What is a trade copier in copy trading networks? Signal providers that offer monthly-based subscriptions profit from the relatively new copying trade technology. It is a simple software piece traders use to copy trades across many trading accounts. It is the most efficient and convenient way to manage more than one trading account simultaneously. There are two trade copiers categories: locate trade copier and global (remote) trade copier. Find out below which of the two you should choose.
Categories of Trade Copier Softwares
A trader needs to understand the difference between a local trade copier and a global trade copier if they ought to choose between the two. This article will highlight the trade copiers and how they are beneficial to account managers and traders.
They both serve different purposes, and most traders will discover that they only require one. However, expert traders tend to use both depending on the trade types they make and their work purposes.
There are different copier account types available. However, since the MetaTrader 4 (MT4) platform is among the most common trading platforms, the majority of this software is designed around the MT4.
Local Trade Copier
It is a software type that is installed on the Metatrader 4 on two varying platforms. These platforms should be hosted on a VPS server or the same device and can be utilized with any broker of your choice.
It is implemented as an Expert Advisor, and it synchronizes both platforms to copy trades, signals, and orders from one network to the other.
Global Trade Copier
The global trade copier (remote trade copier) copies information and trades from one account to another. These accounts are usually not located on the same device or server and are commonly located in different countries.
It works almost like a local trade copier, except traders use it for remote trading. Case in point, the primary account can be situated in the United States, but the slave account is in Europe or elsewhere.
The main idea is you can have the main account in one country that communicates with different slave accounts globally located, and traders copy the trades in almost real-time. The result is you can manage customer accounts remotely. You can simultaneously manage as many accounts as possible without being confined and limited to one computer or server.
Purposes of the Local Trade and Global Trade Copiers
Briefly, as previously mentioned, the LTC copies orders and signals from one network to the other while operating from the same server or computer. For instance, you have a Metatrader 4 account, and you need to duplicate the orders and signals to another account; this is where the LTC comes into play. You can easily replicate your signals, orders, and trades from one place to another.
The global trade copier essentially does the same thing as the LTC but from different computers and servers.
Features You Can Configure with your Local Trade Copier
You can configure additional features in the LTC account to diversify and test various methods to realize more profit.
Suppose you want to duplicate trade from the main account to slave accounts using a varying percentage risk. You can achieve this if you wish for one trading account to be a fast-growth account, meaning taking bigger risks when implementing orders. To accomplish this, determine a varying percentage risk value for one of your accounts. Consequently, you will get different profits using different copied trades or order strategies.
As such, you can handle varying growth rates with varying risk percentages with the primary account that you input trades on.
How Account Managers Can Benefit from A Local Trade Copier
The main job of successful account managers is to ensure the trading accounts are profitable. However, it can be overwhelming having to input multiple trades and orders in different accounts and different platforms or brokers.
Fortunately, a local trade copier free or premium version will help you with these tasks. An example is managing different accounts on one server and using an LTC version, meaning you are handling varying accounts on various terminals, all on one computer.
A trader would require to place different or the same trade and order five or six times on various platforms, which is nearly impossible. But with a local trade copier on your network, you can easily manage different accounts by trading in the main account. Your LTC will copy all of your trades and orders to multiple client accounts automatically.
Basically, you just made a similar trade with the entry price and all variables in many accounts simultaneously. The trades are replicated in real-time and take roughly swiftly to show up in the secondary or slave accounts. It ensures that your entry prices are close enough to each other as possible. Different parameters can be set to different local trade copier accounts, for example, lot size or percentage risks.
Additional Features for the Global Trade Copier
The global trade copier is the absolute choice for account managers or trade signal providers with multiple customers. It is an all-in-one solution for account managers or signal providers with different location clients and has improved features than the local trade copier.
For example, if you are a professional trader who publishes trades based on a subscription fee, you may use emails to post your orders or trades. Fortunately, with the global trade copier, you can upgrade yourself.
Which One Should I Choose?
The choice boils down to what your intentions are when trading. The local trade copier is the best option for traders and account managers, especially Forex traders and account managers who require third-party solutions to begin copy trading between multiple trading accounts.
With an LTC, profits are fast, and automation is full since you just have to sit there and watch your money grow. The local trade copier free software has insane speeds that are beneficial when making adrenaline-fuelled trades. With the LTC, you can easily trade across multiple platforms without accessing numerous computers or servers, unlike the global trade copier.