3 Features Your Online Trade Copier Should Offer for Free
Online trade copiers are one of the best tools to integrate into a trader’s trading platform. There are many free and paid online trade copiers that forex traders use. A forex trade copier with more features is a huge advantage when reducing the number of losses you incur. This article will explore three components that should be free on online trade copiers. The three features below can change the fortunes of a forex trader when applied well. Overall, it is a significant risk making trades right now without an online trade copier’s assistance.
What is an Online Trade Copier?
An online trade copier is software that helps traders make better trades without necessarily learning all the tips and tricks of forex trading. The right software enables you to keep up with trading trends and alerts you of new trends on time. You can also stop trades before they begin to make losses or before you lose a significant amount.
Auto trade copiers can even automatically place trades and stop trades once they reach the peak. Therefore, you don’t have to append a lot of time monitoring your transactions as a technique to avoid losses. You don’t have to manually analyze data to determine which trades are profitable and which ones are bad. Overall, you will win more, make more profit, and spend half the time trading.
So what are some of the essential features that should be free on any forex trade copier?
Multiple Platform Compatibility
The best online trade copier should support forex brokers that are work on MT4 and MT5. You should be able to mimic trades from live accounts as well as demo ones. Also, the software should support multiple currencies seamlessly. Above all, the software should execute regular trading activities like opening an order, modifying it, closing, or deleting it.
An online trade copier should do other orders to execute stop-by orders and set up a stop loss or take profit options. Overall, traders should give orders as they wish no matter the trade broker or platform they use. A high level of compatibility allows you to execute orders faster and make more profits.
A protection feature is a learning portion that ensures it considers the mistakes that lead to losses. You can reduce the number of failures you report using a protection feature. An auto trade copier with a free protection feature relieves you of the duty of trying to remember all past mistakes.
Forex trade is a tricky business, and simple mistakes can have costly results. The protection feature ensures that you keep on copying a trade when the internet speed drops suddenly, preventing losses. The most significant benefit is that traders can copy trades from different time zones and open orders seamlessly. It doesn’t matter the time zone. You will enjoy the best trading trades that are likely to increase your profit margin.
Above all, the software can stop copying open orders when the drawdown levels reach undesirable percentages. Therefore, you will only be copying orders that show signs of having positive results and stay away from non-performing orders.
The ability to filter orders can place a trader in an excellent position to decide which orders to copy. There are thousands of trades happening at any given time, whether day or night. The filter feature has multiple tools to help a trader narrow down trades to the desirable ones before copying the profitable ones.
The software filter can identify the trades with maximum profit in certain pip levels and provide you with a competitive edge when trading. Wouldn’t you like to create orders that increase your bottom line? You will have the power to decide which types of trades you want to copy, depending on your desired results.
A filter tool allows you to set various filter parameters to sort the data and find what you want. You can even filter currencies and comments from other traders when searching for insights on which trades to copy and open. Overall, the filter feature is a simple tool that can help a trader make informative decisions when copying trades.
Who Needs the Free Forex Trade Copier Features?
The features above would be best for beginners and mid-level traders who are yet to master the concept of forex trading. In a sense, the free copier features help traders make sound decisions on the trades to open or terminate. An online trade copier offering the three features above can help you make sense of the complex trades that happen daily.
Additionally, you will save a significant amount of time looking for viable trades to copy and open. The filter tools can narrow down the parameters of your search until you find satisfying trades to copy. The feature is in no way a replacement for a reputable online trade copier.
Can You Find Forex Trade Copiers with Free Features?
Most auto trade copiers or online trade copier software offer a free trial before someone makes a purchase. However, having the three features available for free in various plans is a sweets deal for any forex trader. They may not offer a substantial competitive advantage, but your odds of making profits will increase when you can successfully copy the best performing trades.
Why are the Three Features Significant?
Forex trading would be simple if a trader could predict the future, but humans do not have powers. An online trade copier is the second-best option if you want to predict the best possible outcome. The three features above help you dort through mountains of data and execute the orders that will likely work in your favor.
You still need more features like problem management, advanced statistics, stop loss/ profit-taking settings, and others to help you make sound decisions. However, compatibility with various trade brokers, protection features, and a filter tool will significantly boost your success odds.
The ability to prevent the repeat of costly mistakes, filter data fast, and compatibility of an online copier to various trade broker platforms can give you the edge you need. It is not easy to start a forex trading band. It can be tiresome to keep a close eye on trades at all times. A forex trade copier can take a lot of guesswork from the trades you make and increase your odds of having a profitable outcome. Overall, you need a forex trade copier to make it in forex trading if you are not an expert.