Copy trading provides a useful way for beginner level traders to learn from experienced traders. MetaTrader is an automated trading platform that doesn’t just streamline trades, but it offers several copy trading advantages like access to diverse market experts, quick trade execution and performance transparency of traders. Traders get the flexibility in choosing traders to copy, allocating funds, and stopping the copy of trades anytime. In this article, we take a look at how to copy trade with MetaTrader:
What is copy trading?
Copy trading allows traders to replicate the trades of other successful traders. Traders get to automatically copy positions of other traders and manage them accordingly. The trades can be copied and executed in real-time. More importantly, they can set their own trading amount for it. The two different types of copy trading are: Social trading: It allows traders to interact with other traders while copying their trades and strategies. This in turn enables them to share trading strategies, market information, market news and get an in-depth understanding into how experienced traders make trading decisions. In this type of copy trading, traders select a forex trader instead of a forex strategy and take inspiration from the trader's overall profile, performance, and trading style. Mirror trading: Traders can automatically replicate the trading strategies of other traders in mirror trading. It saves time for traders who do not have the expertise or experience to develop their own trading strategies. Additionally, it can also help to eliminate emotional decision-making that can often result in trading losses.
A step by step guide to copy trading with MetaTrader?
1. Open MetaTrader and log in to the account
Before starting to copy trades with MetaTrader, it is necessary to have an account with a broker that supports the platform. The MT4 or MT5 platform can be downloaded from the broker's website and accessed by entering account information.
2. Go to the Navigator window and select Signals
Let's assume MT5 is logged in. The Navigator window can be seen on the left-hand side of the platform. Click on the Signals tab to see a list of available signal providers. Trading signals in MT5 is a service that enables successful copy trading. Select an expert trader that aligns with the trading style, and subscribe to this signal. After completing this step, all trading operations of this trader will be automatically copied onto the account. Subscribing to a signal requires the following three items:
- An active MT5 trading account
- A valid MQL5.com account
- Sufficient funds on the MQL5 account with an added bank card/e-wallet to pay for the signal subscription(s)
This graph has been recreated from the original source. Please note this image is a representation only and is not provided as general or personal advice.
3. Browse through the list of available signal providers
Take some time to review the available signal providers and their performance statistics. Look for providers with a track record of consistent growth. It is also possible to examine their trading strategy and risk management approach so that they are compatible with personal preferences. The appropriate signal can be selected from the Showcase section.
This graph has been recreated from the original source. Please note this image is a representation only and is not provided as general or personal advice.
4. Click on Subscribe and complete the subscription process
After selecting a signal provider, click on the Subscribe button to start the subscription process. It may be necessary to enter payment details and agree to the provider's terms and conditions. Make sure to read the terms and conditions carefully before subscribing.
This graph has been recreated from the original source. Please note this image is a representation only and is not provided as general or personal advice.
5. Configure the risk management settings
Prior to copying trades, it is important to configure the risk management settings. This can be done by going to the Options menu and selecting Signals. Additional settings such as stop loss and take profit levels can be specified here.
This graph has been recreated from the original source. Please note this image is a representation only and is not provided as general or personal advice.
6. Configure the copying parameters
Define the deposit amount that will be used for signal trades. Also, specify the spread value and minimum deposit level for the copy trade process. Copying will start after the required parameters are set.
This graph has been recreated from the original source. Please note this image is a representation only and is not provided as general or personal advice.
7. Review and monitor the copy trading performance regularly
Finally, it is important to regularly review the copy trading performance. The trade results from the copy trading signals can be monitored through the My Statistics tab. Signal efficiency and subscription management can be done through this tab itself. Keep track of profits and losses and, if necessary, adjust the risk management settings. Reviewing the performance regularly makes it possible to make informed decisions and optimize the copy trading strategy.
This graph has been recreated from the original source. Please note this image is a representation only and is not provided as general or personal advice.
Place a first copy trade order with MetaTrader
Copy trading with MetaTrader can be incredibly helpful for new traders. It offers a unique way to learn from other traders and potentially achieve better trading results. Additionally, with features like the ability to diversify a copy trading portfolio, traders can optimize their copy trading strategy for improved outcomes. With its user-friendly interface and variety of features, MT5 offers traders a convenient and effective way to gain exposure to various trading strategies. Sign up with Blueberry. to get access to MetaTrader right away. Sign up for a live account or try a demo account with Blueberry. today.
Disclaimer: All material published on our website is intended for informational purposes only and should not be considered personal advice or recommendation. Traders should carefully consider their objectives, financial situation, needs, and level of experience before entering into any margined transactions.
Disclaimer:
- All material published on our website is intended for informational purposes only and should not be considered personal advice or recommendation. Traders should carefully consider their objectives, financial situation, needs, and level of experience before entering into any margined transactions.