Mirror trading allows one trader to copy the trades being made by another trader in his account onto his own account in real time. As a mirror trader, you can only select those traders that are trading with the same broker that you are trading for mirror trading. Once you select a trader for mirror trading, the trades being made in his account will be automatically copier onto your account in real time. Mirror trading is a new technology that got developed in the end of the last decade. Previously it was only available to institutional investors. But in the last one or two years, the facility of mirror trading has also made available to retail traders and investors.
If you check your broker, you will find that there will be a mirror trading service available. Most brokers now are offering the opportunity to mirror trade with their best traders. Now if you don’t have a trading strategy of your own or you don’t have the time to trade yourself or you just consider learning forex trading to be difficulty, then mirror trading can provide you with an opportunity to copy the trades being made by the best traders. If that trader makes a profit, you too profit and if that trader loses, you also lose.
The problem is finding the best traders that you should mirror trade. This requires some experience. For example, Koon Lip is a forex trader from Singapore. He has developed a Mirror Trading System that makes a low risk gain of 6-12%. You can download his Mirror Trading System where he explains how you are going to choose the best traders, what performance stats are vital in that selection process and he also shows you how you are going to build your mirror trading system. If you are totally new to forex trading, then this might be something that you would like to check as it is the recording of a webinar where Koon Lip starts from the very basics and then takes you to a higher level step by step.
However if you are interested in making a higher return then you should take a look at John Campbell and his Gold Trade PRO Auto Trading Accounts System. This Gold Trade PRO Auto Trading Accounts System has been developed by John Campbell and his team. They have been making a gain of 30-50% per month using this mirror trading system. Some months they have even made gains of over 100% using Gold Trade PRO Auto Trading Accounts Systems.
This is something very important for you to understand. It is always a good idea to choose a mix of traders to mirror trade with. Why? Because this will diversify the risk. If one trader loses, since you have only allocated a portion of your account to mirror that trader, your loss will be considerably smaller. Plus the performance of a trader can vary with time. So it is always a good idea to allocate only a certain percentage of the account equity to mirror trade with one trader.
John Campbell and his team spend many hours every week to find the best traders that they should mirror trade with. In the Gold Trade PRO Auto Trading Accounts members area this information is updated on a regular basis. Imagine making 30-50% return per month with low risk. Just copy the mirror trading system developed by John Campbell. The list of best traders get updated on a regular basis. Just choose the top 5-10 traders and allocate equal portions of your account equity to each one of them.