First of all, you should know that the first innovative investment practice to appear in the markets was mirror trading.
Today we can safely say that mirror trading has brought this innovative sector to life, from which other solutions such as copy and social trading have emerged.
In this guide you will discover:
What is mirror trading?
What are the features?
Mirror ... Social ... Copy ...
Different names to say one thing. To be precise, however, it has to be said that mirror trading, in particular, has important features that distinguish it very specifically from the other two solutions.
Mirror trading, an innovative method of investing money, allows traders to:
Choose different strategies to implement automatically, through the servers hosting the platform to conduct mirror trading.
Link one or more different strategies to your trading account.
Copy in your account, proportional to your investment and automatically, all trading signals to follow the strategies and achieve the same performance.
Simply put, every time a trade is opened, closed or changed, following a very specific strategy, the same is done by the investor in the personal trading mirror account.
In mirror trading, a trading signals provider has uploaded their automatic strategy to one of the many mirror trading platforms available, which could also offer general trading and more.
The strategy is then examined, tested and only then made available to all operators. It replicates what normal software (programmed by an experienced trader) does, running on an online trading server platform.
Instead, the copy trading trader connects his account to the trading platform or app, and the platform records everything the trader does to produce data based on his performance, which other investors can see.
So in this case, what a trader does and his trades are replicated. In essence, however, the difference is kept to a minimum, as nothing prevents the financial operator from using a so-called "algorithm-based strategy" on his behalf and therefore a situation would be proposed in such a case that is almost identical to the mirror trading proposal.
It doesn't matter if you use mirror or copy trading platforms, or if you add extra features of social networks that allow traders to communicate with each other, we are dealing with social trading platforms.
Discover how you can find the most appropriate copy trading platform for your needs - https://www.acorn2oak-fx.com/forex-copy-trading.html