What is Mirror Trading
Mirror Trading is a trading strategy that allows less experienced traders to copy the trades of experienced ones. It is quite beneficial for traders who are new to the business and have not been able to establish strategies of their own. Also, mirror trading helps new traders to trade less-effect by emotions of fear and greed, and to grow professionally by learning from the experience of others.
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Types of Mirror Trading
Mirror trading can be automatic or manual. It implies that traders can either mirror certain strategies that are pre-fed into the trading platform by experienced traders or they can watch experienced traders trade live and follow what they do.
- Automatic Mirror Trading
Automatic mirror trading is the strategy in which strategies are examined, tested, and validated for success and then entered into a mirror trading software. A beginner trader gets access to the trading platform and reviews the details of all the available strategies. Based on his goals, risk levels, and available capital, he chooses the algorithmic approach that suits him best.
Once the strategy is selected, it gets mirrored for the new trader. He does not have to perform the trade manually. Instead, the trade is executed automatically based on the mirrored strategy. Thus, traders can execute trades even if they lack in-depth knowledge as the strategies have already undergone rigorous testing. Traders simply follow whatever the strategy says, without the impact of emotions and other personal factors. The trader must still, however, pick a strategy.
- Manual Mirror Trading
Manual mirror trading is the process in which the new traders watch professional and experienced traders trade live and execute trades precisely like them, following the same strategies at the same time. Thus, manual mirror trading, or copy trading, involves replicating a trader and his actions.
The most significant advantage of manual mirror trading is that new traders also get to learn and evolve in this process. They can watch experienced traders trade, ask questions, and get clarifications of why a particular move was made.
How Does Mirror Trading Work?
At Tradenet, mirror trading works by mirroring the trades of highly experienced day traders and analysts like Meir Barak and Scott Malatesta. Both these professional traders have decades of trading experience, and they share their expertise by trading live every day on the US stock exchange from 9.30 am to 4 pm EST.
Meir Barak is a leading Wall Street expert and has successfully trained and mentored thousands of aspiring traders. He has a high success rate, and he shares his success with beginners through his YouTube channel. One of the best ways to follow him trading live is his YouTube channel. The channel has all the information that helped him become a better trader, and can help beginners get better, too. The videos contain past trading lessons and new trading lessons, including videos like How to Add to Winning Trades, and others.
Watching successful traders like Meir Barak and Scott Malatesta adds a lot of value to the entire trading journey of new traders. They can use their limited capital to put on only the trades that they understand. In this way, new traders get higher control over their money and on their trading decisions.
Mirror Trading Softwares
A mirror trading software allows traders to replicate winning strategies and apply them to their trades. The strategies to be mirrored are chosen on the basis of traders’ risk appetite, profit targets, level of experience, and investment capital. However, students at Tradenet do not use mirror trading software.
Tradenet allows its students to mirror live trades of its expert analysts and learn as they go. Aspiring traders receive live audio and video feed of Tradenet’s analysts’ team along with live and real-time charts of the stocks traded. In this way, traders know what is happening and do not merely follow an algorithm.
Thus, Tradenet emphasizes on watching and learning, rather than following the automated strategies. While watching, the beginners can engage in real-time conversations with top traders, ask questions, get live education and support while executing the trades. Most significantly, Tradenet’s live trading room shows all of the trades, winning and losing ones, making the room completely transparent. Traders get the opportunity to learn from the mistakes of the experienced traders.
Tradenet’s Live Trading Room
Aspiring traders can access Tradenet’s YouTube channel to watch Meir, Scott, and other analysts trade live and to gain access to their past performance videos. At the same time, they can also become a part of Tradenet’s live trading chat room.
The live trading chat room allows the users to enter the chat room, watch top traders trade, ask questions, learn, and get feedback. Traders also receive live stock charts, stock alerts, trading ideas, and personal experiences. Thus, Tradenet’s trading room is not just about watching and following, but also about consulting and learning through experience. It is one of the best day trading chat rooms, and is the ultimate and essential solution for every successful day trader.