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Novice traders whom have tried to trade manually and learned that it is not as easy as they thought, are turning to Mirror Trading as an alternative method of trading. While using Mirror Trading they can keep on trading manually and compliment this with the strategies signals.
However, Mirror Trading is not just for novice and beginner levels as people may think. Many experienced and even professional traders use the strategies available in the Mirror Trader, in order to diversify their investment or overcome period of draw downs. In addition, experienced traders can use Mirror Trader to diversify into other currency pairs that they are not as comfortable trading.
With the addition of the Semi Mirroring option in the latest version of the Mirror Trader, I think that mirror trading will gain popularity, since the semi mirroring method allows people to use the knowledge of the strategies, without having to compromise on the control element. Tis method allows the trader to “oversee” and confirm each trade entry.
What factors have helped Tradency to achieve such significant growth recently with your pioneering Mirror Trader platform?
As the Forex market matures, traders are looking for innovative and sophisticated tools to help them with their trading. Te Mirror Trader gives those traders just what they are looking for. Te wealth and transparency of information available in the Mirror Trader help users make educated trading decisions. Te fact that the trader has a variety of strategies to choose from, allows him to locate strategies according to his preferences. Once he decides he is no longer satisfied with the performance of the strategy, he can easily switch to another one. Te elements of flexibility and information are critical in its’ success.
Whether the trader is mirroring a strategy or a specific trade, it is them who sets the risk and money management. Tis special combination of knowledge and automation on one hand and control on the other hand, is another factor that makes the Mirror Trader so appealing for traders. Te ability to use the knowledge of experienced traders, even just to confirm
your own decisions, gives traders an edge in their trading.
One of the things that I like most about the Mirror Trader, is although the platform provides so much knowledge and information, the user experience is really easy and intuitive. When we developed the platform, one of our main guidelines was to keep it as user friendly as possible.
What steps have you been taking recently to update and enhance Mirror Trader?
In the latest version of the Mirror Trader we added live charts and technical analysis tools, creating a workspace with all the tools and features required for trading. We launched the semi mirroring method. We believe this unique combination of charts, indicators and semi-mirroring forms a comprehensive trading solution for Forex Traders.
I am also delighted to say that we are working on the next major development of our platform. Firstly, we are adding CFD instruments to the platform. We have the strategies in place that trade CFDs and in the next version of the Mirror Trader, traders will have CFD strategies in addition to Forex.
We are also developing our mobile version of the Mirror Trader, which will allow traders to monitor their accounts, when they are away from their computer.
We continue to evolve our platform with additional tools and features. For example, recently we added a feature that allows users to publish their trading results on social networks and in the next version, we will add additional strategy filtering options.
january 2012 e-FOREX | 175
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