New advanced automation options for AxiTrader clients
Mirror Trader software allows for following and copying successful traders
Developed by the financial technology company Tradency, Mirror Trader allows a user to follow and copy the trades of professional traders. The automated trading software is designed to continuously analyse currency markets and automatically execute trades based on a user’s specific criteria.
Unlike some basic trade management tools, Mirror Trader comes with as many as 3,000 predefined and proven trading strategies, based on complex algorithms designed by experienced traders. Retail traders can manually browse and filter these strategies, view their past performance and select only those they want to follow.
“One of the things that attracted us to Mirror Trader is its versatility”, says Louis Cooper, AxiTrader’s Global Head of Retail Services.
“It’s not about finding a single winning strategy, it’s about giving traders evidence based options and the power to orchestrate a collection of strategies suited to their trading style and end goals.”
As the popularity of online trading has grown in recent years the number of developers offering trading software has grown alongside it, requiring a strong risk based approach from businesses towards the use of third party technology.
“As an established global brand, trust in the technology we use is absolutely essential,” says Cooper
“We’re regularly approached by developers seeking to promote trading software they have built, but we’re very discerning about who we choose to work with and are very thorough in our risk assessments and testing. We’ll only partner with a third party product if we’re confident the platform does what it claims, satisfies regulatory and risk management requirements and has the potential to give our clients an advantage in the markets.”
“Mirror Trader definitely has that real value, whether it’s for beginners using it to get an insight into how top traders think and work, or for pros using it as a source of extra reference and reinforcement. Traders can see for themselves how strategies have performed and can use that to manage their own levels of risk.”
The program will be available to AxiTrader clients as a complimentary service, although minimum monthly trading volumes may apply.
“This is not the kind of service that’s typically made available to all traders as it’s viewed as quite an advanced trade management tool. However, we think Mirror Trader has the potential to be advantageous to traders across the spectrum, so we’re delighted to make the tool available to any clients who want to try it,
“By giving our clients access to the best tools, hopefully, we can help them become better and more successful traders.”