Forex Advice : Mirror Mirror on the Wall

Forex Advice : Mirror Mirror on the Wall

For today’s Forex Advice, we are going to discuss Mirror Trading. First of all what Mirror Trading is and also how it can benefit young traders. Mirror Trading has become wildly popular in the last few years and it can greatly help the profitability for new traders.

Mirror Trading is the act of seeing and trading(mirroring) the actions of a professional trader. The forex advice we can give you here is to watch what the pro traders are looking at, and how they react to different situations. Although some people look down upon it since you are not technically trading on your own, I believe that it can greatly help new traders understand technical indicators, as well as the overall feel of forex trading.

Another reason why people’s forex advice usually contains mirror trading is because it lets the trader get used to the online platform of trading. Most people have never used any online portals to trade, so it might seem like a very foreign concept for them. They might stumble over a few of the controls, or not know how to bring up certain charts. With mirror trading, it can sort of guide you along as you make your way through the rough few months of beginning your trading career.

Mirror trading however is a double edged sword. If people get TOO comfortable with this concept, they won’t actually learn the vital skills to trade on their own. They rely on the professional to make trades, and that in itself can get very risky. Even the pros lose money, so if you are not consciously looking at the trades, you might end up losing money that you wouldn’t have if you know the reasoning behind the trades.

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