interest according to your selection criteria. In this way, the investor can form its own investment portfolio.
- Implement the selected trading strategies so that the system and the investor’s trading account use their signals to trade in the market.
Open a mirror trading account with Trade24
If you are interested in more information about the mirror trading service of Trade24 and open a Tradency Autotrade account, please access the company website through the following link.