In order to help you choose the forex strategies that best fit your profile, Tradency's Mirror Trader features a few filtering options.
You can use the filters to see: the strategies most copied by other investors over a period of time, the strategies with the most completed trades or the strategies that are followed with the most money. You can also classify them using the T-score (a Tradency scoring method).
The advanced filter allows you to select strategies according to the following criteria:
To view additional information on a strategy, simply click on its name to see this extra information:
The tools that are available on Tradency to select strategies are quite useful and the strategy history is transparent. However, we believe that some of the indicators can be misleading, especially for beginning traders. The drawdown does not take into account open positions and experienced traders know that strategies with high win ratios keep their positions open for a long time and have very risky drawdowns. We believe that the risk indicators don't really have any value due to their drawdown calculation method.
The T-score calculation method is not disclosed. However, we have managed to obtain some additional information about it, it is based - in part - on the following items:
Accordingly, the T-score is in fact solely based on completed trades. As a result, we are quite skeptical of the T-score, as it doesn't seem to hold much value. It is also unclear whether trading strategy providers are using their own money or not - this information would be a useful addition.
To summarise things, there certainly is room for improvement in terms of the strategy selection tools, even if all of the data provided by Tradency is fully transparent. Trandency offers full access to the history of open and closed trades, which is unfortunately not the case with other social trading networks. The drawdown calculation can be misleading for some strategies, but you can work with a more realistic value by exporting the historical data to Excel. (click here to open a demo account)
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