MirrorTrader Platform Review

Tradency MirrorTrader Platform's Review

The MirrorTrader platform offers both manual and automated trading, providing traders with a wide range of strategies and trading options. According to its developer, Tradency, MirrorTrader is built on a "Trade-by-Knowledge" concept. Currently, 33 Forex brokers accept signals from MirrorTrader.

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MirrorTrader: Three Types of Trading Styles Available

1. Automatic Trading (Mirroring)

   Trades are executed automatically based on the trader’s pre-selected strategies. MirrorTrader handles the execution without manual intervention.

2. Manual Trading

   Traders execute trades using tools such as indicators, charting tools, and chart studies.

3. Semi-Automatic Trading (Mirroring)

   This mode combines trader judgment with automated execution. Traders choose specific signals to mirror to their accounts, based on their own assessments.

A demo account is available. The practice account closely replicates a live account and, according to Tradency, offers the same level of functionality.

MirrorTrader Platform's Basic Characteristics

1. Three available trading styles: Automatic, Semi-Automatic, and Manual

2. Popular trading tools are available, including indicators, charts, oscillators, market sentiment data, and live rates

3. Numerous strategy developers worldwide are designing real-time signals for MirrorTrader™

4. Special features include live signals and strategies, market trends, and in-depth analysis

5. Portfolio risk management is available—MirrorTrader offers full control over portfolio risk using predefined stop orders

Mirror Trading Concept

Mirror Trading® is the core mechanism of Tradency’s MirrorTrader. The concept is simple and similar to other signal-based trading platforms like ZuluTrade. Tradency’s main servers provide buy and sell signals from various strategy designers. Traders can view and evaluate these signals, then choose to copy and execute them in their own accounts.

Key Features

1. Live Charts

   Live charts are available for all Forex pairs. Traders can select different chart types, zoom levels, and time frames.

2. Live Signals

   Buy and sell signals can be executed directly or used as part of a broader trading analysis.

3. Chart Analysis

   Indicators, oscillators, and chart studies are readily available. Supported chart types include Line, Candlestick, and OHLC.

4. Strategy Filters

   Custom filters help identify suitable strategies based on trader-defined criteria.

5. Strategy Performance

   A detailed summary of the selected strategy's performance is available.

6. T-Score

   T-Score is a scoring system (from 1 to 10) that measures each strategy's momentum and stability.

7. Watch List

   The watch list provides quick access to pre-selected strategies. Strategies can be monitored before being added to a trading portfolio.

8. Risk Management

   Risk management is crucial in financial trading. MirrorTrader gives traders full control over portfolio risk. An approximate loss limit can be set per strategy, and automatic stop options are available.

9. Exposure Meter

   The Exposure Meter visualizes the total leverage of a portfolio if all strategies reach their maximum open positions. It is measured on a 0–100 scale, with a red alert zone between 80–100.

   Calculation: Exposure Meter = [Sum (Amount (k) × Max Positions)] / Account Balance

Automatic Order Execution

Trades can be executed with a single click using the Mirror button. This action opens a new window where traders define:

a) Trade Size (in amount K)

b) Stop-Loss value

c) Take-Profit value

Once confirmed, the new trade appears in the “Open Positions” field.

» Visit Tradency MirrorTrader

■ Tradency MirrorTrader Review

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