5 Features to Protect Your Account Against Quick Burning Out
As a Forex trader, one of the most important things to consider when using copy-trading software is how to protect your trading account.
The right account protection features can help you to minimize risk and maximize your potential for success. In this blog post, we will take a closer look at some of the crucial account protection features that you should look for when choosing a Forex copier.
Stop-Loss and Take-Profit Levels: One of the most important account protection features of a Forex copier is the ability to set stop-loss and take-profit levels. These levels allow you to automatically close a trade if it reaches a certain level of loss or profit. This can help to limit your risk and prevent large losses from occurring. Forex Copier copies Stop Loss and Take Profit of the trade from the Source to Receiver by default. You can configure it in settings by selecting one of the available options.
Lot Size Management: Another important feature to look for is the ability to adjust the lot size of the copied trades based on the balance of the receiving account. This can help to ensure that you are not risking more than you can afford to lose and can also help to maximize your potential for profit. In Forex Copier you can customize the lot size to suit your needs: multiply/divide the lot receiver from the source, set the proportional lot based on the equity ratio, fix the lot value, and use it for all copied trades.
Reverse Trading: some trade copier programs also include a reverse trading feature, which allows you to copy trades in the opposite direction of the source account. This can be useful for hedging your trades and minimizing your risk. See the article in our blog to learn more about the Reverse Mode feature in Forex Copier.
Filtering: The ability to filter trades based on specific criteria, such as the number of orders, currency pair, lot size, order type, and even comments can help you to focus on the most profitable trades and avoid those that may be less successful.
Reporting and Statistics: The ability to generate reports and statistics on the performance of the copied orders can give you a better understanding of how the trades are executing and how you can improve your trading strategy. A brief statistic is represented on the Current Orders and Copying History tabs in the main Forex Copier 3 window.
In conclusion, account protection features are essential for any Forex copier software, they help to minimize risk and maximize the potential for success. When choosing a Forex Copier, make sure to consider the features that are most important to you and ensure that they are included in the software you choose.
Always remember, past performance doesn't guarantee future results, so make sure to verify the credibility and track record of the trader or system you're copying before using a Forex copier.