What is a trade copier and how is it used by forex trading professionals?
The forex trading community has become interested in the option to copy trades from one trading platform to another or from one trader to another. You can achieve this idea by using a tool called trade copier, and as the name implies copying trades from one Forex trade account (MetaTrader terminal) to another. There is unlimited potential when using this copy trading technology, individual traders or large institutes, fund managers and account managers. For example if you are a successful trader and you have a friend that just started trading and doesn’t do it very well, you can help him and copy the trades, using the simple tool of the trade copier, account managers can manage multiple accounts easier and many more options.
Sharing the success
Many signal providers that are offering subscription on monthly basis are profiting for the relatively new technology of copying trades. Trade copier in its essence allows you to copy your trades and share your success, sharing is caring but in the end you can make a lot of profit from it. If you are a successful trader who wants to share your success you can copy your trades automatically to other accounts, and share your success. Many individuals are benefiting from successful trade signal providers which are copying their trades, Important to remember signals from human traders and robot traders can be copied the same.
What is an MT4 Trade Copier?
Let me start by saying, Trust only proven to work effectively Trade copier software, many trade copiers has incompatibilities issues and incorrect trade copies. A Trade copier is a software which is installed on two MT4 accounts (master account which send the trades and order), Slave MT4 account which is receiving the trades and orders, these two account communicate all the time and synchronize all settings and data in real time (copying the trades and movements from one account to another). It is happening in real time considering the server and MT4 communications.
Two type of trade copier softwares
In this article we will look at the two main types of trade copiers which are ‘Local trade copier’ and the ‘Remote trade copier’, we will go through all of their features, differences and by the end of this article you will have a very good understanding on how these two types work and how you can work with them. Each of them serve a different purpose, many traders reading this article will find that they need only one of the trade copiers, but professional ones tend to use them both depending the purposes of their work and type of trades they make.
Local trade copier
The Local trade copier is a piece of software which is installed on the MT4 Metatrader on two different platforms. The platforms have to be hosted on the same VPS server or computer and can be used with any broker you want to work with. The software is implemented as an Expert advisor or EA and will provide synchronization and communication between the two platforms in order to copy orders, trades and signals from on to the other, they are on the same computer or VPS server.
Remote trade copier
The RTC, Remote trade copier functions as a trade copier which copy trades and information from one account to another that are not located on the same VPS server or computer and can even be in different countries, This trade copier functions the same as the local trade copier but is used for long distance copying, for example the master account can be located at England while the salve account will be located in Japan. Essentially you can have a master account that is located in one country that communicates with dozens of slave accounts that can be located all over the globe and the trades will be copied in almost near real time, these allows you to manage customer accounts for a distance and manage many accounts at once without being limited to your own server or computer.
What are the purposes of the RTC (remote trade copier) and the LTC (Local trade copier)?
The LTC, Local trade copier is best explained as software that copies trade from one platform to another while operating on the same computer or VPS. Let’s say you have an MT4 trading account on one platform and you want to replicate the trades to a second account, that is where the LTC plays its role, you can easily and automatically replicate all of your orders, pending orders and trades from one account to another without worrying about anything. The RTC is essentially doing the same as the LTC, only communicating with two different VPS servers or computers, it is copying the trades, pending orders and settings from one platform to another even if they are not located at the same the server or computer, this allows you to manage multiple accounts from a distance. This can be done in both types of Trade copiers even if they are using different account types or different brokers.
Additional settings and options that can be configured with the local copier
There are many additional features that can be configured in the LTC account that will allow you to diversify and even test different methods to increase your profit, let’s say for example you want to copy trades from a master account to a slave account using a different percentage risk, this can be achieved if you want one account to be a fast growth account which mean take greater risks when putting orders, you simply need to determine a different percentage risk value to one of the account to make it a faster growth account, this allows you to achieve different profits using two different strategies on copied orders or trades. That way you can manage different growth rates using different risk percentages but only using one main account that you input trades on. Meaning one account will use the high risk percentage and the second account will use the low risk percentage while you input orders only in one account, this can be implemented in multiple accounts, letting you do different strategies for trading using only one master accounts on multiple slave accounts.
An account manager benefits from a local copier and automatically copying trades to a handful of other terminals
Let’s say you are a successful account manager that is managing different customer accounts, your job is to make these accounts profitable, but you are overwhelmed by the need to place multiple orders in multiple accounts and in multiple brokers or platforms. The solution to this issue is easy! For example: You have multiple accounts on your server and you are using A local trade copier version, that means you are managing different accounts on different terminals all located on the same computer (the accounts of your customers) You would need to place the same or different order or trade four or five times getting in different platforms, which be not only difficult but nearly impossible, but because you have a LTC (Local trade copier) on your platform you can manage multiple accounts by trading in one account (the master account). The trade copier will automatically copy all of your orders and trades to the multiple customer accounts. As well. Think that you just made the same trade with all parameters and entry price in multiple different accounts at the same time. The trades are copied in real time speed and usually take less than a second to appear in the secondary (slave) account; this ensures you that entry prices are as close as possible to each other. You can easily set different parameters to different LTC accounts such as risk percentages or lot size. You may specify different lot size and risk values for different accounts when setting them up, these are only a few of the features you may customize when using the Trade copier.
Expanded uses for the Remote Trade Copier
The remote trade copier (RTC) is an efficient tool for any trade signal provider or account manager with different customers, The primary use of the RTC is to manage or share trades with multiple users that are located on different VPS servers or computers, it is a one in all solution for signal providers or account managers with different location customers, it provides with the same set of tools as the LTC with many other features and plugins. Let’s say you are a professional trader that publishes his trades based on subscription fee, you may use an e-mail to publish your trades, but emails are very primitive. E-mails are effective don’t get me wrong but today, with the remote trade copier service you can upgrade yourself.
What if there was a seamless solution to help copy your trades into the accounts of others who are subscribed to your trade alerts?
This is the main power of the trade copier, it is allowing you to copy trade signals with the put most efficiency, you can take a signal from one account and copy it to hundreds of accounts in under one second, are you staring to understand the power of this tool? It is now easy than ever before to build a successful business around a successful trader without any extra headaches, The RTC will be the bridge and communicate between the master account and the salve accounts.
Can a remote or local trade copier be installed on a VPS (Virtual Private Server)?
A VPS is a great tool for any trader. To put it as simple as possible, a VPS is a virtual server that stores information and is located in a Server farm, it is a virtual space allocated out of a bigger physical server and it is software based. This is a far better tool than a home computer as for most servers the uptime is much better. You MT4 and LTC will be installed on a server much like your computer, which you will gain access to using a special software, remotely from your computer or any computer, remember that the VPS is much stronger than your home computer and much safer in case there is an electric failure or internet failure. Many MT4 traders are running their platform and software on VPS servers, many of them are using Local and remote trade copiers to manage multiple accounts safely, the local trade copier can be installed and implemented on all server types and many traders already doing so. There are many companies that provide Virtual private servers and it is Okay if you know about a good provider, I will recommend this provider as I know them to be a good service provider – www.vpsforextrader.com
What if the accounts being copied to are of different size than the ‘Provider’ account?
The trade copier was designed to work freely even if you have different account types or different brokers, the Trade copier will copy trade from a $5,000 to a $250 account the same as a $5,000,000,000 account to a $5,000 according to the settings you apply, all the settings and trades will be correctly copy from the master account to the slave account no matter what are the account type. Here are some extra settings you can work with on the ‘slave account’ (the one that receive the data), using the trade copier
You can set a fixed lot size for each trade
You may set a certain percentage risk for each trade (measured according to the account size and the size of the stop loss)
Matching the same risk that is used in the ‘master’ account (the one where the trades are copied from). This is one of the most popular risk settings.
Choosing whether to trade certain currencies or whether to reject other currency pair trades.
These are just a few of the many settings available on the remote and local trade copiers.
The trade copier will do its job perfectly even if there are account differences, all according to the settings and strategy that is applied on the master account.
Do all the same charts need to be opened to receive trade signals on diferent currencies?
Essentially no. You will need to open only one chart to receive the copied trades. It is supposed to be a chart of one of the major pairs (ESDCHF, GBPUSD, AUDUSD, EURUSD, USDJPY). It doesn’t matter on what pair the TC will be installed, it will still send and receive trades of any pairs.
Can a trade copier reverse trades between two different accounts?
Yes, if you are working with a losing EA or for example you are losing money consistently, you may use a reverse strategy trade with the trade copier and make losing accounts into winning accounts, doing a reverse trade will allow you to experiment different strategies and to do the losing trades in the opposite direction making them a winning trade.
Why not just reverse a losing strategy for profit?
It is not simple as it seems, because it has to relate to the take-profit and stop loss levels, and to the spreads. When you are doing a reverse trade you are paying for the spread twice, why is that? The first account is losing two, three pips and then closing out. Those two, three pips were just the spread on the trade, since you are doing reverse trading meaning you do it backwards, you will have to pay for the trade and the spread which will lead you to have an ‘equal’ on the negative \ positive ratio. If you do have a strategy that consistently losing money and it has a large pips amount than doing a reverse trading strategy might work well and you will be able to profit from it. But remember not all poor strategies can be reversed, if you do not have the spread you need and amount of pips you’ll just mess it up. Trust me on this one, it is complicated to explain why it is not simple to just take a poor strategy and make it to a winning one, many systems are with a losing ratio just because they are paying out a lot on commissions. It might be that they have even 50% win-loss ratio, but because they are winning a small amount of pips every time the commissions are high and the profit is small.
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Each broker may use specific symbols for the tool you are trading (currency, futures, indices, metals). It could also vary between demo and real accounts.
Our copier runs on any broker and on any currency pair or non-Forex pairs.
2. Lot management
You may need specific volume if accounts have different balances. Our copier manages all of the following:
* Master’s account defines lot size to send to slaves, may not be the same as the one used
* Slave account uses the same lot size as the master’s order
* Slave account uses a fixed lot size for each order, whatever the lot size of the master’s order
* Slave account uses a variable lot size for each order, calculated regarding balance and a risk percentage, whatever the lot size of the master’s order
3. Orders management
Our copier supports all of the following:
* Each new master’s trade is replicated on slave account
* When master’s trade is updated, it is updated on slave account
* When master’s trade is closed, it is closed on slave account
* Each new master’s pending order (buy stop/limit, sell stop/limit) is replicated on slave account
* When master’s pending order is updated, it is updated on slave account
* When master’s pending order is deleted, it is deleted on slave account
* Close all orders when a specified amount of profit is reached
* Close all orders when a specified number of pips is won
4. Take Profit and Stop loss
Our copier can copy SL/TP exactly as is or be adjusted on the slave side
5. Choice of orders
If you need your Slaves to have the option not to automatically copy all Master’s trades – our copier can support the following:
* List of symbols to follow
* list of excluded symbols (these are never followed)
* Hours of trading for every day of the week. If master order is not in this range, it is not followed
* Only Buy orders
* Only Sell orders
Our copier can be adjusted to your needs, and inform Slave accounts via different alerts (send an email/mobile when opening or closing orders, when pending order is recieved, etc)
7. Account safety
Our copier provides ways to secure your slaves funds (such as not opening new orders if equity is below a defined value, or given percentage). This can be adjusted and modified.
Our copier can offer different ways for the slave to protect its funds, such as not opening new orders if equity is below a defined amount, close all orders when equity is below a given percentage of the balance, etc.
8. Trade copying process
A standard VPS server (or your local computer) can usually allow 5-10 Metatraders platform running at the same time. If you have one Master account, you’d be able to instantly copy orders to 10 slaves account with our Trade Copier application installed on one VPS (or one local computer). You may need more slaves or add trading signals to be sent all around the world.
Please specify what trade copying process you expect below.
These downloads consist of Free Metatrader MT4 and MT5 Expert advisors and Indicators which can be used with the MetaTrader Platform to further enhance your currency trading.
Free Forex Trading eBooks, MetaTrader Expert Advisors, Indicators, and Scripts
Traders utilizing these Free Downloads do so at their own risk. Care should be taken to understand the technical indicators, which currency pairs it should be used for, and which market conditions are most ideal.
Free MetaTrader Expert Advisor Downloads
Free Metatrader Trade Copier – Download the free Forex Account Copier if you need to copy trades from one MetaTrader account to another account running on the same computer.
Championship 2008 Expert Advisor – This expert advisor is the final implementation of an EA system that used in the 2008 EA Championships. It may be a profitable expert advisor if used correctly.
Double Up Expert Advisor – The expert advisor uses the combined conditions of the CCI and the MACD. It works good on a 1 min EURUSD chart. There is no stop-loss set so be careful. It can be a profitable expert advisor but needs to be monitored.
Robot Danu Expert Advisor – This Expert Advisor is based on 3_Level_ZZ_Semafor indicators. The best timeframe is M5. Buy will closed automatically if the Sell signal is already visible and Sell will be closed automatically if the buy signal was visible. EA is without a trailing stop.
Modified Stop Hunter Expert Advisor – This EA is based on the strategy ‘Stop Hunting with the Big Players’. It sends BuyStop and SellStop orders at the given Distance from the round price targets.
The Master Mind Expert Advisor – Championship Edition expert advisor from a few years back. May still be a profitable expert advisor but needs to be re-tested.
Early Top Prorate Expert Advisor – This EA is based on daily highs and lows and the relationship to each other. With three profit points, four modify points, money management, trading time and daytrade closing is this new EA very successful.
Cyberia Trader Expert Advisor – A professional expert advisor to trade on currencies with the spread of 2 points on 1-minute intervals. The following specific trading technologies. The expert can show results from 100 to 300% daily with default settings. Working with cross-currencies, automated calculation of lots for a preset exposure, etc.
Moving Average Expert Advisor -The Moving Average expert advisor for forming trade signals uses one moving average. Opening and closing of positions are performed when the moving average meets the price at the recently formed bar (bar index equals to 1). The lot size will be optimized according to a special algorithm.
Catching Gaps Expert Advisor – This expert advisor that catches the gaps, it is simple and it contains some comments. Tried in the strategy tester to find the results by yourself. I have tried it on most of the currencies and I have found it effective only on EURUSD, GBPUSD, USDCHF and AUDNZD with profit and no losses at all.
Martingail Expert Advisor – The EA opens the positions in the direction of moving of Stochastic indicator, in addition there is a heightening of positions by martingale. It is tuned for micro-Forex.
Super Forex Expert Advisor – Using RSI set with High and Low and a trailing stop, Optimize the EA once a month with the USDJPY, then test 1 year back on a daily chart only.
Price Quotes By Email Expert Advisor – Receive your quotes by email in a clean an organized way. The EA is easy to use, just need to set the desired frequency of the emails and the name of the symbols you want to add to the email.
Sweet Spots Indicator – This indicator will put up lines on a chart in whatever incrementing sizes you set.
Breakout Indicator – This indicator will show the high and low level for the period you set it to along with a buffer setting. It will also calculate the number of pips in between.
Modified Optimum Elliptic Indicator – This indicator was coded on the basis of the article “Optimal Detrending” by John F. Ehlers in Stocks & Commodities V. 18:7 (20-29). You can find all the theory described there in detail. Modified Optimum Elliptic Filter has no input parameters. A comparison of Modified Optimum Elliptic Filter with 5-period Exponential Moving Average is presented in the chart below. As you can see MOEF has lower lag and is smoother.
Free MetaTrader Script Downloads
Open Fibonacci Order Script – This is simple script which opens positions according to a Fibonacci Retracement object. OpenFiboOrder script has just one input variable â€” number of lots. The script searches for the latest Fibonacci Retracement object. Order open level is set to 1 pip over 100 fibonacci level for buy order and 1 pip under 100 fibonacci level for sell order. SL level is fixed on 0 fibonacci level. Then the script gets the first fibonacci level over 100 and sets in this place TP, so it is possible to change TP range by modification of the Fibonacci Retracement object. OpenFiboOrder calculates proper levels taking into consideration a difference between ask and bid price (spread). Just before placing order the script checks whether SL, TP and order open levels are not too close. If any error occurs, the script displays message.
Free MetaTrader Libraries
String Library– String Library provides a group of useful functions intended for working with strings. The library perfectly complement build-in functions of MetaTrader. After copying the files into corresponding directories you can include the library by adding following line to your files: #include <StringLib.mqh>
string stringReplaceAll(string str, string toFind, string toReplace) – Returns a new string resulting from replacing all occurrences of toFind in this string with toReplace.
string stringReplaceFirst(string str, string toFind, string toReplace) – Replaces the first substring of this string that matches toFind with toReplace.
void stringSplit(string& output, string input, string token) – Splits input string into output array around given token.
string stringTrim(string str) – Returns a copy of the string, with leading and trailing whitespace omitted.
bool stringStartsWith(string str, string prefix) – Tests if given string starts with the specified prefix.
bool stringEndsWith(string str, string suffix) – Tests if given string ends with the specified suffix.
string stringToLowerCase(string str) – Converts all of the characters in the given string to lower case (works only with English alphabet).
string stringToUpperCase(string str) – Converts all of the characters in the given string to upper case (works only with English alphabet).
bool stringEqualsIgnoreCase(string str1, string str2) – Compares one string to another string, ignoring case considerations (works only with English alphabet).
Forex tools are used by professional traders to automate and improve some of the steps so trades can be performed faster and easier than without the tools. Mtprogramming team has studied and checked many tools and we came to the conclusion that the best tools should appear in our website.
Our Expert advisors are the best in the market. We recommend on these EA’s because they were tested by a professional team of expert forex traders, The mtprogramming team made sure to check every robot and its performance so you’ll get only the best Forex expert advisors on the market.
U.S. Government Required Risk Disclaimer – Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.
Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree not to hold MT Programming Services responsible in any and all ways. The use of our system constitutes acceptance of this disclaimer and our user agreement.