We need to make the difference between what a trader copier is and what it’s not. The confusion around this subject is widespread among traders because it’s quite easy for trade copier software to be mistaken with a signal service use for social trading where trades are executed on client’s accounts automatically.
In this regard, we can distinguish two categories of trade copiers:
Trade copier used by traders who want to copy trades across multiple trading platforms. With this type of software, you can duplicate your trades across multiple trading platforms and share your trades with friends, family, and even clients. Basically, the main function is to copy trades from one MT4 account to another MT4 account. Trade copier used for trading signal services or simply put it mirror trading. This is the concept of receiving trades via trade copier software directly to your MT4 account. You need to pay a subscription fee to a Forex signal service provider if you want to mirror trading.
Why Forex Traders Use Trade Copier?
Online trading in the Forex market has grown up in popularity in the last couple of years and many traders have chosen to spread their money through multiple trading accounts. This makes perfect sense because putting all your eggs in one basket is not such a smart financial decision when it comes down to the safety of your money.
However, having your money spread across multiple trading accounts comes with its own challenges. One of the biggest challenges is the daunting task of managing the trades across multiple platforms which can lead to even losing money especially if you’re a manual trader.
What if you could copy trades simultaneously on multiple accounts so that trades taken on account A are placed on an account B or C and D or as many as you like instantly at the same time?
Well, this task is simple when using a Forex trade copier similar to the Local Trade Copier.