Tradency Mirror Trader: account and risk management

When you select a strategy that you want to copy into your account, you can define a certain number of parameters to control your risk and the amount you invest (see image below):

• Amount: the size of a lot every time the strategy initiates a trade
• Add all symbols for that strategy: by default, the strategy uses the currency pair that you selected, but you can enable this option to run the strategy on all currency pairs
• Max positions: the maximum number of positions per symbol for this strategy
• Pause strategy: the maximum loss that is allowed in monetary terms (ex: dollars). When the limit is reached, Tradency's Mirror Trader pauses the strategy and closes all open trades.
• Stop: the maximum stop loss level that you allow for a trade. Tradency automatically applies a 300-pip stop loss level on each trade, but with several positions open the total loss can be greater than 300 pips.
• Limit: the maximum level at which profits will be taken

In our experience, these parameters provide good control over risk management.

Your portfolio will show you the total account balance and exposure with a leverage indicator in the event that the maximum number of positions is open at the same time. A visual representation (Exposure Meter) also displays your account's exposure.

Open trades are displayed in the live graphic display. You can manually close these positions or change stops/limit levels at any time. The history tab displays all past trades with information on profits and losses.

In addition to automatic mirror trading, the Tradency platform allows you to manually select the signals that you want to follow (semi-automatic mirror trading). You can do this from the "live signals" screen. This screen displays the signals sent by all of the Mirror Trader strategy providers. For each signal, you can view past performance information (from the last 30 days) and the number of people who follow the signal provider. You then have 30 seconds to copy the signal (if you wait too long, the resulting price may be different). The position will be closed when the strategy provider closes the trade, unless you decide to close it yourself. (Click here to open a Tradency demo account)