While running just one MT4 account can be challenging, running several accounts across multiple instances of MT4 can be really hard. In fact, in some cases, it may even be impossible to do so properly. This could be due to the volatility of the price, or the number of MT4 instances involved. However, help is at hand with a trading copier.
What is a forex trading copier?
Imagine that you have your trading capital spread across several accounts with multiple brokers. If you want to run the same strategy and trades across all of them, you would have to place the same trades in all of your trading platforms. But what if you only had to place your trades once, and a piece of software could replicate them wherever you need them?
This is exactly what a trading copier does. It removes the inconvenience of manually entering the same trade over and over again. It could also ensure you get the correct entry point, where time could be of the essence.
Most trading copiers are designed with MT4 in mind, as this is the most common trading platform. However, MT5 copiers do exist, and some copiers even support cross-platform trading, e.g., MT4 to MT5.
Don’t confuse trading copiers with signal copiers – they’re different solutions for different problems. A signal copier, such as a Telegram to MT4 copier, is a piece of software that automatically executes trades in MT4 based on a recommendation or a “signal” sent in a Telegram channel. While many Telegram to MT4 copiers can execute signals on more than one trading account, they’re dependent on receiving signals. On the other hand, a trading copier responds to trades that have already been placed.
How do trading copiers work?
Most of them operate on a “sender” and “receiver” principle. This means one instance of MT4 sends broadcasts the trades to another instance of MT4 known as the receiver.
It’s usually possible to have more than one receiver so that the same trade can be replicated on more than one account.
Trading copiers can be web-based. In this case, you usually only have to fill out a couple of forms with the relevant MT4 login details and desired settings. The service provider then takes care of the rest, and there is no need for you to have a VPS. Alternatively, the trade copier may come in the form of an Extended Advisor or EA, which you must execute and customize in your MT4 or MT5 platforms.
Settings
In some cases, it may not be ideal to copy signals between accounts “as is”. For example, the lot sizing on one trade could be suitable for one account, but totally inappropriate in terms of risk management on another.
A good trade copier solution will allow you to customize your money management settings. For example, you should be able to select whether the lot size is a fixed amount per trade, a percentage of the account equity, or a proportion of the original lot size. You should also be able to exclude certain currency pairs and allow for different prefixes or suffixes between brokers, e.g. GBPUSD and GBPUSD.i. The software should also carry out any adjustments to the trade, such as changes to the stop loss and take profit.
Free forex trade copier
While paid trade copiers do exist, you can start copying forex trades right now for free with the FX Blue Personal Trade Copier for MT4. FX Blue is a company that provides trading software solutions. It has sponsorship from Pepperstone, a tier 1 forex and CFD broker.
In order to download the Personal Trade Copier for MT4, all you need to do is sign up. This only takes a couple of minutes, and it’s free. You don’t even need to provide any credit card or payment details.
The software essentially consists of a “sender” EA and a “receiver” EA. It offers those key customization settings for instruments, money management, and risk management that we mentioned above. It works with the MT4 desktop client terminal from any broker. It’s available for both MT4 and MT5. Plus, even more impressive, there’s cross-compatibility: you can copy trades in either direction between MT4 or MT5.
Be sure to check its user guide for a full list of possible settings, and have fun!