Copy Trading has become increasingly popular in the trading world. It allows traders to copy other successful trades by creating an account under them called a mirror account. This helps investors who want to invest but do not have the time, knowledge or resources to trade independently.
The major problem with Copy Trading is that it can be difficult for users without technical or programming skills. Traders are required to develop strategies, make trading decisions through a trial and error method, and create mirror accounts that can be difficult for newbies. With MetaTrader 4 (MT4), there is no additional software needed for copy trading other than MT4 itself!
Here are some of the advantages of using Copy Trade MT4 for online trading::
1. No need to develop strategies
With MT4, users can straightforwardly mirror trades without worrying about strategy development, which is time-consuming and difficult. The platform provides pre-programmed Expert Advisors that follow the trader’s every move. These EAs are easy to set up, and parameters do not need to be adjusted manually. In addition, users don’t have to worry about order execution as this is done automatically by the EA. It saves plenty of time for new traders who might struggle with coding or lack experience in this area.
2. No programming language is needed!
Even if you lack coding skills but want to copy a trade using MT4, there is no need to worry at all! All you need is your broker’s real account and a live trading session to get started. The platform offers its users a collection of EAs, which you can use right away without any extra cost or fees.
3. Easy to set up and use
It is easy for beginners and experienced traders to set up their accounts under another trader using MT4. Users will need to download the platform from websites such as mql5.com, enter their account details, select an EA from the list provided by their broker and input the necessary parameters. It takes 20 minutes max! No additional software is needed besides MT4 itself, which means that it is free of charge, unlike other copy trading platforms where premium membership is charged hourly.
4. Offers a wide range of EAs
MetaQuotes has created hundreds of EAs that mirror other traders’ trades, and it will only continue to grow. Through MT4, users can easily copy trades from across the world as EAs are developed by other experienced traders and shared freely on the internet. Many of these developers share their free strategies and provide backtesting results that allow users to test them before actually copying their trades. It is unlike other platforms where you need to pay expensive monthly fees just to test strategies.
5. No language barrier
If you want to start copy trading but don’t understand English very well, you do not have to worry at all! All indicator names, settings parameters and parameters descriptions are in English so that traders who are just stepping into the trading world can access them without any problems.
The only disadvantage of using MT4 for copy trading is that traders from the US cannot use it. US brokers offer no mirror accounts, which means you need to find an international broker if you wish to copy trade via MT4. The other minor downside is that not all trading indicators are available in MT4 like the Relative Strength Index (RSI).
However, thanks to the developer community and wealth of tools provided, users can create their own EAs or download free ones from websites such as mql5.com and use them for copy trading while following successful traders’ strategies on a live account.
With the advantages offered by MT4 and copy trading, there is no reason not to start the trading career you’ve always dreamed off. Get started by choosing a reputable brokerage, and enjoy the exhilirating experience of Forex trading like a pro social trader!