A trade copier is essential to all experience levels in the Forex world because Forex trading often involves rigorous technical and fundamental analyses. However, non-sophisticated traders and beginner traders can also trade in the forex market seamlessly by copying trading signals from profitable expert traders. An MT4 trade copier enables any trader to make trades that mimic those of expert traders. Since the MT4 platform was rolled out, thousands of trade copiers have been developed to be compatible with it. Many MetaTrader 4 Telegram groups have mushroomed ever since this service started to get popular.
In the most basic form, a forex trade copier enables you to imitate the trading strategy from one account and apply to your live account. Once you have selected the trading account you intend to copy, all you need to do is set the parameters of the trade. Afterwards, all trades will be executed automatically. i.e., any trade that is executed in the account you are copying will be executed in your account as well. In this case, you do not need to have in-depth knowledge of the forex market but still profit like a pro trader.
In this article, we’ll show you how to all of this works and how you can use it on the MT4 platform.
What is a Forex trade copier?
A forex trade copier is essentially a software that copies trades from other accounts and applies the same trades to your MT4 account. Typically, the MT4 trade copier is a plugin that you install in your MT4 trading account. It works as a mirror for trades. What is executed in one account is instantly reflected in other accounts.
So far, we’ve only discussed how you can use the forex trade copier to trade using the ideas of other traders. In this case, the MT4 trade copier is not just available for use by beginner or amateur traders; expert traders can also use the MT4 trade copier to manage several trading accounts.
It works the same way, only that here, the account manager executes a trade in one account which is then instantly executed in other trading accounts. This is the most efficient method of managing several accounts as it saves time and resources that would have been wasted in hiring a team of traders to perform the same task on a large scale.
Other hottest technologies in this space such as Telegram to MT4 EAs and Telegram Expert Advisors work solely based on this service offered by MT4. Therefore, we can say that this is the best era for amateur traders who are interested in trading the Forex market.
How does a Forex trade copier work?
A forex copier trader is fully automated. That means you do not have to monitor your trades from entry to exit. In case you are offline when your trade is executed, you get instant email notifications of precisely what is happening in your MT4 trading account.
Note that there are several MT4 forex trade copiers in the market. All of them, however, function in almost the same way. Here are steps you can take to have an MT4 trade copier.
The first step is to identify the best MT4 forex copier online. You can conduct your independent research to ascertain the authenticity of the trade copier. The best way to do this is by asking for feedback from users of the copier.
This way, you get to have first-hand feedback of the workings and profitability of the trade copier. In short, the best MT4 trade copier should provide you with consistent profits, with limited exposure to massive losses, and does not have relay problems. That is meant to ensure that no incorrect copies are made.
Remember that different types of MT4 forex trade copiers have different types of dashboards. The main advantage of the forex trade copier is that you do not need to have the same account balance as that of the professional trader. All you need to do is set up the parameters you’d prefer for trade execution. These include aspects such as lot size, leverage and other money management measures.
MT4 forex trade copier can work both remotely or locally.
How does the MT4 forex trade copier work locally?
By locally, we mean that you are using the MT4 forex trade copier to manage several MT4 accounts within one computer. Here’s how you can achieve this.
- First, install all the MT4 trading accounts and terminals in one computer. Preferably the computer that you are going to use for trading
- Since you are going to be only making trades from one MT4 account and copy them to all the others, you need to select a single account that will serve the purpose of being the Master MT4. Install your preferred MT4 forex trade copier on the master MT4 account and configure it according to your trading style
- Install the MT4 forex trade copier to all other accounts that you intend to manage – where the trades from the master account will be copied. Note that only the accounts with the MT4 forex trade copier installed will be able to receive the copied trades from the master MT4.
- Finally, you can set the parameters for the MT4 trading accounts. You can either choose a uniform trade set up for all the accounts or customize each uniquely.
Note MT4 trade copiers are compatible with all MT4 accounts from any forex broker.
How does this work remotely?
A remote MT4 trade copier is meant to copy trades from accounts that are in different computers around the world. The remote MT4 trade copier is best suited for beginner and amateur traders.
When using a remote trade copier, your trading account is the one receiving the trades rather than initiating them. In this case, you have access to several master accounts; with information and trade data between your account and the master, MT4 trade account being shared over the web. You can scrutinize all the master accounts and select the one you’d prefer to copy.
More so, you have the option to filter between different types of orders from the available master accounts.
Using the MT4 trade copier with VPS
A VPS is a virtual private server. The significance of the virtual private server is to enable your account to continue receiving copy trades even when you are offline. To accomplish this, you must install your MT4 trading account and the MT4 trade copier to the VPS.
Using a VPS is considered to be the most reliable form of trade copying since your trading account is poised to receive copy trades 24/7. This frees you up to pursue other activities while receiving alerts on what is happening with your MT4 trading account.
That’s almost everything you need to know about the work of an MT4 Trade Copier. One of the most common applications of this copier service right now is for the retails traders using reliable Telegram channels. Telegram to MT4 EAs’ is prevalent in the market right now and they are capable of directly copying the signals from a Telegram channel to your MT4 account. Such convenience has only been made possible by this amazing innovation of copy trading in the world of financial markets. Cheers!