Mirror Trader is the name of the platform that has been developed by a similar sounding company, namely Tradency. As the name suggests, Mirror Trader provides a platform where traders can engage in mirror trading or copy trading, which is also otherwise known as social trading.
In this form of trading, you basically look at what other successful traders are doing, and you copy them – hence the name mirror trading. The platform Mirror Trader was founded in 2010, while the parent company has been offering its services since the year 2005.
Many forex brokers support the trading platform Mirror Trader. In fact, it is interesting to note that this platform was a major and key player in turning mirror trading and social trading into serious forex trading strategies as they stand today.
An Overall Understanding of Mirror Trader
Mirror Trader is a trading platform that offers numerous useful and beneficial tools and functionalities to its users. These include tools for charting and providing valuable signals to traders. In addition to many indicators such as oscillators and also many previous tools for copy trading.
Of course there is a truly distinguishing feature of this trading platform. The reason it is named Mirror Trader is because it mainly employs this form of trading. Mirror Trader has a large arsenal of strategies and tools related to mirror trading. This means it has a long record of various strategies implemented by successful traders.
So when you use Mirror Trader you will be able to go through all these different strategies and see which one is fitting best to your conditions.
Why Use Mirror Trader?
We will subsequently discuss the advantages of Mirror Trader in the following sections, but now let us look at the major reason why traders would choose to use Mirror Trader.
As mentioned above, the specialty of Mirror Trader is that it is perfect for mirror trading or copy trading. This is the competitive edge and the winning card that this trading platform can provide traders. And truly it doesn’t matter how much experience you have as a trader.
Naturally, if you are a novice trader, then mirror trading would have its natural allures for you. you do not have to go over all the challenges and difficulties of coming up with your own trading approach and strategy. You can simply look at the strategies that are employed by other successful and experienced traders and use them instead.
However, even if you are experienced yourself, you can still benefit from mirror trading. You can use the experience and knowledge of other seasoned traders as evident in the strategies that they use and hone your own trading strategy.
So no matter how much experience you have, mirror trading can save time for you and all the hassle related to developing a trading strategy. Mirror trading is also regarded as a proper passive income strategy.
Design and Interface of Mirror Trader
When you start using any new trading platform, it might require some time for you to get to know different aspects of the platform and actually get used to it.
But the advantage of Mirror Trader is that it has a simple and easy to understand user interface.
In addition to that, the charts that are generated by this trading platform are not unnecessarily cluttered. They are neat and simple so that the user is not intimidated by the complexity of the chart.
Mirror Trader Offering Different Trading Modes
There is another aspect of Mirror Trader that is not necessarily unique and also seen with other trading platforms. This feature is that Mirror Trader offers three different trading modes.
These three different trading modes are automatic trading, semi-automatic trading, and manual trading. Naturally, as it can be surmised from the names, automatic trading is the method in which the trader does not have to carry out any part of the trading process.
The second mode, being semi-automatic trading, is a trading mode in which in addition to automatic processes that are involved in trading, including data analysis and signal specification, the trader has the authority to execute the trade or not.
And of course the last mode, being manual trading, will put all the responsibilities of trading up to the trader himself or herself.
What Brokers Support Mirror Trader?
There are some trading platforms that are only supported by a handful of brokers. And there are some other trading platforms that are supported by countless brokers.
Mirror Trader falls somewhere between these two types.
There are many brokers that support this trading platform. Among them are AvaFX and Forex.com itself.
What Are the Advantages of Mirror Trader?
There are many advantages that make Mirror Trader a truly top notch trading platform. Among them we can refer to the diversification that is available in this platform.
This means that with the help of this platform, traders will be able to trade many different financial instruments, which of course includes foreign currencies as part of the forex market.
In addition, all the data with regard to trading are quite transparent and easy to find and search through by all traders who use this platform. Traders can also use the advanced search system of this platform to find their required trading strategy.
Of course a prominent upside of this platform is the specialized feature of mirror trading that is available to all users. In addition to mirror or copy trading features, there are also advanced risk management tools and techniques available in this platform.
Also, Mirror Trader offers demo accounts to users where they will be able to engage in demo trading to improve their skills and increase their knowledge of trading.
What Are the Disadvantages of Mirror Trader?
There are some aspects in which Mirror Trader falls short of being perfect. But we are going to discuss two major points.
First, Mirror Trader is not really known for its responsive support team. Along the same lines, the presence of the platform on social media networks is also almost nonexistent.
Second, there is a disadvantage that is rarely seen with other trading platforms. In order to offer Mirror Trader as the trading platform, most brokers will actually charge you money to do so. Something that, again, is not the case with other platforms. So if you want to use Mirror Trader with your broker, you might end up having to pay your broker for this privilege.
Mirror Trader is a trading platform offered by Tradency. This platform was launched in 2010 and is designed specially to offer services related to mirror trading and copy trading. In fact, Mirror Trader has played an important role in making mirror trading one of the most prevalent methods of trading in the forex market and other financial markets.