Social trading with the SIRIX platform

SIRIX

The SIRIX WebTrader social trading platform provides instant access to global financial market trading (forex and CFD) and a social network of traders. You don't need to download any software, the HTML5-coded trading terminal is accessible from any device (web browser, mobile phone or tablet).

To use the platform, you must open a trading account with a SIRIX partner broker. We recommend the GKFX brokerage, which launched social trading and mirror trading in 2014. GKFX Financial Services Ltd. is a global market maker that is based in London and regulated by key global regulators including the United Kingdom’s FCA, the JFSA (Japan) and other local regulatory agencies.

In this article, we will only discuss the social trading features of the SIRIX platform.

 

SIRIX webtrader

The platform has a social trading feature that allows you to see other traders' trades in real-time. However, the available social trading features are rather superficial because you cannot easily perform an in-depth analysis of the other members' trading performances. You can only view the last 100 trades placed by other traders (in addition to pending orders) are visible in the social feed, and each trader's profile page only displays the last 12 trades. It is therefore impossible to accurately assess the quality of the other traders.

The SIRIX platform also provides you with information on general trader sentiment, real-time charts and technical indicators to help you perform your own analysis. Trades initiated on the SIRIX platform are automatically linked to your MetaTrader 4 account, so you can use both platforms at the same time.

SIRIX trading platform

 

Finding traders

The search window allows you to find traders that meet your requirements, so that you can monitor them and copy their trades. You can filter the list according to their profit/loss ratio, their success rate and their level of risk over a specific period of time.

SIRIX trader search

 

Trader profiles

Members of the community can view other members' profiles. Simply click on a trader's avatar to see his profile.

Each profile page displays:

  • The trader's last 12 transactions.
  • A "watch" button to add this trader to the social feed you are following.
  • A "copy" button to activate the automatic mirror trading.
  • A weekly profit and loss chart.
  • A risk indicator that is calculated according to the open and closed positions and the portfolio's volatility.
  • Each trader can add a short paragraph to describe his strategy and profile.

SIRIX trader profile

 

Automatic copying of a trader (Mirror trading)

To automatically copy all of a trader's trades (mirror trading), click on the "copy" button on their profile page. Two mirror trading methods are available:

  • Allocate an amount that will be managed by the trader. The position sizes will be proportional to the size of the trader's positions. For example, if the trader initiates a 1-lot trade with his €10,000 account and your allocation is €1,000, the size of your position will be 0.10 lots.
  • Copy the trader's positions with a fixed lot size.

Sirix Trading miroir

 

Manual trade copying using the social feed

Thanks to SIRIX's social feed, you can manually copy the trades of other traders. When a trader validates an order to buy or sell, a copy button appears in the social feed. You can therefore click on the button to bring up a window that allows you to copy the trade and define the settings of the trade (number of lots, SL, TP). Every trade that you copy must also be closed manually.

When you copy a trade, the trade's risk/reward ratio may differ from the original order due to the time lag between the confirmation of the original trade and the confirmation of the copied trade.

Sirix Top Traders

 

The analysis tab

The analysis tab allows you to view trading statistics and a performance summary covering several periods (1m, 3m, 6m, 1yr). The page displays:

  • The number of days the trading system has been running.
  • The success rate (in %) during the selected period.
  • The average daily profit or loss.
  • The average monthly profit or loss.
  • The maximum loss (drawdown), expressed as a percentage.
  • The best trade.
  • The worst trade.
  • The level of risk.
  • A profit and loss chart covering the requested period.

Sirix analysis

 

Community tab

The community tab displays the investors who follow the trader and those that the trader follows.

SIRIX friends

 

Position tab

The position tab provides information on the trades opened and closed by the trader.

Sirix positions

 

Trend indicator

The trend indicator provides information on traders' positions.

  • Popularity: displays the percentage of forex traders who initiated a trade on the currency pair.
  • Trend: indicates the percentage of long positions (buys) and short positions (sells).

Sirix trend indicators

 

Conclusion

The SIRIX trading platform allows you to see members' trading activity in real time, but the social trading features are very limited compared with competing platforms. It is not possible to analyse the full history of a specific trader because their profile page only shows their last 12 trades. The trend indicator (trader sentiment) may be useful to beginning traders, but it cannot be used to make trading decisions on its own.

The social features are not very advanced, but the SIRIX platform can be a good starting point for beginning traders since they have access to a few tools that will help them learn trading faster through the observation of other network members' trades.

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