One of the most frustrating issues with trading is that once you have found a perfect trading strategy you are not able to duplicate this easily onto your own other accounts or the accounts of friends or family members. A simple solution to this problem is Forex copiers, but finding one that is both easy to use and reliable is also tricky. I think, though, that I’ve found one which is pretty good. In this post I will be reviewing Forex Trade Copier 3 and explaining why I think any trader should get this product.
What is Forex Copier 3?
Forex Trade Copier 3 is a downloadable software which allows you to easily copy/duplicate your trades between any MT4/MT5 accounts. The software can do this quickly and have you up and trading in just 2 minutes.
Forex Copier boasts being used by 4,972 traders in 122 countries and offers unique features which I will discuss further down. Forex Trader Copier 3, just like the software suggests, isn’t the first software made by the developers. On the site, you can purchase Forex Copier 3 or Forex Copier Remote 2; Forex Copier Remote 2 has all the same features except remote trade copying. The company got its start as the first version was released in 2006 by a group of traders who simply wanted to create the software for their own trading needs, which, in my opinion, proves just how great the software is, as it was created solely to solve a problem.
Forex Trader Copier 3 is also made by the same company which created Forex Tester 4, which I have already reviewed here.
What features does Forex Trade Copier 3 have?
The software has a lot of great features and the website boasts about some of the newer ones. The features you can find on the programme vary between the free demo or the full version. I recommend that you test the free demo version before purchasing to get an idea of wether the software is for you. The main difference between the paid and free demo is that with the free demo you are limited to 2 source and receiver accounts. The features you can get on both versions are:
Trades can be copied from different terminals which work in different time zones. In addition, you have protection from the software in that you can tell it to stop copying open orders if equity reaches a certain level and to stop copying open orders when drawdown percent reaches a defined number. Another great feature is that if for any reason your internet drops when the software is copying, you will not lose the trade; instead, the software will continue to try and copy until it is done.
Forex Copier 3 has been tested with a range of widely used brokers such as TCFX, FXCM, FOREX.COM, XM, FxNet, FxPro and many other forex brokers that are supported by MT4 and MT5. You can also copy trades from demo and live accounts as well as between accounts using different currencies. Along with the software’s support across different platforms, it can also support all types of orders. Order examples include:
- Open, modify, close market orders
- Open, modify, delete pending orders
- Partial Close – Forex Copier will close orders on the receiver account that were closed on the source account
- Close By – Forex Copier can copy this type of closing order
- Instant Execution/Market Execution – If only Market Execution is allowed on the account, Forex Copier will open the order without stop loss/take profit and immediately set SL/TP if specific SL/TP is set in options of Forex Copier.
The software allows you to filter through orders using various tools. One feature is the ability to copy profitable/losing trades once they reach a certain predefined level in pips. This means that orders within the master account which are in profit will be copied whilst those orders which have negative profit will be ignored.
You can also set restrictions such as min/max lot size, max lot sum, number of orders (per symbol), you can choose to copy only defined types of orders and you can set price difference and expiration minutes restrictions. Along with setting restrictions, you can also set up filters which will filter for currency pairs or comments. The currency filter works by only copying trades with specific currencies whilst the comment filter will only copy trades which include specified comments on source terminals.
Forex Trade Copier allows you to make adjustments to your trade symbol names automatically which is great if you’re using multiple brokers. Along with the names being adjusted automatically, you can also make manual changes.
n addition to making adjustments on the trading symbol names, you can also use the Borders settings to set a range where copied orders can be opened. The advantage of this setting is it can allow you to set the range of when the software will open an order on the receiver account.
When copying orders, you can set the method of the lot calculation. Settings you can make are:
- Lot Multiplier – The lot set will be multiplied by entered value
- Fixed Lot – Set the lot size which will be copied from all orders
- Auto adjust Lot size – Forex Trade Copier 3 will automatically calculate the lot size based on source and receiver account balance
- Risk Management – Calculate lot size so that each order will risk no more than the selected percentage you set for your account
Stop Loss / Take Profit settings
This feature allows you to ignore the original order’s SL/TP, set a custom SL/TP amount for each order on the receiver account along with moving SL and TP in the order according to the difference between the prices of the initial and copied orders.
ust as the name suggests, in Reverse Mode Forex Trade Copier 3 can open reverse/opposite orders on the receiver account. Everything, such as the SL and TP, will be reversed along with the following:
- Buy order will be copied as Sell
- Sell order will be copied as Buy
- Sell Stop order will be copied as Buy Limit
- Sell Limit order will be copied as Buy Stop
- Buy Stop order will be copied as Sell Limit
- Buy Limit order will be copied as Sell Stop
Copying a reversed trade from a losing account can help your account grow.
Advanced Forex Copytrade Statistics
This feature allows you to clearly and easily find the information on the chart. Statistics you can easily see on the chart are the number of copied orders, profit, leverage & spread.
Forex Trade Copier 3 can solve any issues that may go wrong by itself. Simply click on the “Fix” button and the software will be able to find and solve the problem. You can see how this is done in the image below.
How does Forex Trade Copier Work?
Forex Trade Copier 3 works in 5 simple steps.
- The software starts by finding all the terminals on your computer
- Pick the necessary source terminal from your list
- Choose the necessary receiver from the list
- Drag a line between them
- Add additional terminals and lines if you wish to
What stands out with Forex Trade Copier 3?
One of the key selling points for Forex Copier 3 is the amount of time it can save a trader.Having the ability to copy trades along with the amount of features that allow you to completely customise and filter your trades is really amazing. A big advantage for me personally was the ability to copy from demo accounts and not just live.
I also like the blog on the site which is full of useful information on the features in the software. You can check out the blog here.
Online Reviews for Forex Copier 3
There are numerous reviews online and on Youtube, which you can have a look at if I haven’t convinced you to check out Forex Trade Copier 3. However, you can also see some shorter reviews on the actual site, in which real users describe just how simple the software really is.
What skill level should use Forex Copier 3?
I personally would recommend this software for a mid-level trader or a beginner who has been trading for a while. Forex Trade Copier 3 was a bit complicated to use at the beginning, which is why I wouldn’t necessarily recommend it to a brand new trader, although I wouldn’t tell them to avoid using the software completely.
There are a number of tutorials on the site, such as FAQ’s and downloadable PDF instructions, which go through each step clearly.
How would I rate Forex Copier 3?
To sum up my review, I’m going to rate the software on a scale of 1 to 5 (5 being the best) based on three different elements: ease of use, features and overall enjoyment.
Ease of use: I’d give this a 4. The features were easy to use, but I did have to watch and read tutorials to find my way around. The tutorials, though, were extremely straightforward and for any questions I did have I was able to easily find a tutorial to help me.
Features: I’ll give this a 5. The software has great features and one of my favourite is that I could copy demo accounts and not just live accounts. The free version of the software was also pretty good as it really did allow me to get a real feel for the software, the only difference being I was only able to use 2 source and receiver accounts.
Overall enjoyment: I’ll give this a 5. I did really enjoy using the site as a whole and wouldn’t ask for any changes to be made by the developers. I think it’s a really useful tool that other traders would definitely enjoy using.
I enjoyed this software and do recommend it for traders looking to copy their tradeseasily and quickly. You can follow Forex Trade Copier on Facebook, Twitter, Instagram and watch their videos on Youtube.
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