How do I copy trades when I already have signals
What are you trying to do?
What exactly are you interested in? Are you looking for the solution to execute the trades in accordance with the signals provided by someone?
There are two types of singals depending on the form they are provided in:
- text singals - just a message like “long XAUUSD” or something like that. Using such signals you will have to decide yourself whether to open a position or not each time recieving a new signal. You should also have access to the platform to be able to place an order.
- automated signals - your system (platform) recieves the singal and automatically executes it. In fact, it just places the same order as placed by your signals provider. In this case you will no longer need to watch for the signals and stay online to be able to use them. At the same time, you also wouldn`t be able to decide on each particular situation.
There are special tools for copying trades and executing signals provided. For example, there is a special software called Forex Copier that could either duplicate trades between several accounts or recieve the signals from the provider (depending on particular version). Using software you will have additional flexibility - it allows you to set additional execution rules, such as position size, or maximum loss per trade. It is important since the provider could have large account so you will need to calculate the proper position size based on funds available.
Another important point is that you should check the performance of your provided first. For this purpose, you can connect your demo account to the provider and watch for the results at least for a few weeks. It will give you enough information to decide whether to work with this signals provider or not.