As trading in Forex is becoming more
popular, The most up to date Forex trade copier are now something of an essential tool, rather than
a mere trick. With numerous companies providing software, it has now become essential
that all the options are covered, and while some features are typical and can
be found on all such software others might be unique to a certain package. The
key to an effective trade copier software is automation, but there is a lot
more besides that needs to be taken into consideration.
As a rapid moving and unpredictable market
the Forex world can be challenging to keep on leading. The major advantage of
an automated copier software depends on its ability to respond extremely quickly;
instantaneous copying of trades to or from master accounts to slave accounts is
the name of the game, and with easy to run software application ,straight
forward installation and established programs traders or account managers can
be on the ball in no time at all. Let’s have a closer look at exactly what you should
look for when thinking about trade copier software, and why you need it.
a Trade Copier Software
As the most popular trading platform all software
will undoubtedly make use of MT4, and any that do not use MT4 must be avoided.
It should also be made certain, that the software runs on older versions of
MT4, and that it includes warranties of upgrades to newer versions as they
appear. With this basic necessity apart, we shall move on to some more in-depth
factors to consider.
Ease of use is one of the main selling points
of trade copier software, and with automated systems there should be little work to get things underway. Simple
installation and instructions makes things difficult for the customer, and also
instils confidence in the overall ability of the system itself. The flexibility
of the package additionally needs to be
taken into consideration : the software should have the ability to copy trades
to several different accounts, enabling better trade capture and more effective
operation. The parameters involved in tuning the software to the customer’s
requirements is also worthy of factor to
For example the best trade copier software will
permit reverse trading options : this means that the customer could rely on
something other than the most basic of duplicated trades. By reverse trading – selling
when the trade is a buy, or vice versa it is possible to capture losing trades
and transform them in to profits, adding flexibility to the software.
difference between Local and Remote Trade Copier Software.
Trade Copier Software is available in many forms,
and hence very established systems perform complex programs, it is important that
customers understand the differences. Local trade copier software is a highly
effective option that is used to trade on Forex by many traders, and is largely
intended| for trading between account managers and several different accounts,
as well as by retail traders who want to trade with many different brokers.
This opens up the opportunity for a higher amount of trades, and also for less
restricted operations. Generally local software operates on a local network.
This kind of software is very popular and there are many different versions on the
Remote trade copier software offers a
fully-automated solution that can enable trades in between various accounts,
but from a remote server or device. This type of package is becoming extremely popular|
as the |conventional methods of trading are replaced by a lot more advanced and
highly-developed methods, and can enable instant copying, high speed trading
and an easier life for the trader who prefers to make use of the system.
Points to Consider
Each trade copier software will include
certain features that are meant to make it stand out from the crowd. Some of
these will, inevitably, be of more use compared to others, and some can make a
huge difference to the way a package meets specific requirements. We find that
the most effective software is one that can be customized in as many ways as
possible to the requirements of the customer. For example, while the system may
be fully automated it does – similar to all software – user need to know where
to begin, and where its limits lie.
Forex trading depends on establishing
certain parameters, and a good software will certainl allow for thorough control
of the data used to determine the profit and loss quit levels, in addition to
many other factors that can an effect on the potential results. Also important a
way of determining which currency pairs are to be traded, and which needs to be
left alone. This can be extremely useful in a market where certain currencies guarantee
more stable results compared to others. A number of brokers, although already
stated, is also a must-have feature of the most efficient Forex trade copier
software, as is the ability to copy trades both ways to and from several
Do You Need trade copier software?
If you want to make trading as simple and
effective as possible then the purchase of trade copier software is a must, and
one that must be part of every trader’s
armory. There are many to choose from but there are some that are more popular
than others and it is these that have the tendency to have the much better
packages. Budget will also play a part in the decision, but with something so beneficial
and essentially important to successful Forex trading it is worth putting a
good percentage of a towards purchasing well-tried, proven and tested software.
With full automation an easy to use package
can virtually be left to run on its own, with the manager checking on a regular
basis what trades have actually been copied and made. The money spent on the
software will, if it is used correctly, be recovered in terms of better trading
in a short time, proving the worth of the software and the investment made.
The most popular TradeCopiers:
1. PowerTradeCopier – MT4 to MT4, MT4 to JForex, MT4 to Currenex, ADSS, LMax, IB, HotForex, MIG Bank, Fortex (Marex), CitiFX, SwissCode…. Local and via Internet. Latency =0 Do not need to run MT4 terminals!
2. MT4 to MT5 Trade Copier -Copy orders from MT4 terminals to MT5 Terminals
3. MT5 to MT4 Trade Copier -Copy orders from MT5 terminals to MT5 Terminals
4. MT5 to MT5 Trade Copier – Copy orders from MT5 terminals to MT5 Terminals