Local Trade Copier can do Netting of positions which is especially useful if operating on an MT4 account with FIFO restrictions.
Because Client EA has to follow strict FIFO policy, there are some limitations and several of trade copier parameters cannot be used on such accounts.
Client EA must close the trades of the same instrument in a particular order to obey FIFO restrictions, or it won’t be able to close any trades at all, and for this reason, it does not matter who opened the trade. There can be no exceptions.
Local Trade Copier limitations with Netting on FIFO accounts:
- Manual trades or any 3rd party trades on the same MT4 account can and will be closed by the Client EA. No other EAs should be running because Client EA will be forced to close any 3rd party trades while following strict FIFO restrictions.
- “DontManageMagicNumbers“, “DontManageTradeTickets“, and “DontManageTradesOpenedBefore” parameters will not work.
- It’s best not to use pending orders if you want Netting to work correctly. Set the Client EA to operate using “IgnorePendingOrders=TRUE“. Otherwise, when Client EA copies pending orders on a FIFO account, many of them might merely get canceled by the broker because hedging is not allowed.
- Client EA cannot close just some selected trades which means that if there are multiple Client EAs on the same account copying from separate master accounts then one Client EA might close the trades of another Client EA to obey FIFO and do proper Netting.
- “AcceptTradeCloseSignals=FALSE” will not work.
- “ZeroStopLossOrderCloseInSeconds” will not work.
- “WaitForSLTP” will not work.
- Hidden Stop Loss and Take Profit will not work (ordinarily available on the Server EA of Signal Magician).
- “MarkAllTrades_DoNotClose” will not work.
So far that’s all, but there could be more parameters that will not work because EA has to follow strict FIFO restrictions. I will keep updating this article.
The “netter” feature has been introduced into the Local Trade Copier version 2.9.6.