Most of you have already heard about copy trading. Well, social trading Forex is a similar modality with the same idea of duplicating orders and actions taken by a financial expert within a single mirror trading platform. In this article. We will have a closer look at how mirror trading works, what the main benefits are, and how to choose a platform to start following trading experts with no or minimal risk.

The concept emerged during the s. It quickly became extremely popular with novice users, as they no longer had to learn all the basics or dive deep into the learning process. The idea was to simplify major trading methods and approaches making them available even for those who have never used them before. The process mainly relies on the mirror platform. It is a website or broker that utilizes specific algorithms and processes to pinpoint the most successful and high-performing traders.

These traders form a pool of experts also known as signal or copy providers. When entering a platform, a beginner opens an account that is shared with the signal provider. From this moment, they are linked together. Every time a pro buys or sells an asset, you buy and sell the same asset within the same time frame. The idea is to replicate each order as well as share both profits and losses.

This is where it is crucial to choose the right expert to follow. Besides, there is a list of copy trading of mistakes newbies should stay away from.

The key advantage here is that mirror trading can prevent novice traders from making irrational decisions based rather on emotions than on a fixed trading plan. When copying experts, you can not only diversify potential risks but also gain profit right from the start with a zero learning curve. The preparation process will be less intimidating and challenging.

You will need less time to get started with more chances to keep your funds. In the face of pandemics, more and more people explore financial markets. They are getting more curious about Mirror trading Forex as well in search of new sources of remote income. Besides, they require more guarantees of success.

Modern users appear to be more cautious when it comes to their capital and ways to earn extra cash. This is where mirror trading can be a good choice considering the following advantages:. Higher Gains with Less Effort.

Getting started on the financial market requires much time for learning and practicing. So, whether you're brand new to trading or a seasoned veteran looking to join a community, Trading Society is a 'Home For Traders'.

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Managing risk in forex is absolutely crucial to consistently getting great returns. One of the best ways to manage risk within the markets is to have multiple trading accounts, across different brokers all using different levels of risk. It can be a huge headache trying to log into to multiple accounts and open positions at different sizes. This is where simultaneously opening trades on multiple MT4 account comes in handy — but how can we do it? You can open the same trades on multiple MT4 accounts by using a forex trade copier.

By setting up a trade copier on a dedicated forex vps, you will be setup within a few minutes and your trades will automatically be copied from the master account to the copier accounts with the correct risk settings. I personally had a huge amount of trouble trying to figure out how to copy trades back when I started getting profitable many years ago. There was much less information online about doing this and a lot fewer tools available. Luckily, there are now some great tools and the whole process of setting up your trade copier system can be done within minutes….

You will most likely want to run this setup on a Forex VPS, instead of your local computer. I would recommend ForexVPS , I have used them for years and had 0 issues. Setting up the VPS will only take about 5 minutes. You will need to have multiple MT4 versions installed on the VPS in order to trade multiple accounts simultaneously. This is very simple to setup and I have a full guide here on how to setup multiple MT4 instances in minutes.

Once done, follow the setup wizard to finish installation. There are a number of different trade copying systems on the market. I would recommend using MT4 Copier , you can see my full review here but I have been a paying customer for over 3 years now and used the EA every single trading day I have traded. You will need a trade copier system to open the same trades on multiple MT4 accounts.

The MT4 Copier has a very simple setup wizard. This is where you add your accounts and set your risk parameters ready for trades the be copied. Now is time to test if the trades are being copied onto multiple MT4 accounts. This took me a few minutes to get right the first time, but I would advise just using 0. There are a huge amount of benefits of being able to the same trades on multiple accounts at once. I have personally been doing this for years now. The difference it has made to my trading is crazy and I have recommended doing this to everyone I have traded with over the last few years.

By having the ability to copy trades onto multiple accounts, you are able to take on more accounts. Not only for yourself, but you can take on large amounts of capital from forex prop firms. I actually have a whole list of online forex prop firms that are funding profitable traders — so check it out. I would recommend copying trades from your main account, onto a few copier accounts including prop firm accounts.

This way, from taking the same trades you usually would do, you can drastically increase the amount of profit per trade and per month in the markets! Forex brokers sometimes go bust. This means if the broker runs into financial trouble, you have no way to get your money back as there is no governing body to help you.

However, offshore and unregulated brokers are a good option for a lot of traders that need a high amount of leverage to trade. By opening the same trades on multiple accounts, across various brokers, you can massively reduce your risk and exposure to one broker.

There is more than one way to copy trades from one account onto multiple other MT4 accounts. Over the last 3 years, MT4 Copier is the best tool I have used. There are a few very popular trade copier systems in the industry. Although MT4 Copier works locally, some trade copiers are completely remote. For instance, Social Trader Tools has a cloud based system. Some brokers offer something called PAMM accounts.

This is essentially where you can manage other traders funds or accounts. Day Trading has published a list of the best brokers offering PAMM accounts here. There are a few brokers and companies that specialise in copy trading.

This can be done by setting up a trade copier system, on a forex vps. Once setup, the trade copier will automatically replicate your trades onto other accounts. Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders.

As the forex prop firm industry has grown, so has the amount of prop firms offering funding for traders. With forex brokers reducing leverage and the industry getting more regulated, trading your Skip to content Managing risk in forex is absolutely crucial to consistently getting great returns. Setup A Forex VPS 2. Create Multiple MetaTrader 4 Instances 3. Download MT4 Copier 4. Follow MT4 Copier Setup Wizard 5. Test The Trade Copier The Benefits Of Opening The Same Trades On Multiple MetaTrader Accounts 1.

Taking On Additional Trading Capital 2. Reducing Risk And Exposure Other Ways To Copy Trades Onto Multiple MT4 Accounts 1. Other Trade Copier Systems 2. PAMM Accounts 3. Copy Trading In Conclusion — How Can I Open The Same Trades On Multiple MT4 Accounts Simultaneously?

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Taking On Additional Trading Capital 2. You will need less time to get started with more chances to keep your funds. While the application process itself is extremely simple, deciding which account to open takes the most time. Browse Forex. The process mainly relies on the mirror platform.

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