I have spent the last few years helping my customers duplicate their trading performance to their accounts. During this process I have learned of a lot of roadblocks that people face with trade copying. Let me go through some of the common roadblocks and crush them for you so that you can get to the next level in your Forex career.
People don’t know how to use the MetaTrader platform.
Roadblock number one – Most Forex traders don’t know how to use the MetaTrader 4 platform. Although MT4 is very popular, most of the people that use it don’t seem to be profitable. I don’t have any data to back up this statement, but when I meet a successful Forex trader usually it’s the case that he’s not using MT4.
How many of you reading this short guide did not know how to use your trading platform? When you opened your trading platform for the first time you probably didn’t know anything about how it works. But you’ve learned how to use it and you can also learn MT4 just as easily.
You don’t need to become a super pro and know everything about MetaTrader, just follow my step by step guide. You will see how easy it is to not only open and close trades but to copy them to other accounts as well. I have written individual chapters for this so that you could learn the process easier.
My broker has a currency pair named “EURUSD.micro”.
Does the trade copier work if the master account has an instrument named “EURUSD” and the slave account has an instrument named “EURUSD.micro”? What about other brokers that have other pairs that I don’t even know about?
The currency symbol suffix “.micro” is used by a few brokers and only on some account types. Other account types from the same broker may have a different currency name suffix or not have a suffix at all. Some brokers use other suffix names and some do not use them at all.
The Local Trade Copier will detect the suffix automatically and adjust to it so that it can continue to operate correctly.
However this may not happen on all brokers and you may need to enter the suffix manually. Sometimes a broker will add a suffix to a currency symbol but that symbol will not be available for trading at that particular broker. The use of the suffix may fool the trade copier into using the untradeable currency symbol.
In order to set the currency pair suffix manually please set the following settings (you can find these settings at the bottom in EA Inputs tab):
This will tell the EA to NOT detect the suffix automatically and use the one that you provide in the CurrencyNameSuffix option. In case you don’t need to use a suffix at all but the EA keeps using it automatically, just keep the CurrencyNameSuffix option empty and set TurnOffAutoSuffixDetection=true.
I need expensive servers to use trade copier software.
No, you don’t. That would be the short answer. Now let’s get into the details. There are different types of trade copiers and some of them may require expensive servers. But when you get to a level where you have an actual need for these types of trade copiers you probably have a lot of paying customers for your trading signals. At this stage, paying extra for expensive servers shouldn’t be a problem.
While the Local Trade Copier does not require a server in order to operate, I recommend to have at least one. When I say server I mean a VPS server (Virtual Private Server). Like we explained in the previous chapters, a VPS is hosted in a data center, it is connected to a high speed internet connection and is online 24 hours a day, 7 days a week.
A Virtual Private Server works uninterrupted and you can be confident that your trades are being copied all the time, even while your PC is turned off. This is the main reason why you need a VPS server. If you just copy trades during your regular trading hours and you end the trading day flat with no trades open, then you are good to go without a VPS. You can just use your own PC, the same one you are using right now.
A VPS is a good choice for MAC users as well, because MetaTrader does not work on a MAC computer yet. I know some brokers that have already released a special MT4 version just for MAC users, so it may be possible to have a solution to this problem without a VPS.
Here are few good resources on how to setup MT4 on a MAC.
And here’s the broker that already offers an MT4 platform for a MAC computer (paid solution).
Here is another website you may want to check out if you are a MAC user and want to use MT4.
Please note that the LTC is not tested on a MAC. MT4 on a MAC should only be used to learn the basics of the platform before you switch to Windows where you can use trade copiers like the LTC.
Where can you get a VPS server?
There are a lot of VPS server providers. Click here for a good list of Virtual Private Servers.
My personal choice is VpsForexTrader.com. I have been using their services since 2011 and had almost no problems with the service. But we all know nothing is perfect. I experienced a crash of few of my VPS servers this year and another crash back in 2012.
If you decide to go with this VPS provider, make sure to use the promo code EACODER15 and get a 15% discount. This was supposed to be my share for referring customers to the company but I’ve decided to give this money back to you in the form of a discount.
Another VPS provider is Commercial Network Services (CNS). While I personally have not tested them, many traders tell me that they are reliable. They have a huge data center in New York and this is where some of the Forex brokers host their servers as well. You know what that means? It means that they are connected by wired cables and this means zero latency.
I need a real money account to copy my trades to other accounts.
Any EA based trade copier can copy trades from a demo/practice account. This means that you don’t need to open a real account and invest real money before you are able to use the trade copier. Do you have a profitable trading system on a demo account? Why not copy it to other accounts, real money accounts of other traders?
I do not know how to run multiple MetaTrader 4 platforms on my computer.
This is something I will teach you in this guide. Don’t worry if it sounds difficult, I’m sure you’re more than capable of learning how to do this if you just follow my steps. So what’s the big secret to having multiple trading platforms on the same computer?
You simply install the trading platform a few times. Each instance of the platform must be installed into a different folder. That’s it.
Account sizes don’t match.
What if account sizes don’t match? I’m not making a big profit with my small account, why would someone with a big account be interested to copy my performance?
You need to understand that it’s not about the money. It’s not about how big your account is and how much money you make. It’s about the percentage you earn each month. If you make 5% on your $1,000 account, this translates into a monetary gain of $50. But what if you could copy your performance and make the same 5% on someone else’s $50,000 account? That’s a $2,500 profit.
In conclusion, don’t let these roadblocks and your fears stop you from starting a new business and taking advantage of new possibilities. Go out there and make your life better! Get control over your life and over your success. You can do this!
If you have something else that worries you, please let me know. I promise to do my best to dispel your fears.
Now let’s take a look at something unique that you can use in copy trading.