Trade copying among several accounts is a typical requirement for prop firm reviews or funded trading accounts. Manual trading of every account is hectic, sporadic, and prone to errors. Say hello to the trade copier. On the MT5 platform, a trade copier allows you to copy trades automatically from one account (master) into another (slave) with synchronized real-time execution in both accounts.
What Is a Trade Copier?
Trade copier is a software or plugin that copies trades from one MT5 account to another. It copies exits, entries, stop-losses, take-profits, and lot sizes from a master account to one or more similar accounts. It is useful especially for several prop firm challenges or funded accounts for the same strategy. Trade copiers help ensure consistency and reduce the risk of human error.
Why to Use a Trade Copier for Prop Firm Accounts?
The majority of traders are running multiple prop firm tests in parallel or on standalone funded accounts. Trade copier simplifies this by copying trades automatically, freeing time and effort, and less manual work done. It also ensures that all accounts are applying the same trade logic, which is quite critical when running under tight performance and risk expectations while running a prop firm test or under live funding orders.
How to Install a Trade Copier on MT5 Platform
It usually takes to install a copier EA both on the master account and the slave account in order to install a trade copier on the MT5 platform. Begin by logging into your MT5 terminal using the master account and uploading the master copyer EA onto a chart. Next, open another MT5 terminal (or instance) for the slave account and install the same slave EA. You will establish parameters such as lot size duplication, percentage of risk, and trade direction. Once connected, the copier will duplicate all trades automatically.
Benefits of Trading with a Trade Copier
Employing a trade copier increases efficiency, provides seamless performance for each account, and enables easy scaling for traders. It also saves time and eliminates the possibility of missing trades when manually handling individual prop firm accounts. It also assists in providing accurate executions, which are crucial in high-speed markets where seconds count intensely towards the fate of a trade.
Things to Look for When Using a Trade Copper
Prior to launching a trade copier, make sure that all of your accounts are located on low-latency servers with reliable performance to avoid slippage or lag. Also, make sure that your prop firm has auto-trade copying capabilities and that it is not breaking any testing regulations. Don’t use overexposure by having lot sizes and risk percentages in the slave accounts. Always test out the copier first in demo mode before actual use to ensure that everything is going along perfectly.
Final Thoughts
An MT5 trade copier is a useful tool for someone trading with prop firm accounts or multi-account management using one strategy. It increases operational efficiency, eliminates errors, and provides better consistency in trading configurations. A trade copier turns into a must-have item in the arsenal of a professional trader within the prop trading industry when well utilized.
