Greg Hay
Greg Hay

Meeting your investment objectives with the Mirror Trading concept

Mirror trading is a relatively new method in automated trading that enables traders to ‘mirror’ strategies developed by experienced Forex traders which can help them improve their trading performance and meet their investment objectives. Greg Hay, co founder of Tradency, a company offering Mirror trading, outlines how by using the mirror trading technology, traders can copy or track trades from 3rd party traders, which can be system developers, manual traders or financial institutions.

First Published: e-Forex Magazine 43 / Traders Workshop / April, 2011

The concept is quite simple: Tradency servers keep track of all the strategy developers’ buy and sell signals. By using the Mirror Trader platform, end users can view, analyse and evaluate systems from a substantial suite of trading systems. The trader is then able to select strategies that suit his personal trading preferences, such as risk tolerance, trading style or currency pair. Once a strategy has been selected, all the signals from that strategy will be automatically executed on the client’s brokerage account. No intervention is required by the client as all the account activity is controlled by the platform. Although signal management is completely automated, the client has the ability to intervene on the trade if they choose to do so. Clients may trade one or more strategies concurrently as the Mirror Trader is capable of handling trade executions on multiple strategies in the same account. This flexibility enables traders to diversify their risk while maintaining complete trading...continued

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