How To Implement Trading Mirror Strategy
Mirror trading strategy can be an alternative for traders who can not do their own trading. Also for traders who do not have enough time to do the analysis. Before you try this strategy, you should take a moment to read our article on Understanding Mirror Trading, advantages and disadvantages.
Not all forex brokers offer mirror trading, especially in Indonesia. Therefore, you should first find a reputable forex broker offering the services and open the appropriate account, which allows the functioning to run the mirror trading strategy. There are also third-party companies, which bridge traders with many different supporters and place these strategies in their clients’ trading accounts.
If you have opened a trading account at a broker that accommodates this trading mirror strategy, then the next step is you are looking for some of the best strategies for you to apply to your account. Do a thorough review.
Once you get the best mirror trading account, you must authorize the broker (or third party) to trade on your account. Usually this process is no more than a week.
You will get a confirmation if it has been approved by your broker. Next you have to determine how the amount of lots you will use each open position as a risk control. The amount of this lot should be tailored to your account. Well, you just sit and wait for the signal that appears for your account has an open position. You can stop the mirror trading program at any time if it is not suitable.
After getting to know mirror trading, you can consider or decide whether to use or not this mirror trading strategy. Consider carefully because it involves your money. Examine all statistics and make sure they are suitable for your risk and capital tolerance.
Finally, you have to be wary of dynamic market movements and past performance does not always show the same results in the future. There are risks in every trade you make, but as long as you can measure risk, you can manage it.