In this video, Rimantas explains how to copy trades from selected MetaTrader 4 master accounts with the Local Trade Copier for MT4.
On October 15th, 2020, I have released a trade copier software for the MetaTrader 5 and named it MT5 Trade Copier by Rimantas Petrauskas. Metatrader 5 is not that popular yet, but I see the demand is rising year after year. And the best part is that if you purchase both trade copiers from me, for MT4 and MT5 platforms, you can copy trades from MT4 to MT5 and MT5 to MT4 as well.
In this tutorial, Rimantas explains how anyone can download and install two or more MT5 trading terminals and copy trades from one MT5 account to another MT5 account using the MT5 Trade Copier software.
Local Trade Copier for MT4 allows you to control the lot size on the client account in many ways. The software has many parameters to control the lot allocation. You can copy trades at the same percentage risk even when master and client accounts are of different size and different deposit currency or you can copy trades at your own set fixed lot size. You also have the ability to copy trades with the same lot size no matter what or choose one of few more advanced risk control settings.
Finally, after quite a while, the new Local Trade Copier version 2.9.7 for MT4 has been released. I’ve added new features to the MT4 copier and also upgraded some existing features as well.
Each Local Trade Copier license is limited to work on a certain number of computers, but we do not limit the number of MT4 terminals on each computer. There are two types of License Activation systems, online, and offline.
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Let me walk you through all the parameters that you will find in the Client EA of the Local Trade Copier. You will see those settings once you attach the Client EA to the chart.
Useful read: How Forex Trade Copier Works on MT4. A simple step-by-step explanation of how to use a trade copier on MetaTrader 4.
Now let’s get to the settings of the Client EA.
Let me walk you through all the parameters that you will find in the Server EA of the Local Trade Copier. You will see those settings once you attach the Server EA to the chart.
Useful read: How Forex Trade Copier Works on MT4. A simple step-by-step explanation of how to use a trade copier on MetaTrader 4.
Now let’s get to the settings of the Server EA.
U.S. Forex brokers and possibly some other brokers will have FIFO limitations applied to each account. It means trader or any EA is restricted to close positions only in particular order and hedge trading will be disabled too (you cannot hold BUY and SELL positions open at the same time). These restrictions cannot be changed, and anyone who is trading in such account (including EA) will have to obey these restrictions.
Local Trade Copier is capable of handling trade copying of positions on MT4 accounts with FIFO limitations including partial closes.
Local Trade Copier can do Netting of positions which is especially useful if operating on an MT4 account with FIFO restrictions.