What are Filtering Orders, and why would you need them?
Whenever you place an order in forex, you agree to buy or sell one currency against another. There are two types of orders:
Pending (Stop, limit, etc.)
The first one allows you to open a trade immediately at the same price offered by the market/forex brokers. In contrast, the second one enables you to execute a position when the price reaches a certain level.
Any newbie or beginner in trading undermines the necessity of having good knowledge about orders, as most novice traders put more executions on their platform, which turns out to be deadly as it puts pressure on their account. Tweaking your market and pending orders can give you an edge in terms of trading profitability. It also eliminates the need to sit in front of the screen for hours, waiting for the price to reach your desired level.
Pairs with a high spread on some forex brokers are often recommended to be avoided since high spreads lead to huge costs. The same goes for the lot size, as removing any trades with a significant position size would ensure that your gains stay healthy. Automated copy trading can help address your needs regarding order filtering.
How does the Filtering Order Feature work in Forex Copier?
Forex Copier provides you with a large variety of useful options when it comes to removing or allowing orders. Selecting the filtering order in the account setup will show you the range of features (currency pair, magic number, lot size etc.). You can filter orders by type: disable of copying BUY, SELL, pending orders, execution orders, BUY STOP, BUY LIMIT, SELL STOP, SELL LIMIT. Moreover, you can set “Do not copy Close/Delete” or “Do not copy Modify” properties and reach higher profitability.
This feature is available in forex copy trading software as the “max difference between Source open price and current market price.” Clicking on it and entering the number of pips will allow you to set a custom number for it, which may differ while copying an order.
Selecting the “Ignore orders which were opened” option of forex copytrade software allows you to filter any incoming orders that were executed by the source account at a set time before.
For example, an incoming order took place on the source at 4:30. The value set within the box was 20, and it was received at 5:00. Forex Copier rejected this trade as it had happened 30 minutes ago.
Image 1: To use the time filter, select the “Ignore orders which were opened” option of copy trade forex software.
Currency Pair Filter
Checking this option will enable you to reject or allow any incoming orders in mirror trading software based on a currency pair. Clicking the parameter and pressing on the add and save button permits you to filter out that pair.
Magic Number Filter
Filtering your order with the magic number grants you the ability to accept/reject incoming orders with the specified magic number.
Order Number Filter
Another useful feature of Forex Copier is selecting the number of orders that can be copied/opened on the receiver’s account. If the set value is 3, then no more than 3 opened orders from the source account will be copied to the receiver account.
Image 2: Check the highlighted option of Forex Copy software to restrict opening new orders if the amount exceeds the entered value.
Order Number Filter According to Symbol
Set the number of orders to be opened for a particular currency by selecting this setting. All opened trades are counted, in this case, no matter whether it is a buy or sell. Click on “Ignore new orders for symbol if current number of orders for this symbol is” to activate.
Lot Size Filter
This setting of trade copier comes with two sub-options. The first one allows us to accept or reject incoming executions by looking at the lot size. You can choose to ignore the order if the lot size is less or more than the desired value.
The second mini option will enable the auto trade copier not to allow any incoming orders if the current sum of lot sizes in the receiver’s account is more than the set value. For example, we have two trades, one buy, and another sell, with a combined lot size of 3. The value specified in the box is 3, so no more trades will be copied.
Order Type Filter
Selecting copying orders by type will permit you to disable copying of any particular kind of trade, including buying, selling, closing, and modifying. There is also a second option available in forex trade copying - it authorizes you to dispose of any pending orders.
One can further choose to ignore buy or sell trades.
Image 3: You can restrict copying some orders as shown under the rectangle.
White list and blacklist comments entitle you to copy or reject only those orders with particular added words.
Benefits of Using the Filtering Order Feature of Forex Copier
The following benefits can be achieved using the filtering order feature of Forex Copier:
Currency pair filter allows you to ignore a pair that may have a higher spread in the source account due to differences in forex brokers.
Price filtering helps you to avoid any mishaps caused by getting in too late on a trade.
Do not copy Close/Delete filter enables the more experienced receiver to close the trade by himself/herself at a more profitable forex rate.
Gives you better risk management as your source account won’t be stressed by lots of filtering.
Copying only buy orders with brokers that have huge swap fees on sell orders can help you avoid the charges.
Filtering specific market orders can help give you a better insight into how your overall account manages without certain trades.
The filtering order feature of Forex Copier is quite comprehensive. Proper utilization of it can help you better manage your trades and provide a positive improvement in trading. Combining filtering orders with other features of the best forex copy trader can facilitate your success.