MirrorTrader Frequently Asked Questions
Technical questions:
Must the platform to be connected to the internet permanently? No, all trade signals are executed on remote servers, therefore it is not required that you keep your PC running for trade execution on your account. You are, however, required to connect to the internet to select your strategies and set your Money Management settings initially.
Does the Demo account have the same functionality as the LIVE version?
Yes, The Demo account has the same functionality as live account.
Can I stop my trading at any time?
Yes. You are in complete control of your account at all times. You may close all your positions and disable your portfolio, should you choose.
Strategy Questions:
Can I trade any Strategy Provider I like?
No – Mirror trading is only available with the signal providers that are listed in the “Portfolio builder” section of the platform.
How do I know which strategies to choose?
Tradency provides advanced tools to help you choose the appropriate strategies for you. Our Smart Filter helps you sort the strategies, according to your account balance and risk tolerance. This filter calculates performance data of all strategies during your selected time frame, and shows only those strategies that fit your criteria.
How long after I have chosen a strategy does it start trading?
Each strategy sends its trades based on the market conditions and the strategy's guidelines. You can look for its trading frequency under the strategy card or by its trading history. This should give you a rough estimate of its trading frequency and what to expect.
How often does T-score change?
Each time a trade closes the T-Score gets recalculated.
When I used the Smart Filter, I received results of strategies with a relatively low T-Score, what is the reason for that?
These strategies, generated by the smart filter, reflect your personal trading preferences based on the data you entered in the Smart Filter. The T-Score is an independent number indicating which strategies perform well under current market conditions. You can change the data in the Smart Filter and learn how if effects the strategies presented by the platform.
How can I learn more about specific strategies?
More detailed information about each strategy is available by clicking on the strategy name.
How do I know what stop loss a strategy provider uses, so I can calculate my risk?
Strategy providers can set stop loss for every position they open. In the open positions section you can see the stop loss and limit values of every open positions. In addition, in the strategy card, you can find the average stop loss of this strategy provider.
The platform allows you to add strategies to a “Watch list” by which you to follow the performance of your chosen strategies without any risk. Once you feel confident that you want the strategy to trade for you, it can easily be added your portfolio.
Operational questions:
Can I set the trade size with your platform? What if the strategy provider wants to buy $100k but I only want to open $10k?
The client sets the trade size for each currency pair to their requirement; the strategy provider only sends the signals and not a suggested lot size. Please note that some strategy providers can open a few positions simultaneously. For example a strategy with a Max Position of 4 may have 4 open trades at once; so if your money management is set to 10K you may actually have 4 positions of 10k open for a total of 40K.
Can I close a position, change the Stop Loss or Take profit manually myself?
Yes, you can close or modify an open position, however it may be readjusted again if a new modify order is placed by the signal provider after the client adjustment.
What happens if I change my money management settings to a Strategy while I’m holding open trades?
The open trades will not change or be affected in any way. When the next new signal is sent your adjustments will take effect.
Can I change the number of max positions?
No, the maximum number of open positions is set when the signal provider registers and is binding and permanent.
What does the ‘Exposure Meter’ indicate?
The ‘Exposure Meter’ represents the leverage of a portfolio, should all the strategies open up all their max positions simultaneously. Calculated as follows: [Sum (Amount (k)*Max Pos)]/(Account Balance). The ‘Exposure Meter’ is on a scale of 0-100; anything over 80 (red zone) is considered very excessive.
Can I use the platform for manual trading?
You can also open manual positions by clicking on the pair, on the rates display. Stops and Limits can be placed while opening the position. In addition, you may modify the Stops and Limits for any Order or Open Position.
