Frequently Asked Questions by Clients

Mirror Trader

What is Mirror?

Mirror Trader is a social trading platform, which allows one to make earnings by copying the profitable strategies from other market stakeholders. Written by professionals, the trading algorithms carry out multifaceted analyses of the market, and carefully select the strategies of the highest quality for the investor. You can test and combine several strategies among themselves and create a well-rounded and market-stable portfolio.

How do you start using Mirror Trader?

The only requirement is to open an account. The platform opens directly in the browser, and there is no need for any software installation.

Can I open multiple accounts?

No, you may only open one trading account in Mirror Trader.

How do I select a strategy for investment?

There are two options for finding strategies.
Simple Search: the strategy selection is based on risk level, balance or correlation to current market conditions. After that, you can filter the strategies according to profit, number of orders, T-score, number of subscribers or maximum drawdown. The available data is limited to 180 days.
Advanced Search: You can select the most suitable strategy by value and combination of T-score, number of orders, earned profit in points, maximum drawdown, profit factor, percentage of wins, and risk correction coefficient. The period range of available data ranges between one week to two years; the strategy can be selected either for all instruments or one of them.

How do you join a strategy?

Once you find the most suitable strategy in the search, you can copy it by clicking on the “Add” button on the right side of the strategy line. After that, you will have options to select parameters such as amount of investment, risk management with the “Pause” function, maximum number of open positions, and ability to add all the tools for this strategy.

Can I control the allowable loss levels?

Yes, with the “Set Pause” setting. In the Mirror Trader platform, you can set the allowable loss level for the balance of each strategy. In the “My account- My strategies” section, opposite the strategy, click on “ Change- Show advanced settings”, and then on “ Set Pause”,a multiple of $100. Henceforth, if a value of $100 is set, when the loss on the closed positions reaches $100, the strategy would be automatically switched to “inactive” mode, and no new orders would be opened on it.

What is risk correction coefficient?

It is the ratio of earned profit in pips to maximum drawdown (in absolute value).

What is T-score?

It is a coefficient developed by the creators of the Mirror Trader platform for ranking strategies. It takes into account indicators such as time of successful trading, number of simultaneously open positions, drawdown, risk and profit ratio, average profit per order, trading regularity, percentage of wins and other factors.

What is profit factor?

This is the ratio of the profitable to unprofitable trades.

How do you test strategy?

Test can be found in the “Back Testing Strategy” section. You can as one or multiple test trading strategies for 30, 60 or 90 day periods with various balances. This allows you to select the most suitable combination of strategies, determine the investment period, and the adequate amount for investment.

Which information about the strategy is available before investment?

The page of each strategy describes content of each strategy, history of trades, current open orders, and a timeline of profits, from which you can select different periods from the last seven days down to the very creation of strategy. You can also find information on percentage of wins, number of wins and consecutive losses, average profit on trades, number and average duration of orders, T-score, Profit factor, maximum number of open orders and maximum drawdown.

Can I open positions manually?

No, positions are opened only on reception of trading signals from your chosen strategies.

Where can I view the positions that are already open?

In the “Open positions” tab under “ My account” section. Positions can also be grouped by instrument or strategy.

Can I close an open position myself? How?

Yes, to do this, click on the three blue dots on the right side of the position line; from the pop-up menu, select the “Close” button.

How do I detach from a strategy which has open positions?

In the “ My strategies” tab under “ My account”, you will find all your strategies listed. In order to detach from a strategy, in the “Active/Inactive” column, drag the circle to the left. To indicate that the strategy is inactive, a little cross will appear on a grey background, and new positions can no longer be opened, and already open positions can now be closed both by the strategy signal as well as manually.

What is the commission charged when investing with Mirror Trader?

When you invest with Mirror Trader, you will be charged a $ 15 commission from the lot.