Tradency, BVI, developer of one of the most popular FOREX auto trading platforms, has announced the addition of new features that provides insight on manual trading knowledge and adds Semi Mirroring functionality to the Mirror Trader platform. The updated Mirror Trader, which was released this week, has led to enthusiastic response from brokers who appreciate the Trade-by-Knowledge aspects of the update, according to Tradency officials.
Mirror Trader has gained popularity since its launch as an excellent tool for automatic trading of foreign currency. Mirror Trader features a database of trading strategies created by worldwide strategy developers. Mirror Trader users have been able to mirror selected strategies with automatic trading, but with the addition of the Trade-by-Knowledge concept, traders can elect to use new streams of information for manual trading or follow a Semi Mirroring strategy for their trades.
Semi Mirroring is enabled in Mirror Trader by monitoring the Buy/Sell trading signals of strategy developers in real time, and providing the user with the information. Users have the option to mirror the trade or not. Information is delivered along with live charts, common oscillators, chart studies and current rates.
This version also includes sentiments, an analysis that shows the buy and sell positions of all platform users and strategies. Sentiments can be used as a powerful analytical tool for supporting trading decisions.
The updated Mirror Trader platform gives FXDD clients the choice to follow automatic, manual or semi-mirroring strategies. The addition of the new features makes Mirror Trader a versatile trading platform for a broad base of FXDD traders, said Mike Zimkind, Sales Manager at FXDD.
Lior Nabat, president and CEO of Tradency agrees.
When you know what other traders are doing, it puts valuable information into the hands of the Mirror Trader user, and now traders have the option of following the signals based on their own knowledge and objectives, he said.
Mirror Trader maintains a constantly updated data base of trading strategies. The system provides trading information in real time, so traders can view the actions of strategists and choose whether or not to mirror that strategy.
Tradency continues to add features that allow traders to control their risks and control their trades, and with this new Semi Mirroring function, traders can now choose between manual trading, automatic trading, and Semi-Mirroring, combining the strategies based on their own knowledge, risk tolerance, and account objectives, says Nabat.