Forex Mirror Trading Platform announced by ACM Gold
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ACM Gold uses the Tradency platform to introduce mirror trading for its MetaTrader trading platform. Traders can now follow others and copy their trades.
The social forex space is seeing another expansion, joining many other similar announcements. More details are in the official press release below.
JOHANNESBURG – Foreign exchange is the most actively traded and liquid financial market in the world, trading more than 2 trillion USD out of about 4 Trillion (4000 billion) USD traded which includes other instruments such as futures, options, and derivatives daily. Until recently, forex trading was limited to large financial institutions as authorised dealers of the South African Reserve Bank, but in recent years the global forex market has become more accessible to the individual trader.
According to Dr Andre Naude, COO of ACM Gold and Forex, for the first time in South Africa, ACM Gold and Forex trading introduces online forex trading for individuals. Previously, online forex trading was limited to only large financial institutions and banks who were the only ones benefiting from it. However, due to the availability of the Internet today, brokers, individuals, brokerage firms and governments agencies can all have an access to online forex trading with ease.
ACM Gold and Forex trading uses leading edge technology developed by MetaQuotes Software, a global leader in forex trading platforms, the developer of MetaTrader 4, that offers extremely powerful trading solutions yet user friendly for Forex CFD (Contract For Difference).
This result in a simplified yet robust interface between trader, broker and platform ensuring accuracy and prompt execution of trades.
To enhance the trading experience, ACM Gold and Forex have integrated a new Internet-driven platform, Mirror Trader from Tradency, with its MetaTrader platform. The software can be accessed online and its fully integrated mirrors trades done with MetaTrader in realtime.
What the Mirror Trader offers is in effect a way by which the individual trader using the MetaTrade tools is now having the added value of additional toolsets – Mirror Trader which enables the individual trader to follow other traders “best of breed” trading strategies and incorporate them into his.
One can think about it as crowd sourcing social networks for Forex traders.
Naude states, “ACM has been involved in developing mobile applications for iphone and android devices to allow anyone to use Mirror Trader on their mobile phone or tablets to enable them to trade anywhere anytime.”
Customers of ACM gold now have access to this
mobile, web based trading platform that is synced with the desktop MetaTrader platform without incurring additional costs.
Previously there was no digital trading platform, the only way one could trade was telephonically. For every deal to be done, a person had to phone overseas to their broker to submit a trade. In 2005, newly developed trading software was introduced into the market to enable a person to place trades by placing an order instantaneously.
As technology is rapidly evolving it facilitates avenues for customers to trade in more user friendly ways. Now the market sees the launch of an auto trader by Tradency, which designs, develops, and markets the first of its kind mirror trading platform. Mirror Trading technology enables traders in foreign exchange to automatically evaluate and adopt global strategies. Forex traders can now select a trader’s strategies and mirror their trades in real time. This enables traders in foreign exchange to use the knowledge of strategy developers or professional traders for their own trading. Traders are scored so you can follow the better traders.
Naude explains that, “Mirror trading has stimulated so many players in the forex market, from brokers and IBs that offer the platform to their traders who are finding their own styles through a combination of manual and auto trading based on chosen strategies.”
The Mirror Trader, Tradency’s advanced trading platform, introduces traders to new trading techniques, including manual trading, semi mirroring and auto trading.
The Mirror Trader offers traders a comprehensive trading workspace, with variety of popular trading tools as well as unique features and personalized options. The platform uses cutting edge technology to provide robust execution and intuitive trading experience.
Mirror Trader serves as a bridge from the novice, to the intermediate trader, to the professional and provides adequate control for all three. The trader has various tools to its disposal such as stop losses, trading stops, and take profit.
One password gives access to Meta Trader, the integration software and Mirror Trader. Logging in to your trading account, virtually gives you access to everything you need, i.e. real time quotes, charts, futures news, technical analysis programs and research.
“Online forex trading has become very popular due to the ability of the computers to make complex charts, which was not possible in the past as people could not afford to access the internet and high powered computers in their homes,” says Naude.
This has opened a door for online traders to make more of their own trading decisions and implement trading strategies that once were not available to the average retail trader.