I use Fx synergy ( I think I paid $500 for it a few years ago) but it only works with Metatrader 4. The trades are placed in the master account and the software duplicates the trades in the slave accounts. The SW comes with a trading console so you could place manual trades or could intervene and close trades. You can also have group presets, and automatic trade management.
Trading multiple FX accounts
- Thread starter andyjenks
- Start date
I use Fx synergy ( I think I paid $500 for it a few years ago) but it only works with Metatrader 4. The trades are placed in the master account and the software duplicates the trades in the slave accounts. The SW comes with a trading console so you could place manual trades or could intervene and close trades. You can also have group presets, and automatic trade management.
Funny you should say that lol.
Yes most people will lose their funds before broker security becomes an issue.
However, not all people lose and it makes sense to split our risk over 2 or 3 major brokers.
In fact this way you can also see which broker is better regarding execution, slippage, spread, commissions, swap etc.
Thanks for the info I will have a look. Yes that was my point exactly and having different looks at price action never hurt anyone.
You could sign up as a 'trade leader' on collective2, then sign up to your own signals using different brokers. This would probably cost a few hundred dollars a month in fees though. If you're trading enough money where you are paranoid, it could be worth it.
You could also create a signal in MQL5 forum and then follow it
https://www.mql5.com/en/signals.
But the problem with such services is that your trades can be copied by others and if you are a successful trader and many people follow you then your previously small and invisible positions become visible due to the large pool of trades.
As a result, it is possible that your strategy will fail because major banks etc are looking for liquidity so clusters of stops are attractive
OR liquidity providers may have an interest in pushing market price against their client's positions.
The other problem you could have is that in certain countries a license is required for providing a signal service to others.
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I use several from IB, Tickmill and Hotforex, btw I use master account to manage them through one account when opening or closing trades. It definitely helps to diversify spread and liquidity sources.
I just want to post an update on my trading software.
I have stopped using FXsynergy and I'm now using ForexCopier2 for my trade copying because FXSynergy was sometimes missing trades.
I could not understand the reason for this.
Everything looked ok but I got tired of checking the accounts to see if any trades didn't open or didn't close so I looked for alternative software and found FXcopier2 which is designed specifically for this task and seems very stable.
It is also cheaper and I found it MUCH easier to setup.
It will also work with MT5 and can do MT4 to MT5 copying or MT5 to MT4 etc.
They also have another SW called FXCopier Remote and that sends trades over the internet but there is a half a second delay between master and slave trades. Also, it can send trades to many MT4 accounts but they will have to be located on different PC's because each slave MT4 is running a receiver module and there can only be 1 module running per PC. Hopefully they will fix this limitation in the near future.
I have stopped using FXsynergy and I'm now using ForexCopier2 for my trade copying because FXSynergy was sometimes missing trades.
I could not understand the reason for this.
Everything looked ok but I got tired of checking the accounts to see if any trades didn't open or didn't close so I looked for alternative software and found FXcopier2 which is designed specifically for this task and seems very stable.
It is also cheaper and I found it MUCH easier to setup.
It will also work with MT5 and can do MT4 to MT5 copying or MT5 to MT4 etc.
They also have another SW called FXCopier Remote and that sends trades over the internet but there is a half a second delay between master and slave trades. Also, it can send trades to many MT4 accounts but they will have to be located on different PC's because each slave MT4 is running a receiver module and there can only be 1 module running per PC. Hopefully they will fix this limitation in the near future.
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