cMirror on cTrader Platform
Hello traders. Welcome to the cTrader tutorial and the fifth module, extras. Today we’re going to review an extra feature, or a new feature of the cTrader platform called cMirror. And to access cMirror, you actually have to go to the cTrader platform, click on the Links button and then click on cMirror. Once you click on cMirror, you’re going to be prompted to the cMirror webpage and you have to log in with your cTrader ID. Now I have already logged in and as you can see, I have three demo accounts. Of course, if you have more than one live account under your cTrader ID, they will all be here under My Account stand. Now, the cool thing about the cMirror feature of the cTrader platform is that you can look for good traders to follow. And once you follow, you can start mirroring their trades, which means that once they take a trade, a trade will be taken to your account at the same time under your risk parameters.
Now, the first thing we’re going to do, of course, is we’re going to look for a positive ROI on these traders. So we are going to move this from -50 to a positive ROI. And we are going to look at more than one month. We are going to be looking at least at a year worth of data. All right, now we have the positive accounts with at least one year’s worth of data. Now the first thing that you need to do is to look at the all-time ROI, which is the green figure right here. And then we are going to be looking at at least a plus 80% ROI. Then you have to look at the owned funds, which means that how much the trader has invested in this strategy itself.
For example, this trader right here has only $120 of his own money in his strategy. And the mirroring funds are $11,000. Now look at this one. He has $11,000 of his own money and he has an all-time ROI of 171%. But if you look at this chart over one year, it doesn’t look promising. Now, you have to look at every single one of these parameters before you filter out bad traders and strategies. Now once you lock in a strategy, you have to click on it. And we are going to look at this one. He has a 150% all-time ROI. He has $64,000 of his own money and he’s starting to get some mirroring funds. He has $11,000 of funds mirroring his account. This account is also a good one. Look at the one year chart, he has a 133% all-time ROI, and he has over half a million dollars of his own money on this strategy.
Now this is a good one, too. Just look at how beautiful this chart looks like. And he has only $1,000 or $1200 of his own money, but he has a lot of funds mirroring his account. So we are going to look at this one, actually. Now this is a one year chart and you can see that in one year he has returned 116% with very little drawdown. Let’s take a look at the performance. He has a 3% drawdown and he has made a total of 348 trades. He has made 6,333 pips and he has an average win of 14 pips per trade. And an average duration of 16 hours per trade. I think that this is a very good trader to be mirroring. And he gives you, right here, a contact mail. If you are going to be mirroring a trader, I truly advice that you don’t contact him via e-mail, to avoid scams. If you want to start mirroring this trader, you just click here on the Start Mirroring button and you choose your account. So we are going to start mirroring with this account and you have to select the volume. Set the percentage of the singles provider ticket to size the mirror.
We have a recommended 60 X. Because maybe this account has….I think this demo account has £50,000 in it. If you choose, for example, 10%, this means that if the trader trades 10 lots, you are going to be trading on your account one lot. But if you choose 2X and the trader trades 20 lots, this means that your account will be trading 40 lots, 2X the trader’s amount, or 2X the trader’s volume. 60X seems a little excessive, so we are going to keep with 2X. Okay? Now we’re going to start mirroring, and that’s it. This account has started mirroring wave and point trader.