Mirror Trader is an automated trading platform developed by the broker AlfaTrade in conjunction with Tradency one of the most important companies in the field of automated trading. This platform allows automated execution of trading signals generated by real traders or automated trading systems based on a variety of strategies to trade in the market. Mirror Trader is designed to operate with a variety of instruments, including FX, Contracts For Difference and precious metals like gold and silver.
The major advantage of this platform is that it allows access for 24 hours a day to a large database of trading strategies in real time as well as various trading tools including market sentiment analysis, price charts and technical indicators. In this way the investor can benefit from buy/sell signals generated by trading systems designed by professional traders. Mirror Trader offers the possibility to select and implement one or more trading strategies so that the investor can have a portfolio of strategies that can be used under different market conditions. In this case, the signals can be executed in three ways:
- Manual: The trader can open and close positions in the market normally as with any traditional trading platform.
- Semiautomatic: The trader can select the trading signals generated by the selected systems so that the platform will only execute the trades corresponding to the signals chosen.
- Automatic: Through this mode the trading signals are executed automatically without the intervention of Alfatrade in the opening and closing of the trades. The biggest advantage of this method is that the platform can operate in the market 24 hours a day without any supervision using the selected trading systems.
Mirror Trader is based on the concept of social trading as it serves as a point of contact between traders or investors and developers of trading strategies (professional traders) from all over the world. This allows the investors to develop a comprehensive portfolio of fully evaluated strategies, assess and evaluate their own systems with others developed by successful traders for best results and even share their strategies with other traders.
Mirror Trader as risk management tool
As a powerful risk management tool, this platform excludes emotions that can adversely affect decisions regarding trading. Thanks to a database with hundreds of trading strategies evaluated and tested, the traders can select those that are best suited to their needs and investment objectives as these systems allows to trade in the market objectively.
As indicated above, with Mirror Trader the client of AlfaTrade has direct access to a large database of trading strategies among which the investor can select all systems that he considers adecuate without limitation. The trading signals generated by these system can run automatically (without trader intervention) or semi-automatically (traders select which trading signals will run on their account according to their knowledge and experience in the market).
Main features of Mirror Trader
- Mirror Trader is an online platform that requires no download or installation so it can be accessed from anywhere with an Internet connection.
- It has advanced price charts with different time frames and incorporates various technical indicators and tools to measure market sentiment. These features help the trader to follow and analyze the market more accurately.
- It has a feature known as “Publisher“, through which the traders can automatically share the history of their operations in the market through the major social networks like Facebook, Twitter or Linkedin.
- This application allows the use of filters for the selection of trading strategies according to criteria specified by the trader.
- With the help of a function called strategy performance, the investors can monitor the performance of each trading strategy on the database and select the system or systems that offer better results and meet their needs.
- The trader has the possibility to improve the risk management implementing automatic levels of stop loss and limit for each open position with a specific trading strategy. Likewise, the investor can specify a maximum loss level for each system chosen.
- This platform incorporates a feature called T-Score which indicates which is the performance of a trading system on a scale of 1 to 10, so that the trader can evaluate the stability and potencial performance of a strategy before deployment and use its trading signals to trade the market.
- Mirror Trader includes a specialized list (Watch List) which allows the trader to see strategies that may be of interest and even verify their performance before adding any system to the portfolio of trading systems.
How to trade in the market through Mirror Trader platform of AlfaTrade?
To use the automated trading platform Mirror Trader a trader or investor must open a real trading account with Alfatrade and make a minimum deposit of $500. Trading conditions offered by this broker to trade in the market through any of its accounts and trading platforms are:
- Investment instruments: Forex, CFD (based on stock indices and commodities) and precious metals.
- Minimum transaction size: 0.1 lots (10000 units).
- Leverage: 1:1 to 1:500
- Spreads: Alfatrade offers spreads as low as 1 pip for major currency pairs like EUR/USD.
- Hedging: Allowed
- Commissions: No.
For more information about the automated trading platform Mirror Trader of Alfatrade and other services of this broker please access the company’s web site through the following link: