Social trading: copy other traders

trading terminal

 With copy trading, you can copy the trades of another trader. This allows you to "follow" a trader (or better yet, a group of traders) by reviewing past performance and specific trading details.

When opening and closing trades, you can also see the trades opened on your account. You can set how much you want to invest in your Exness mt4, so someone with $100 can still follow the trades of someone making $1 million in trades.

Copying trades means that you do not take responsibility for opening and closing trades. You still have to choose the traders to copy, but all other trading decisions are taken out of your hands.

trading with Mt4

There is no one size fits all when it comes to automated trading systems.

It depends on your needs, the market you want to apply it to, and how much customization you want to do yourself. Skilled traders may even want to develop their own trading software from scratch to achieve ultra-fast automated trading that is entirely tailored to their preferences (more on that later).

Below are some of the most popular pre-built automated systems available:

  •     AlgoTrader software
  •     MetaTrader 4
  •     MetaTrader 5
  •     TradeStation automated trading
  •     Etna automated trading software
  •     eSignal automated trading software
  •     Option Robot automated software (binary trading only)
  •     Robot Advisor

Develop your own software

If you can't find commercially available software that gives you the features you need, another option is to develop your own proprietary software. This is easier than ever thanks to code editing tools like VIM and online marketplaces that make it easy to find freelancers with the skills you need.

Developing your own software comes with a number of benefits and risks:

Benefits:

  •     Complete control over how the software works, looks and feels.
  •     You can optimize the software to work faster than available commercial software by integrating only the features you need.
  •     Allows you to build software around complex algorithms.

Risks:

  •     Can be expensive if you don't know how to do it yourself. As with most construction projects, final costs are usually higher than initial estimates.
  •     The software will be untested and almost certainly contain bugs. Commercial software has gone through thousands of hours of testing and is used by thousands of dealers, which exposes many problems. Your software may work in unexpected ways. Even large trading operations have had problems with trading robots making surprise trades or being triggered by the actions of other robots to make large sell-offs.
  •     Research all the software available on the market before you decide to develop your own.

There are two main ways to develop your own trading software. Do it yourself or hire someone else to design it for you.

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