Hi everyone!
I’m a dedicated Tradingview user who is interested in possibly establishing a prop firm account. The problem is that prop firms don’t accommodate trading directly from Tradingview.
I recently learned from 2 different sources that traders can establish a demo account with broker/dealer, and then arrange it so that the trades effected on the demo account through Tradingview are duplicated on the specified live prop firm accounts. I’ve pasted 2 videos about this set-up below for your review. I confirmed with my desired prop firm that they do indeed authorize this practice, so long as the trades copied don’t exceed the account allocation in the prop firm account.
Questions for you:
1. Security: The trade copying service will ostensibly have the login for my prop firm account. Is this something I need be concerned about? The prop firm isn’t concerned.
2. Corresponding Forex Pairs: On the monthly time frame, the pairs that I work with on the various dealer exchanges are the same on other deal exchanges. But of course the prices will vary when you get into the lower time frames. I’m a swing trader; I enter on the 1-hour time frame. Need I be concerned about a material difference between the forex pairs as reflected on the parent demo account vs. the child prop firm account?
3. Latency: I’ve gathered that this is an issue for scalpers, and for this reason trade copying isn’t recommended for such low time frames. Any thoughts on whether this will be an issue on the 1H time frame? Leaving aside the obvious and ever-present thread of volatility and spikes?
Video Example: The Funded Trader
Video Example: Paladin
This would worry me. Where’s the trade copy company based?
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There are quite a few such firms, located in various jurisdictions. But my question is more general. Hoping to hear from folks who’ve used such services, as this is all new to me : )
For myself I will not dream of trying to do it this way. For myself it will be a disaster for sure. Anything technical that can go badly, for me will go badly.
You may wish to consider Lux because they do. Also their general reputation is good and they give real accounts, not demo, when you pass. I am considering them for next year.
My two prop firm funded friends told me that in addition to Lux, with all the many prop firms who permit the Tradovate platform, you may instead use Tradingview easily by connecting this to Tradovate and trading direct from Tradingview. I hope it is helpful for you.
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Many thanks for chiming in : )
Unfortunately, Lux doesn’t allow its funded traders to operate their trades directly through Tradingview. Instead, they licensed Tradingview’s software to set up their own platform.
I was initially interested in Lux for this reason, until I tested their Tradingview-based platform and learned that it’s missing some critical features of Tradingview. See details below from my assessment notes. I hope that assessment is useful to folks who are interested in Lux.
Otherwise, I’d be grateful to hear from folks who actually used trade copiers : )
1. Historical Candle Data: They present candles going back only to 2019. This is true for all their pairs. So there’s no way for me to produce a useful monthly or weekly chart on the higher time frame. This point is a deal breaker for me, as I swing trade. They say this is a limitation of their liquidity provider. They also say they’re soon getting another liquidity provider this weekend, who may provide more data. Time will tell.
2. Alerts: Alerts aren’t available on their platform. I need alerts for key levels, alerts to trail my stops/take profit, and alerts for engulfing candles. The absence of alerts isn’t critical; but it makes things harder to track without them. At least for me.
3. Long Position Tool / Short Position Tool: These tools exist, but the trader can’t open a position using them. Entries must be conducted through the order window. I never once used that thing. The tools make it so much easier.
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Also very interested now to hear from people who use trade copy services! I feel like I see people asking about them all the time but haven’t really heard of a “real” person using it. There are a lot of people here I feel like who are pretending to be regular folks but are shilling services.
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Ugg. That would be terrible…
In most cases for me, someone comes along with a wealth of firsthand experience. But sometimes I strike out.
Which other forums do you also frequent?
The Tradingview reddit, and an Elliott wave group on Facebook.
I am in the testing stage. We ( You and I ) have been trading Forex a number of years now. I have occasionally used a Forex signal service that I… TRUST…and has proven Reliable. May 2023 I bought a Telegram to Mt4 Copier that sends Forex Signals directly to Broker… and MT4 platform.
I been using off and on . Currently running 3… YES… 3 LIVE $10,000 FTMO Accounts.
I paused the trades until January 3rd …
Is it a True trade copy service…It’s as close as trade copying I am going to do… I don’t trust those service’s.
tabiuslee
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Many thanks for chiming in, and best wishes to you and yours : )
Are they back up now? How are they doing?
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If I would just let them run they would be fine and be hands off. Hard for a scalper. Just need to be patient