Many new traders feel intimidated when exploring financial markets. Second-guessing your actions when trading online can affect your performance. However, there is a solution, and it is called copy trading.
Instead of making every trading decision yourself, you can automatically replicate the trades of more experienced traders on MetaTrader 4 (MT4). The copy trades on MT4 feature allows you to link your account to a signal provider so that when they open, modify, or close a trade, the same action happens in your account in real time.
Here, we’ll walk you through exactly the various ways to copy trades on MT4.
Ways to Copy Trades on MT4
Can I copy trade on MetaTrader 4? Yes, you can. There are several ways to copy trades from one MT4 to another depending on your experience level and how much control you want.
§ Broker-Based Copy Trading Services
Some brokers, for example, Weltrade, integrate copy trading solutions with MT4 accounts. This feature lets traders subscribe to or follow top-performing traders via the broker’s platform while executing trades in MT4.
§ Using MT4 Signals
It is one of the easiest methods because you don’t need to install any extra software. All you need to do is subscribe to signal providers, and you will be ready to start copy trading.
§ Third-Party Trade Copier Software
Third-party copy trading apps copy trades from one MT4 to another. One account is the master, and the other acts as the follower. Trades from the master account are automatically replicated to the follower account. Most third-party copier apps allow multiple follower accounts to copy trades from one master account.
§ Expert Advisors (EAs)
Expert Advisors are bots sideloaded to the MT4 application. Some bots are specifically designed to copy trades on MT4 from signal sources or other accounts. The one benefit of using bots is that they offer more customization, including lot sizing and risk settings.
How to Copy Trade to MT4 on Desktop
Copying trades to MT4 on your desktop is easy. Here is what you need and how to go about the process.
§ Download and Install MT4
First, you need to have MT4 installed on your PC if you don’t already. You can download the installation file from your broker’s or MT4’s official website. After downloading the file, double-click on it to start the installation process.
This process will take a few minutes. Install all the extensions as prompted if you are using a Mac.
§ Find the Signals Tab
Upon installation, log in to your account using the credentials provided by your broker. Navigate to the terminal window at the bottom of the platform and select the “signals” tab. There, you will be able to view the available signal providers.
You can compare providers based on historical performance, trading style, and number of subscribers. Moreover, you can view more insight and metrics by clicking on the provider.
§ Subscribe
Once you find a provider that impresses you, hit “subscribe.” You will get a prompt to configure your settings, including lot size, maximum risk/percentage of deposit to use, and whether to copy stop-loss and take-profit levels.
Before you forget, ensure auto trading is enabled on your MT4 application. You are now good to go.
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