Hey,
I opened a Mirror Trader demo account with AVA FX.
So far the results are pretty good. (I only opened it 3 days ago, so I have to see how it works in the long run).
I selected the 3 strategies that were on top of the list and I’m “joining” live signals when the graph looks good. I’m sure I got a lot to learn, but for now I just want to see how it works…
Is anyone using Mirror Trader? Any useful tips that can help me with it?
I would really love to hear from someone who has real trading expereince with Mirror Trader
I signed up to be a strategy provider on the Mirror Trader platform.
At the moment I’m still on my test period but as they told me, I am getting a commission for each live trade I made and was executed on a live client portfolio.
Hi BestTrader,
You can take a look at Tradency’s website, they have an article there about the ranking system (The article is called “What is the T-score?”) - I can’t post links yet, cause I’m new in the forum, but just look for articles in Tradency’s site.
I just opened a live account with the Mirror Trader with FXCM after using demos for 2 months. the demo account was profitable so I decided to open a live.
I have my live account operating for 2 weeks now and same as on my demo, it shows nice performance. I am using the Tscore ranking to select the strategies since I don’t know much about selecting systems.I chose 2 strategies and it works fine for now. does anyone have more tips?
Hi Ariel2608,
I also opened my live account yesterday. For now I only use automatic mode, but I plan to start using the live signals too.
these are my guidelines for selecting strategies:
(I use the custome filter)
Time frame: Last 90 days
T-Score: > 9
Win %: > 90%
Max DD: 0-(-200)
For now I got 3 stratergies when I used the filtering option.
I added them all to my portfolio.
I plan to check my account on a daily basis and see if I need to change anything.
Wish me luck
It would be pretty cool if you let me know how things are working for you…
I think it s an awesome platform, and the trades aren t going too bad. I just pick the top rated and am quite happy. Avafx.com are good brokers, worth a try!
I opened a tradency account through FXCM with £75 and am up 30% at the end of the first week. I found it useful to take some of the mirrors and then placed some manuals on GBP/USD as well. Strange to have this business going on without you and takes a bit getting used to but I am finding it educational and it definitely takes a lot of the emotional issues away for me. I like it! FXCM does not charge extra for the service. Runs like a normally trading acc, deposit and withdrawal on the same customer profile.
There is a reason why this thread has died, it’s because all the traders here that used mirror trading or copy trading lost all their money. If you really made 30% it means you were over-leveraged, if you value your money take it out now before your account will blow. You can’t over-leverage and profit all the time.
Mirror trading will blow your account up eventually when the person you are following wakes us on the wrong side in the morning and starts to randomly trade. If you value your money stay away from mirror trading.
Hi, I did take it out as it happens but I don’t understand the problem here. I was using 1 and 2k trades, this wasn’t too dangerous yet I still made good profit in a week. Are you really suggesting that this strategy couldn’t work on 10k trades? Seems to me the only issue is keeping a level head and setting strict stops. It’s called a mirror platform but actually I was using popular suggested strategies.
I just started testing it. Don’t make the mistake I did. I loaded 2 strategys with the same pair. Now I have a short position and a long position opened 10 pips apart on the same pair…oops!
I have still doubts about mirror trader and similar solutions. It lacks transparency. The specification of strategy is usually not available therefore it is difficult for me to trust it. And finally you can find a lot of bad reviews on it just by googling.
