- How do I open a demo account?
- How does AutoTrade copy trades?
- How can you ensure I get the same trades as the AutoTrade provider?
- How can I subscribe to the systems?
- How do I unsubscribe from a system?
- How many AutoTrade system can I subscribe to?
- Which systems should I subscribe to so I can get the highest return and avoid losses?
- How do I adjust risk?
- How a lot size is calculated?
- How risk is calculated?
- How can I close trades manually?
- Re-entering trades
- Analyzing trades of your subscribed AutoTrade systems
- What is the minimal balance I should use for each system?
You can open a demo by going to the AutoTrade section and clicking the large orange 'Open Demo' button.
We run MetaTrader 4 terminals on our servers which can communicate with each other using expert advisors. Once a new trade is discovered in the provider's account, the terminal quickly sends trade commands to the all of the following terminals.
The AutoTrade system was designed specifically to ensure smooth and correct mirror trading. Trades are copied instantaneously, although delays (which are out of our control) can happen, such as broker execution speed at high liquidity times (such as important economic news). In the rare case a trade failed to be copied, AutoTrade will keep trying indefinitely to re-enter the market with an equal or better price (compared to the original price).
After opening a demo or a live account, you can go to the AutoTrade section and click 'Manage' to enter the management screen of the account in question. Below you will see the currently subscribed and available accounts. Click 'AutoTrade' on the system of your choice.
Another alternative is when viewing a system which is an AutoTrade system, you will notice the orange 'AutoTrade' button at the top - click it to subscribe.
Simply go to your management screen and click the 'x' icon on the right of the trading system.
There is no limit to the number of AutoTrade systems you can subscribe to and alhtough it is smart to allocate several AutoTrade systems to diversify, keep in mind that the more systems you subscribe to, the less funds each system can use for trading which can affect its performance.
It is impossible to predict future returns and drawdowns and although we do make every effort to filter out bad and dangerous systems, even successful systems have drawdown periods which cannot be avoided.
When you subscribe to an AutoTrade provider, you can change the multiplier value (either at subscribing or afterwards in your management screen); changing this value will show you immediately the hypothetical return and risk you could have based on the data gathered so far. A multiplier of value 1 means you're getting the same risk ratio as the provider.
In order to adjust the risk taken in the provider's account to yours, we use the following forumla:
leverage_ratio = follower_leverage/provider_leverage
balance_ratio = follower_balance/provider_balance
account_currency_ratio = follower_account_currency to provider_account_currency ratio
follower_trade_size = provider_trade_size X leverage_ratio X balance_ratio X account_currency_ratio
Risk is the total drawdown of the subscribed systems and appears in the risk - it ranges from 0% to 100%. When you adjust the multiplier of each system, you will notice the risk bar adjusting accordingly, showing you the total risk in real time.
You can close the trades through your trading platform, or through your management screen - click on the 'x' mark on the right of the trade and confirm to close it.
When you close a trade manually through your AutoTrade, you have the option to re-enter the trade at a better price automatically. This is very useful if you have a trade in profit which you want to close and if the price reaches the entry price again, the trade will be copied again - this way you can exit the trade with a profit several times in case the market ranges back and forth from the entry price.
When opening a demo or a live AutoTrade account, the account is automatically added to your portfolio where you can analyze it just like any other trading system on Myfxbook.
Go to your system in your portfolio and find the 'AutoTrade' tab in the system page, in the 'Trading' tab - there you can find analysis by AutoTrade system:
Analyzing different dates with custom start will also analyze in real time the AutoTrade systems.
Although you can start using AutoTrade with $1000, this does not mean that each system is optimized to work with $1000 - it depends entirely on your risk settings.
Next to the multiplier value, you will see a minimal balance to be used with the system. Check the total minimal balance at the bottom of the table to know how much total balance you need to work with your AutoTrade setup, for accurate results.
Why is it important? When a system is copied, the smallest lot size can be 0.01, so anything below it is rounded up to 0.01 and here is where your risk increases - the more it is rounded, the less accurate the risk ratio compared to the provider. If for example you have only 50% of the minimal balance, your risk is double (100/50) than what it should be. At 10% it is 10 times higher (100/10) and at 1% it is 100 times higher (100/1)!
How is it calculated? Our systems constantly scan the last 50 trades of each system to find the smallest lot size used. When you change/update the multiplier, we then calculate the minimal balance you need to have so the lowest lot size in your account is 0.01 (without rounding) .
Leverage_Ratio = Provider to follower leverage ratio.
Min_Provider_Balance = Provider_Balance / (Min_Lot_Size_Last_50_Trades / 0.01)
Min_Balance_To_Follow=Min_Provider_Balance / Multiplier X Leverage_Ratio