Mirror Trader Review

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Want to be Able to Trade with Just a Few Clicks? Read our Mirror Trader Review.

Tradency is the name behind Mirror Trader, a very user-friendly Forex platform for trading live signals. It is possible to mirror the trades of selected signals providers either on a manual, semi-automatic, or automatic basis. Originally, it was only possible to trade foreign currencies, but Mirror Trader has added CFDs to the menu, as well as releasing a mobile trading app.

Tradency is a trading software company that has no direct involvement with traders, but its Mirror Trader platform is available from a wide range of brokers. There are a number of other trading platforms better known than Mirror Trader, but we felt it was definitely worth a look.

With Mirror Trader Forex brokers, trading can be fully automated.

By far the most popular feature offered by Mirror Trader is its option that allows traders to trade the markets automatically. Using the platform is simple, and only requires a few clicks on the Strategies and Portfolio tabs. You can filter the results using the preset options or create your own. It is easy to see profit and loss curves of different signals providers, but there is also an option to dig a little deeper, with historical data that allows a trader to glimpse into the strategy of a particular signal provider. The number of providers is a little more limited than with other better-known platforms, but should suffice for most traders.

You get the option to choose semi-automated trading with Mirror Trader.

For traders who would prefer not to leave all their trading decisions in the lap of a machine, there is a semi-automated option with Mirror Trader. Fully automated trading means you don’t have to watch the markets at all, or even keep the platform open, which for some can be a little unnerving. Semi-automated trading is in between this and the fully manual option, so could be considered the best of both worlds. The platform has to be kept open, or a profitable trade could be missed; but if a trader spots a trade they particularly like they have to option of copying it and closing the trade, or waiting until the provider closes the position instead.

For those who prefer a hands-on approach, Mirror Trader also offers manual trading.

Manual traders tend to prefer the big names such as MetaTrader 4, but they’re missing something if they’re not willing to try Mirror Trader. It has some very good built-in features, and its user-friendly platform is easy to get to grips with.

Are there any benefits to using a Mirror Trader Forex broker?

A trader is assured of the utmost transparency when choosing a Mirror Trader Forex broker. Historical trade data and all current trades are clearly visible for everyone to see. It is possible to manage individual copied strategies as well as set different risk levels. With the Mirror Trader platform, a trader gets full control 24 hours a day, and is able to close open trades any time of the day or night. We are pleased to let you know that there is generally a demo account available, and we would advise anyone thinking of using Mirror Trader to sign up for this first. It’s always a bonus to be able to try things for free, and see whether the way it works suits you. And if it’s not going to cost anything, what is there to lose.

Moving on now to the disadvantages – because as is usually the case there are going to be some – the downside is that the Mirror Trader does not allow traders to interact with the signal providers or other traders, which after all is a big part of social trading. For investors who choose to use Mirror Trader, there are also a number of Forex brokers who choose to add a little extra commission to the trades. Another disadvantage is that strategy providers do not need to do their trading with a live account, which, as you all know, can lead to unreal figures. The figures for drawdown are only calculated on closed trades as opposed to including open positions, which could make the figures irrelevant depending on the strategy.

Is mirror trading a good strategy?

There’s no denying it has become a very popular way for certain traders to participate in Forex trading, but it’s not going to suit everyone. It can be a great way for beginners to start trading and gain some vital experience. Following what the experts are doing and realising why they are doing it is only going to help develop a trader’s own strategy. It will also give you a feel for the market, and make you more confident in making decisions in the future.

Can a trader be successful with Mirror Trader?

Well, that’s a million-dollar question, and one we really can’t answer completely. There are so many factors that can influence any one trader’s success; but how is success measured? Is it the amount of profit at the end of every month? or is it more a case of counting the number of successful trades? For some, success is measured by the amount of enjoyment they get from the whole experience. Whatever way it is measured isn’t just based on the choice of trading platform or the strategy that the trader chosen to follow; another important factor is the management of risk. So will Mirror Trader lead you to success? It really depends on all the other choices you get to make in your Forex trading career.

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The best advice we can give at this point is to have a good risk-management plan in place. As with any other form of investment it can go up as well as down. Devising your own risk-management plan will help you to make the right decisions, and not be afraid to pull out when you have to.

Tradency Mirror Trader Review: Account & Risk Management

When you select a strategy on Tradency which you would like to mirror and copy in your account, you can set a number of parameters which allow you to control your risk and how much you invest (see image below). These are:

  • Amount: this is the Trade Size in terms of lots you’d like to invest each time the strategy opens 1 position (i.e. per signal)
  • Add all symbols for that strategy: by default you normally only invest in the strategy/currency pair combination you select from the strategy selection screen, though you could select this to execute the strategy on all pairs
  • Max Positions: the maximum number of positions you allow to open per symbol for this strategy
  • Pause Strategy: the loss amount in monetary terms (e.g. $) at which Mirror Trader will pause the strategy in your account and open no further trades, while closing any existing open ones of this strategy
  • Stop: the maximum stop level you set for a single trade of this strategy
    (Please note that Tradency automatically applies a 300 pip stop loss level to each trade opened by a strategy unless the strategy or you apply a smaller number. This is introduced to protect your account from a worst-case-scenario, though with potentially multiple positions open your total loss may be of course higher than 300.)
  • Limit: the maximum limit level you set for a single trade of this strategy

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From our experience, these parameters give enough control to allow most investors to manage the risk for the strategies they copy in the way the want.

Tradency Mirror Trader “Add Strategy” Screen

Once you set the parameters the strategy is added to your portfolio view. At any stage you can change these risk settings from the portfolio view or delete a strategy.

Your portfolio (see image) also shows you total account balance and exposure, which is your account leverage in case all strategies open their maximum number of positions at the same time. A visual representation of your account exposure is also provided as a risk gauge from green to red.

Mirror Trader Portfolio Screen

You can monitor any trades which have been opened in your account by your selected strategy in the LIVE Chart screen (see image). At any stage you can manually close these positions or alter stop/limit levels. The History tab will display all historical trades in your account with profit and loss information.

Mirror Trader Live Chart Screen

In addition to the auto mirroring (i.e. full auto trading), Tradency’s platform also allows you to manually select the signals you want to follow (semi-automatic mirroring). You can do this from the “Live Signals” screen. This display all live signals sent from all strategy providers in Mirror Trader. With each signal you can also view information on the past 30 days performance and the number of other people mirroring the signal. You then have 30 seconds to mirror the signal (obviously the longer you wait the more chance your price will be different). Once a trade is “semi-mirrored” you can again follow it in the Live Charts screen together with your other open positions in Tradency Mirror Trader. The position will be closed when the strategy provider closes it unless you decide to close it yourself.

Tradency Mirror Trader Semi-Automatic Mirroring Screen

While “semi-automatic mirroring” is certainly an interesting additional offering by Tradency, we’re not fully convinced it’ll have a mass appeal. It requires the user to make a quick trading decision themselves (mirror or not) which is kind-off the same as trading themselves. However when the user semi-automatic mirrors the trade, the trade is managed by the strategy provider instead of themselves. Hence even though they made the decision to get into the trade, they hand over the decision to get out. We struggle with the appeal of this concept and feel most investors on social trading networks or auto trading platforms are more interested in the full mirroring or copying of traders.

Mirror Trader review scam

“You don’t need to know how it works but simply that it works” A Scam or a Legit Software?

To begin, we have to immediately draw attention to the fact that Mirror trader binary options system is a complete and utter SCAM. The founder and alleged CEO, John Harrison claims his background is in computer systems. He tells us a well-prepared story of how after leaving the military service, he registered a successful company installing office computer networks mainly for large banking corporations. Is Mirror Trader worth your time? Read this Mirror Trader review to find out all details.

Closed Website: http://mirror-trader.co/. Warning: Mirror Trader’s website might be operating but the business is closed. It is not recommened to register or signup with them as it will not be functioning account and you may lose the money because there will no withdrawals can be made.

Unrealistic profits earned by fake clients are the main concern for us here at Binary Options Tested. Including a Mark who joined the day previously and has earned just over $14,589. A statement that “I don’t have anything to sell you” is the final cherry on the SCAM cake that this actor is actually trying to get you to buy his fake Investment app and software.

Once again there is a story behind this scam to try convince you of its legitimacy. The speaker tells us that Oc3 OPTICAL CARRIER CONNECTION is unique to the software that he has discovered. In simple language they are trying to say that a fast connection will help with binary options trading. We have to tell you that these are lies upfront or else just irrelevant. Why? Well fast connections or “accessing the publicly raw data at a quicker speed” is not applicable to binary options trading at this point.

With the Mirror trader system, this John Harrison’s promotional video tells us all you have to set it to mirror trade. What a load of SCAM! The video is just a step to get you closer to signing up with your details. Another sign of this SCAM is that they explain that only twenty-one people are needed for an ‘inner circle’ who will gain free access to an auto trader. This promotional video is no doubt for the hundreds that will watch it. It is clear to us and should be also to you that this is just a strategy to make you feel the need to sign up quickly.

They also have app for

Broker Min Deposit Welcome Bonus Rating
$ 50 Check Website ★★★★
Mirror Trader info check:

This is the last information we had received with from this website.
Website badges Fake
Testimonials Fake
Possibility of scam High
Details:
Starting Balance 250($€£) or major currency
Realistic profits No
Get rich quick scheme Yes
Compatible Brokers Option Bit

Warning: Mirror Trader’s website might be operating but the business is closed. It is not recommened to register or signup with them as it will not be functioning account and you may lose the money because there will no withdrawals can be made.

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