What are trade copiers or account copiers, when are they used, and what are they used for? A trade copier is a software product that allows the user to copy orders from one trade terminal (e.g., an MT4 terminal) to another trade terminal (e.g., another MT4 terminal). A account copier can also copy orders from an MT4 terminal to an MT5 terminal or vice versa; equally, it can copy orders from cTrader to an MT4 terminal, or perhaps from an MT4 terminal to FIX API accounts.
Why would a trader need a trade copier?
First, trade copiers come in useful for traders who have multiple accounts or who manage funds on behalf of others. When multiple brokers are used, the trader will only be able to use the trader’s MultiTerminal to manage the accounts at a certain broker. It is also impossible to use expert advisors. This is a serious limitation, and the trader might try to overcome it by setting up an expert advisor on a hundred different terminals, which will distract the trader and overload the server, possibly leading to serious trading errors. A trader needs to be able to manage all the accounts from one place. Trade copiers make that possible.
Trade copiers are also used when a trader happens to have the investor password to a profitable trading strategy. In this case, a trade copier will help the trader use the investor login and password in order to copy orders from that account to the trader’s own real account, mimicking the profitability of the investor who owns the credentials.
Trade copiers can also be used by those in the business of selling signals that should work automatically on clients’ platforms. Our own trade copier allows a signal merchant to have the master part on the merchant’s computer and the slave part on the computer of each client; this makes it possible for the client to enter all the credentials independently of the merchant, without having to worry about the possibility of the master side obtaining the client’s credentials when the signals are supplied. This kind of copier is called “provider mode”, and it allows clients to enter their credentials on their end.
Yet another use of trade copiers involves copying orders from contests organized by brokers. Additionally, brokers often provide investor passwords. Some traders use copiers in reverse mode. Reverse mode allows the trader to, say, send a buy order from the master terminal and a sell order from the slave terminal. There are two scenarios in which reverse mode might be used. The first scenario typically involves a trader who is hedging his risks (or a broker doing the same). In the second scenario, a trader with a loss-making strategy attempts to reverse it. In my opinion, such attempts are utopian, but they exist nonetheless.
Finally, trade copiers are used to improve trading strategies. If you have an investor password to some account, you can make that account your master account, and then use a trade copier in a slave account to improve the strategy by employing such tactics as copying with a small drawdown, changing the stop-loss/take-profit parameters, or using concealed orders (i.e., filling limit orders as market orders).
I can talk at length about the many uses of trade copiers. Typically, traders who use trade copiers know what they want to achieve; and there is a wide variety of trade copiers to choose from. In my view, there are two problems with trade copiers. The first problem is that a trade copier will introduce delays into your trading. Trade copying is done online and is therefore subject to delays. The second problem is that if you work with many accounts, you’ll need a very powerful server. Also, MetaQuotes limits the number of terminals that can be used on a single server, which also causes problems.
What kind of copier do we offer
Our company offers a trade copier along with the ability to run terminals on our servers. This is an ultra-latency trade copier that is based on PowerTradeCopier, but has one distinguishing trait: we launch terminals on our remote servers that have unlimited CPU and memory resources, and that are chosen based on proximity to your broker’s server.
For example, if your slave broker’s server is located in the UK, we will run our terminals in the UK as well, with minimal pings and minimal delays for copying. If the broker’s server is in New York, we will use servers in New York in order to run the slave terminals.
This kind of copying is the most rapid one presently available and can also be used for copying scalping strategies. While I don’t believe that arbitrate strategies can be copied the same way, it can certainly be attempted.
We installed Latency Arbitrage software to account 1 and added this account to PowerTradeCopier as a master account and account 2 was added as a slave account.
Account 1 Master account
Account 2 Slave Account
Also, this approach does not overload your server, since it is only used for your parameters, while the terminals are run on our end.
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