MirrorTrader or Mirror Trader is a trading platform provided by at least one Australian forex broker. It is also a proprietary software programme for ThinkForex. Users are able to trade in the foreign exchange market, CFD, and as metal commodity traders. Mirror Trader uses Tradency and ThinkForex as a way to provide you a decent platform through a variety of forex brokers. It is impossible to say one company has the best platform or the worst. The fact is you are going to look at a platform for the type of trading you wish to do. If you have no interest in CFD or metal trading, it is an irrelevant comment for it to be mentioned above. On the other hand you might want a platform that also allows ETF trading. Your style and trade requirements determine the type of trading platform you need, as well as the broker you will want to sign up with.
Introduction to MirrorTrader available at Forex Brokers
Mirror Trader allows you to build your portfolio based on your trading strategies. You can select one that you like or customise it and then execute an order. You can always start another order or filter out some of the options to determine what is best for you. If you use a different platform already you can combine your account with MetaTrader 4 to ensure a seamless transition to either account.
Some of the main features this platform offers clients through forex brokers are advanced charting for technical analysis. There are experts who provide their own analysis of the charts, but you can also customise them to your specifications. Experts provide trading knowledge through the platform and offer an advanced reporting option in order to see performance summaries. It is possible to use this platform in automatic or semi-automatic mode. While it is customisable to your needs, it is not completely manual like other trading platforms. This is one drawback for many forex brokers, because clients tend to like a manual option even if it has a robot choice too. It is why when Mirror Trader is offered there is generally at least one other platform with manual capabilities available too.
Further Information for Forex Brokers’ Clients
The platform does not deal in any commissions or mark-ups on spreads. Forex brokers will set these variables. You also have a fairly easy system to select different strategies, market trends, and even use other user data to decide how to trade.
This programme is not without its issues. You may have already decided that trading in semi-automatic fashion is not for you. Regardless of what you currently think testing it with a free demo can be quite handy. You may find you like some of the information the platform offers since experts are conducting analyses of technical and fundamental data.
It is always up to you to choose your platform. As you search forex brokers keep in mind that you might want to choose one with this platform or it may not matter.