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BackMirror trading has been around for 20 years, yet its popularity is unquestionable.
This method of setting trading strategies involves copying the strategies of more experienced traders, applying them to a trader’s account.
What do I need to know about mirror trading? Let’s find out together, one step at a time.
The Definition
The name of this trading method gives us a clear idea of what it means. To specify, it’s a type of automated trading that allows you to replicate a strategy of a particular trader.
Mirror trading and copy trading are the two terms often used interchangeably. However, there’s a fine point that needs to be outlined. Mirror trading allows you to copy strategies, while copy trading enables traders to automatically copy open positions.
Thus, copy trading is a simpler alternative to mirror trading – great for beginners in the first place and smaller-scale traders.
Our Complete Guide to Mirror Trading will tell you everything you need to know about mirror trading – and beyond.
A Little Bit of History
The concept of mirror trading was first introduced in the early 2000s. However, it took some time for the markets to catch up.
20 years later, this method of trading is still going strong, having evolved into copy and social trading.
What Mirror Trading Isn’t
Mirror trading is not a magic pill per se, although it has a number of benefits. Not investing time and effort in learning how to trade but blindly copying professional traders is a recipe for disaster.
Trading is a journey of education and self-discovery that requires dedication. Copy trading on a consistent basis will hardly ever result in more winning trades than when trading independently.
Tips&Tricks
3 Tips for Mirror Trading is a great kick-off, but let’s see what else is there to keep in mind.
To start with, don’t follow top traders blindly – the names that pop up first on the list. Do some research. Our suggestion is to focus on trading history – as far as it can go.
For example, if you check out the metrics for just one month of trading, this will tell you absolutely nothing. Was the success pure luck or the result of a well-planned strategy?
Another good suggestion is to go for verified accounts only. This way, you’ll know that the trader actually performed in real markets.
Try Copy Trading with CoinMetro
CoinMetro strives to make a difference in the fintech industry and to make crypto available for all, that’s why we offer copy trading. As you remember, copy trading is perfect for those starting out as a trader.
We have developed a very user-friendly copy trading platform known as TraM, or Trade Mirror. There’s no fee for following one. You allocate funds to copy the trades made by the manager. Don’t worry, you always remain in control of your money and can discontinue any time.
However, if you make a profit, your manager will take a small management fee. The fee chosen by the manager lies in the range of 5-25%.
To learn more about how TraM works, go over a step-by-step article on how to follow a TraM. If you want to dive deeper into what TraM is, look Under the hood: TraM (Trade Mirror).
CoinMetro’s support team is available 24/7. If you need any help, reach out to us in the most convenient way for you.