Forex Mirroring, or mirror trading, is a forex strategy that allows traders to copy or mirror the actions of other traders. Introduced in the mid- to late-2000s, the automated strategy has grown in popularity, especially for new traders or those who are prone to trade by emotion. If you’re looking for a way to break into the market, you might like to consider mirror trading. Let’s first look at how it works exactly and some of the pros and cons you should consider.

How Forex Mirroring Works

Mirror traders must choose a trading strategy from the many strategies that are available on the broker trading platform. You’ll need to analyze the history and details of the strategies in order to pick one that will suit you. Consider the amount of investment capital you have, your risk tolerance, your investment goals, and more before choosing your strategy. Once your strategy has been selected, automated software will then execute trades in the mirror trader’s account with the aim of replicating results. Continue reading →