Some platforms can be installed on your computer, but you often have the option of using a web or a mobile platform. Depending on your lifestyle and habits, you can place your trades through your computer, your cellphone, or your iPad with brokers that offer all these options. Alternatively, you can choose one broker for your computer trades, another for your mobile trades, and so on.
In general, the most recently developed downloadable trading platforms include MetaTrader 4 (MT4), MetaTrader 5 (MT5), and Mirror Trader as of 2013.
MetaTrader 4, also known as MT4, is a type of electronic trading platform software that is licensed to forex brokers and is widely used by forex traders who use a Microsoft Windows PC. Using MT4, you can write your own trading scripts and robots that can automate your trading.
In 2010 a successor to MT4 was released, MetaTrader 5; however, uptake was slow, and as of early 2012, most brokers still used MT4. The MetaTrader platforms are best known for their diverse technical analysis ability and their ability to run Forex Robots and Expert Advisors.
Mirror trading is for traders who don’t feel like studying and would rather have a robot make their forex investment decisions. This is not for true Forex Divas who make their own trading decision. In the old school, this is called “copying from your nerdy classmates.” In the forex world, it is called mirror trading. The mirror trading method allows you to select a trading strategy and automatically “mirror” in your account the trades executed by the selected strategies. Personally, I prefer monitoring my own trades and not letting a robot do the job for me, but if you select the right strategy, it could make things easier for you.
You can select strategies that match your personal trading preferences, such as risk tolerance and past profits, or basically your Invest Diva capital analysis. Once you select a strategy, all the signals sent by the strategy will be automatically applied to your brokerage account. All the account activity is controlled by the mirror trading platform, and you don’t have to do anything else.
The good news is that you can trade more than one strategy at the same time, which will enable you to diversify your risk while maintaining complete trading control of your account at all times.
You can use Mirror Trader’s Smart Filters and Real-Time Signals to identify the strategies that work best for you. You can evaluate and build a portfolio of tested strategies, or simply follow individual signals that support your own trading analysis.
What a Mirror Trading Robot Offers
· It highlights which currency pairs are performing best (in the robot’s opinion) in the current market conditions.
· It identifies when to enter and exit a trade.
· It allows you the potential to take advantage of market movements even when you are at work or asleep.
You Can Use a Mirror Trader To:
- Manually trade semiautomatic mirroring and automatic mirroring in one platform.
- Use experienced traders’ knowledge.
- Control and manage signals generated by other traders and strategy developers,
- Back up your trading decisions with market trends from strategies and users.
- Use other features that are also available on the MetaTrader, such as trading tools, indicators, rates, and market sentiment.
You need to study and educate yourself in the forex market anyway, even if you decide to choose mirror trading. If you don’t, you risk copying from a schoolmate who is less qualified than you, and you will simply lose money!