A trade copier is basically used to copy trades of other successful traders. It is a software package that is believed to make trading simple and easier. This software is custom made to fulfill the needs of an individual trader and serve as Expert Advisor (EA); and can be used on a MetaTrader 4 (MT4) platform. There are many copy software on the market; however, they differ in terms of features and functionality. Just like any other product, the price determines what you get. If you don’t want to paythe high price ensure that you find a tried and tested program.
There are three things a copy trader will allow you to do and here they are:
View the Activities of Other Traders
The trade copier ea help you to see what other professional traders are doing in the market. This is particularly important for novice traders. You will be able to watch the movements in the market and be able to make the necessary movements. From these activities you can expand or build your trading portfolio based on the market performances you witness.
Follow the Leading Traders
The trade copier ea allows you to analyze trading history, trading styles, win ratios and charts. You will be able to watch all the moves expert traders make, you will know which currencies they are trading and when. Through this program you will be able to use the experiences of others to determine what could work best for you. If you find a trader you prefer, you can follow that trader and let him/her make future investments for you.
Copy the Trading Strategies and Activities of Others
After you selected the successful traders you want to follow, you can monitor them as they trade. As you monitor them you may find a strategy you like that you can copy and use it to profit. The trade copier also gives you an opportunity to invest in your favorite leading traders and profit from them, while you make profits from your individual trades.
The MT4 trade copier was never meant for novice traders only. Advanced traders can use it to expand their knowledge. It can also be a safe way to see if other trading styles are profitable. In a nutshell the MT4 trade copier can teach you how to trade like a professional, automate your trades and relieve the emotional stress that is often associated with trading.
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