By default all strategies that have had at least one open position will be shown in cMirror’s search results, which is located in the middle of the application and sorted by profit percentage in terms of ROI% (Return on Investment) for the chosen time period.
You can filter the strategies you want to see by their ROI% range by using the drop down menus, or typing your own value inside the menu. You can also move the handles in the bars to set the lowest and highest values that you want to see in the results.
On top of the list of strategies there is a search bar. You can find the strategy by the name or by the cTrader ID of the Strategy Provider. You can also filter the list by account type (Demo or Live) and ROI%, within a selection of time periods.
To Mirror a Strategy all you need to do is press the “Start Mirroring” button found next to each listing. After you press the button a window will appear with further options.
Note: Accounts from Guest Member brokers of cMirror only allow you to view strategies you cannot follow or them or become a Strategy Provider with that broker.
Once you have identified a strategy to follow you need to select which one of your accounts will mirror the Strategy. Simply click on the dropdown and choose from which account you are going to be following the strategy. If only one account is linked to your cTrader ID there will be no alternative option.
The next step is to select the volume percentage of the Signal Provider’s ticket size that you will be mirroring. A recommended setting will be suggested based on your account Balance, the Strategy Providers account Balance, and the volume percentage of any other strategies you are mirroring. In the drop down menu you will see with green color all the percentages suggested as safe and with red color the percentages that have a high risk setting.
Note: The recommended mirroring percentage should not be considered as definitive. The formula considers only a few of the factors that should be put towards making the decision towards mirroring volume percentage.
The last step is to indicate whether you want orders which are below the minimum volume to be created.
This option prevents investors from missing trades in the event that their mirroring volume percentage causes them not to meet their brokers minimum order size, which is usually 1000 units / 0.01 Lots.
Strategy Provider creates order for 5000k (0.05 Lots)
Investor is following 10% of the Strategy Providers Volume
If the option is disabled (check box is not ticked) then this order will be skipped because the volume of 500 units (0.005 Lots) is too small
If the option is enabled (check box is ticked) an order of 1000k (0.01 Lots) will be created
Note: Currently it is only possible to adjust the “Force copy trades with minimal volume” at this initial stage when subscribing to a Strategy Provider.
Note: Be aware of the minimum quantity step parameter which is typically set at 1000 (0.01 Lots) across most cTrader brokers. This means that a trade of 6000 (0.06 Lots) mirrored at 20% = 1,200 (0.012 Lots) will not be copied because it does not meet the allowed values according the order size increments. In the Accounts tab in the left section of the platform you will notice that the strategy has appeared below the corresponding account.
Once you have started mirroring a strategy it will be listed underneath the account which is following it in the My Accounts section. Here you can see the name of the strategy along with the profit or loss it has generated towards the account.
To stop the mirroring process at any time you press Stop . To start the mirroring process again you press Play . To remove the strategy from your list you press the settings button which is the Cog Icon and select Stop Mirroring and Remove from the menu.
You can change the Volume Percentage at any time by clicking on the volume percent dropdown and select another Volume Percentage, you do not have to restart mirroring, the change of setting will take immediate effect.
Equity Stop Loss
You can set your Equity Stop Loss by clicking on button, this will open a dropdown menu where you can set at which percentage of your account balance you are willing to risk. Once that risk limit is reached the account will stop following all strategies and close all positions. When the respective level is reached, all mirroring costs will be stopped and all the positions will be closed.
Note: When selecting 90% Equity Stop Loss you determine the amount of equity which you want to retain, not what you want to risk. By selecting 90% you are stating that you are willing to risk 10%. When setting 10% Equity Stop Loss you are stating that you are willing to risk 90%.
From the Cog icon the following risk management settings can be applied on a per strategy .
Trade Volume Percentage changes the Volume Percentage of the Strategy that you are Mirroring.
Mirroring Mode lets you mirror the signals of the Strategy Provider in the same direction or in the opposite direction if you want to reverse their signals. For example; if you will buy when they sell and reverse the Stop Loss and Take Profit
Force a Stop Loss (per Position) will force a Stop Loss defined by you if that distance is reached to all the Strategy Provider's Trades
Force a Take Profit (per Position) will force a Take Profit defined by you if that distance is reached to all the Strategy Provider's Trades
Note: If this closing method is used then no Strategy Providers commissions will be paid since the position was not closed by the Strategy Provider.
Stop Mirroring will stop mirroring the Strategy Provider.
Stop Mirroring and Remove will stop mirroring the Signal Provider and remove the strategy from the list of the account in the My Accounts section.
You can change the above settings of each individual strategy you are following at any time.