Markets.com no longer offers their autotrading service, but they do offer other excellent trading services worth considering. Click here to learn more.
Forex autotraders, also known as mirror traders, are quickly becoming a very popular feature among FX brokers, and Market.com’s AutoTrader feature is no exception. Their AutoTrader feature allows a trader not only to review the most popular and successful strategies of the platform’s top traders, dubbed by in the Markets.com AutoTrader platform as “Strategy Providers,” but to copy their trades as well, either all of them or only the specific few which meets each trader’s individual needs. To help you determine whether this service is the right one for you, we’ve done a full Markets.com AutoTrader review and provided our findings below.
The AutoTrader feature at Markets.com has several benefits which include live and wholly-customizable market charts for all of their offered financial instruments. Chart analysis is also available for traders who want to take full advantage of the AutoTrader feature; it includes various oscillators, indicators and chart studies as well as users’ sentiment to gauge bullish or bearish tendencies.
One key feature which we touched upon briefly before but is very important to traders is the ability to pick and choose exactly which trades are copied from among the many strategy providers. Other websites which offer a similar mirroring service don’t allow individualization to that extent and traders will appreciate the ability to customize their own portfolio even while using the AutoTrader feature.
Strategy providers are chosen by Tradency which supplies the technology for the Markets.com AutoTrader feature. A scoring strategy known as T-score allows users to sort through different strategies to determine which ones perform the best under current market conditions. The emphasis is to gauge the risk and rewards which each strategy provider can offer a potential copier and adopt those which best mirror the trader’s own individual trading philosophy.
All of the strategy providers will offer you a detailed summary of their own particular strategy or trading technique so that you can better gauge their appropriateness in your own trading philosophy. A trader has the ability to carefully choose his or her particular strategy provider based solely on the criteria you establish as a requirement. In that way, your own trading philosophy is not disregarded.
As an AutoTrader user, you can see at a glance the entire portfolio of the selected trades that your portfolio is mirroring right on your platform. With that, you can have a visual gauge of your portfolio’s balance and diversification, which will allow you to immediately remedy any deficiency or vice versa.
Another key feature of Market.com’s AutoTrader is the ability for you to better manage your risk by establishing a loss limit on each trade through automatic stop or limit value. An AutoTrader trade can be modified, opened or closed at any time, and can also be transferred from AutoTrader mode to manual trading.
New traders are encouraged to open a risk-free practice account with $100,000 in play money to give the AutoTrade feature a test drive before funding a live account. Likewise, existing Markets.com traders can take advantage of the demo account to assess whether or not the AutoTrader feature is right for them.
Review info: Markets AutoTrader
Review Date: 2017-11-02
Rating : 4.5
Reviewed By : Sara Patterson (Google+)
Please insert valid information
Some error message
Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.
Create a DailyForex.com Account Now