Trade Copier – MT4 Forex Trading Cloner
A new technology is being used very often now to provide forex trading signals to ea’s. This is an mt4 forex product called Trade Copier.
There are many places you can find EA’s that use trading copiers and cloners on MT4 and many different uses. It is best to use a Forex VPS if you plan on utilizing an EA that uses the trade copier technology.
The concept of this forex trading software is very basic but I will explain it in full details.
So this diagram shows you the basic principle of a forex trade copier. Not all forex trade copier software needs the Web Server element. Most trade cloners and copiers just use the trader server EA at the top right which is then connected to the trader client EA. This connection works through mt4 and the copier will then open the trade on their forex mt4 ea and then this will be sent immediately and trigger the same trade on the client EA. The only issue with this forex system is that if you have a slow connection, or if you are really far from the trader server ea then you could be getting trades much later than expected.
Most forex products that use trader server EA put them on a Forex VPS so that it is a quick connection that never goes down. This way you do not miss trades or have discrepancies in the trades placed in your forex mt4.
I hope this helps you understand trade copier technology and helps you make a decision whether or not this would suit your forex trading style, then you will know whether or not to use products that utilize a trade copier.
We’d all be familiar with the fact that EA’s that work well on Demo (thin spreads, little slippage and broker interference, smoothed data etc) won’t on a live account. But what about using a trade replicator to clone your demo-trading trade entries to a live account? (same or different broker / same or different platform)? It might overcome the often observed fact of not getting an entry on your live account when the same bot is noted to be entering a trade on the same currency pair on your demo account.
After all, that’s all these Trade-replicating scam-artists like Daily Pip Avalanche, Wall Street Cloner and AutoPips Profits are doing. Would it give you more consistent and better trade entries (and exits)?
Anybody familiar with the current crop of trade copiers? Do any of them work promptly from one account on your computer to another on the same (or even another) computer? Cost? Ease of set-up?