ForexNewsNow – Tradency is one of the largest mirror trading technology providers on the market. They have been in business since 2005 and since then worked on releasing new technology that would revolutionize the way traders share information with one another.
The company’s largest product is Mirror Trader that at this moment is used by dozens of online forex trading brokers. The Mirror Trader copy trading product helped create and popularize the mirror trading industry that is now one of the largest segments of online trading.
Mirror Trader Overview and Concept
The Tradency Mirror Trader is the main product offered by the company. It is a comprehensive online trading platform that provides multiple unique tools such as market charts, live signals, oscillators, live studies and much more.
The Mirror Trader functions on the popular concept of mirror trading. The platform works by keeping a record of the trading strategies and signals employed by experienced traders. Using the platform, traders will be able to evaluate these trading strategies and have the possibility to set the platform to mirror them in the future.
This is an extremely useful feature both to new and experienced online traders. New traders will be able to evaluate the actions of highly experienced traders in order to learn the functioning of the trading business. Experienced traders may also mirror the actions taken by other experienced traders due to various reasons such as lack of time to do own research.
If used efficiently and smartly, the Mirror Trader platform can also help traders to generate passive income by mirroring the strategies of highly successful online traders. All in all, it’s an extremely useful concept and platform that is fortunately available at a large selection of brokers.
Looks and Feel
The looks of the Mirror Trader platform is relatively simple but it might take some time for new traders to have a complete overview of things after using it the first time. The color scheme is somewhat darkish which is in contradiction with the common bright colors employed in other trading platforms.
A great aspect of the design is how the generated charts are being displayed. The highly simplistic look of the charts makes it extremely easy for traders to understand them and evaluate the presented data. With this, the platform is very user friendly, even to newcomers. The charts are also one of the most important features in the platform.
Selecting strategies is very easy since they are presented in an easy to understand and straight forward way. Traders will also be able to group them in various different ways though clicking on the various indicators and filters present. Traders will also be able to create their own filters and strategy lists by selecting various criteria that they feel are important to them.
The performance of the selected strategies can also be verifed very easily through the displayed performance chart. In-dept information can also be generated by accessing the info card below the strategy graph on the platform.
Three Distinct Trading Modes
A highly advantageous feature of the Mirror Trader platform is the fact that it has three distinct trading modes. These trading modes are fully Automatic Trading, Semi-Automatic Trading and Manual Trading.
The main feature is naturally the Automatic Trading mode. This mode will execute trades in real time based on the selected strategies of the trader. This mode will not require the trader to authorize any action in advance; it will run without the trader’s permission.
The Semi-Automatic trading mode will follow the selected strategies but it will give the option to the trader to execute the signals himself or herself. This is useful in case the trader wishes to have an influence over which trades will be executed and which won’t.
The last mode is the Manual Trading mode. This mode will offer traders a complete autonomy over their decisions. Traders will be able to execute trades based on the platform’s advanced charts, indicators and strategy signals.
Tradency Mirror Trader vs. eToro Open Book
The two products, the Tradency Mirror Trader and eToro’s OpenBook are two distinct products but essentially they work on the same concept. Both of these products allow traders to copy or mirror other successful traders but there are some significant differences as well.
The Mirror Trader platform allows traders to switch between various trading modes based on their preferences and includes multiple advanced features and charts. For this reason it’s extremely useful for even highly experienced traders.
eToro, on the other hand, might be more recommended to traders who don’t want to spend too much on research and decision making. They simply just connect to the most prolific traders and follow their actions right away.
Mirror Trader Brokers
At this moment a significant number of brokers are using the Tradency copy trading platform. The most prolific brokers are AvaFX, Forex.com and Gallant Capital Markets. These are also some of the most important and successful brokers in the online trading business and beside mirror trading also offer regular trading and various other top-class features.