A trade copier is simply a piece of software used to copy trades across multiple trading accounts. This is the most convenient and efficient way to manage more than one MetaTrader account simultaneously and open the same trades across multiple trading platforms. There are many types of account copiers available but since the MT4 platform is one of the most popular trading platforms the majority of trade copier software are built around the MetaTrader 4.
To copy trades from one MT4 to another you will need at least two MT4 accounts running on the same computer. In the image below there are 6 client accounts that receive trades from one master MT4 account. The setup is simple as that. Believe it or not, it takes just around 10 minutes to set this up.
Trade Copier vs. Forex Trade Copier Service
We need to make the difference between what a trader copier is and what it’s not. The confusion around this subject is widespread among traders because it’s quite easy for trade copier software to be mistaken with a signal service use for social trading where trades are executed on client’s accounts automatically.
In this regard, we can distinguish two categories of trade copiers:
- Trade copier used by traders who want to copy trades across multiple trading platforms. With this type of software, you can duplicate your trades across multiple trading platforms and share your trades with friends, family and even clients. Basically, the main function is to copy trades from one MT4 account to another MT4 account.
- Trade copier used for trading signal services or simply put it mirror trading. This is the concept of receiving trades via trade copier software directly to your MT4 account. You need to pay a subscription fee to a Forex signal service provider if you want to mirror trading.
Why Forex Traders Use Trade Copier?
Online trading in the Forex market has grown up in popularity in the last couple of years and many traders have chosen to spread their money through multiple trading accounts. This makes perfect sense because putting all your eggs in one basket is not such a smart financial decision when it comes down to the safety of your money.
However, having your money spread across multiple trading accounts comes with its own challenges. One of the biggest challenges is the daunting task of managing the trades across multiple platforms which can lead to even losing money especially if you’re a manual trader.
What if you could copy trades simultaneously on multiple accounts so that trades taken on an account A are placed on an account B or C and D or as many as you like instantly at the same time?
Well, this task is simple when using a Forex trade copier similar to the Local Trade Copier.
Trade Copier for MT4
The most popular trade copier software is built for the MT4 platform. Normally, the MT4 trade copier software comes in the form of an EA which is the abbreviation for the Expert Advisors. The trade copier EA can be used the same way like any other Expert Advisors.
You can copy trades between multiple MT4 accounts by using an Expert Advisor such as the Local Trade Copier.
You can even have your trading accounts running on different Forex brokers when using the LTC EA, which was specifically designed for the MT4 platform and is the perfect solution to instantly duplicate your trades across two or more MT4 platforms.
Trade Copier MT5 to MT4
The new-generation platform of the most popular Forex trading platform MT4 is the MetaTrader 5, which is built by the same company MetaQuotes. Like with any new technology and new trading platforms, traders are slowly transitioning from the MT4 to the better version MT5 thus copying trades between the two different MetaTrader versions can have its challenges.
Some copy trading software can help you copy trades between MT5 and MT4 platforms which make it a very useful tool if you switched to the MT5 while still having older MT4 accounts that you need to manage.
Trade Copier for Ninjatrader
NinjaTrader is a multi-assets platform that is suitable for Forex trading as well. More experienced traders that need more sophisticated tools than what the MT4 platform has to offer have chosen as their preferred FX trading platform the NinjaTrader terminal.
When it comes to copying trades, NinjaTrader has a built-in function that can be accessed by traders to copy trades across multiple NinjaTrader accounts. However, if you want to have the ability to copy trades between your NinjaTrader account and different trading platforms like the MT4, you need to use an external proprietary bridge interface.
The way NinjaTrader copy trades is quite simple. First, you need to acquire a multi-broker license, which will allow you to connect the NinjaTrader platform to more than one brokerage account. Secondly, if you want your trades mirrored to other accounts you simply have to use the Account Groups function inside the NinjaTrader platform.
Trade Copier for Binary Options
Binary Options probably are the most accessible ways to trade the financial markets. However, Binary Options are controversial financial instruments because the industry lacks regulations and is mostly full of scams.
This still has not discouraged many traders to trade binary options, thus there is a need for trade copier software that allows you to copy trades across multiple MT4 instances. This is possible because the MetaTrader 4 platform allows you to trade binary options with certain brokers.
How Trade Copier Works
Moving forward, for simplicity’s sake we’re going to use the LTC Expert Advisor in order to show you how a trade copier typically works. In order to use a trade copier software you first need to have at least two MetaTrader 4 accounts on the same computer.
When a trade is executed one MetaTrader account which we’re going to call it the master account, the same trades get mirrored to the other MetaTrader account, which we’re going to call the slave account (or a client account). As a general rule, you can have as many master accounts as you wish, and you can also have as many as you wish slave accounts too.
A trade copier is constructed of two pieces:
- Server EA which must be running permanently on an MT4 platform from where you want the trades to be copied. This becomes the master account.
- Client EA which must be running permanently on an MT4 platform where you want the trades to be transfered to. This becomes the slave account.
Master and client accounts must be located on the same computer for most copiers, but there are also remote trade copiers like Signal Magician which can copy trades between MT4 accounts through the internet and accounts can be located on different computers anywhere in the world.
This way trades are copied from master to client accounts and there can be an unlimited number of masters and clients.
How to Use Trade Copier
It’s pretty much a straightforward process to copy trades across multiple MT4 instances using the Local Trade Copier. You only need minimal experience with the MT4 platform to be able to copy trades right away. Here is an easy 5 step-by-step guide on how to use the Local Trade Copier:
- Install all your different MT4 terminals where you want your trades to be copied. It’s necessary that you install all the MT4 platforms on the same computer to be able to start copying trades.
- Install the LTC Server EA on the master MT4 account. The master account is your MT4 platform from where trades are executed and managed. Once you place a trade into master account this will be mirrored on all other MT4 instances where you allowed it to be copied.
- Install the LTC Client EA on the MT4 slave accounts. The slave account is your MT4 platform where trades are copied into. You can copy your trades into multiple MT4 slave accounts, but make sure you install the LTC Client EA on each MT4 platform you wish to copy trades.
- Attach LTC Server EA to all MT4 accounts from where trades are executed and managed. Also, attach all LTC Client EA to all MT4 accounts where trades are copied into. You can attach the LTC EA on any charts you wish, but in order to allow copy trading, make sure you enable AutoTrading on all MT4 instances. The LTC Server EA requires a license key that you receive one you purchase the Local Trade Copier.
- Start copying trades from MT4 master accounts to MT4 slave accounts. Now, you’re all set up to start making money and replicated all your trading activity from the master account into all slave accounts. The Local Trade Copier will copy all your orders including buy, sell, pending orders (limit, stop), trade modifications, trade close signals, partial close, closeBy, and much more.
How to Install Trade Copier
The first step required is to install all the MT4 instances you need. It’s important to install all MT4 platforms on the same computer. If you need to install the same MT4 platform from the same Forex broker, multiple times, it’s important to assign separate installation destination folder for each MT4 instance. However, if you’re using different Forex brokers this is not required anymore.
Your MT4 configuration settings also need to be changed so it can allow copying trades across multiple MT4 instances. Simply go to top menu Tools –> Options and under “Expert Advisors” tab and make sure you enable the following options:
- Allow automated trading
- Allow DLL imports
Now, you need to make a choice and decide which MT4 account is the master account and which MT4 accounts are the slave accounts. Last but not least, we can proceed with the installation process of your trade copier. We will be using Local Trade Copier from mt4copier.com.
The Local Trade Copier comes with two installation files:
- The “LTC Server X.XX auto-installer.exe” file which is the file dedicated to the master MT4 account from where all trading activity will take place.
- The “LTC Client X.XX auto-installer.exe” file which is the file dedicated to the slave MT4 accounts where trades are copied.
When you start the LTC Server EA installation process, you’ll be asked to choose from a list which MT4 account you wish to become the master account. You can choose multiple master accounts depending on your needs.
The installation process of the LTC Client EA is fairly the same, but in this case, you’ll be asked to choose those MT4 accounts you wish to become slave accounts. These are the MT4 accounts your trades will be copied and you can choose as many slave accounts as you need.
After the installation process is completed don’t forget to simply restart all your MT4 platforms. To make sure the Local Trade Copier runs smoothly go to the EA properties section and under the “Common” tab just select the following options:
- Allow live trading
- Allow DDL imports
Here’s the video of a step by step Local Trade Copier installation:
Trade Copier for Scalping
If scalping is your preferred trading style and if you like opening and closing trades in a short period of time than one of the most challenging aspects if you try copying trades across multiple MT4 platforms is the execution speed. Trade execution speed plays a vital role because any delays in the execution of your trades not only it can eat a good portion of your profits but it might cause even losing trades.
Under normal conditions, the MT4 trade execution speed is around 100-200ms and it takes additional 400ms, on an average computer, to copy trades across different MT4 accounts. This means that copy trades in less than 1 second is still possible for most traders, however copying scalping strategies can still be very challenging.
Local Trade Copier has a parameter which allows you to copy trades very fast, in split second. If you have a good Internet connection and a good reliable broker with fast execution speed then Local Trade Copier can copy 10 orders in 1 second or faster.
The trade copier software’s speed is determined by these factors:
- Internet connection speed: You need a good quality internet connection that has a latency between 1ms and 10ms.
- Computer speed: A trade copier works best when the CPU load and the RAM memory consumption are below 70%.
- Broker execution delay: Some broker has a higher execution speed than the others.
If you have a perfect connection and you are near the broker’s server then you have high chances to get a good execution speed. Like, for example, having a computer or server in New York will give a perfect connection of 10ms to FxOpen servers or even faster.
MT4 Trade Copier without Terminal
Unfortunately, using a Trade Copier without an MT4 terminal running all the time is not possible and you will need to use a third party solution for this purpose, like the Signal Magician. The Signal Magician is a remote trade copier built as an EA-based trade copier software.
You could use a VPS server which will allow you to have MT4 terminals running “offline” all the time which means you can shut down your computer while your MT4 account is still online all the time. A VPS is like your private virtual computer online, where you can install MT4 terminals inside like in any other normal computer and have trade copier or any other Expert Advisors running 24/7.
This solution will allow you to turn off computer safely and still have MT4 working all the time and connected to the broker with super quality and very high internet connection speed that most VPS servers provide.
The Signal Magician is the perfect solution if you’re running a Forex signal service that requires copy trading between MetaTrader 4 accounts located in different parts of the world. Each client receiving Forex trades from your MT4 account can have a VPS server with their MT4 terminal inside and a Client EA from Signal Magician. This means anyone who have their MT4 on a VPS server can safely turn off their computer and still have trades executed automatically when copied from signal provider account.
To operate the Signal Magician software and start copying trades “offline” it’s a four-step process:
- Purchase the Signal Magician software.
- Choose a VPS hosting plan.
- Install the Signal Magician on the VPS server.
- Connect your main MT4 trading account and your follower’s accounts through Signal Magician.
Learning how to copy trades across multiple MT4 platforms is a fairly easy process that everyone can understand and do it by themselves. The Local Trade Copier software is probably the best trade copier solution for retail Forex traders and Forex account managers that are in need for third-party solutions to start copying trades between multiple MT4 accounts.
So tell me, are you using a trade copier already?