Forex trading is an exciting and profitable venture. However, it can be challenging to manage multiple accounts, especially if you have different strategies or risk management plans. Fortunately, the MetaTrader 4 (MT4) platform offers a solution to this problem. With MT4, you can duplicate your trades in another account, making it easier to manage your investments. In this article, we will explain how to duplicate MT4 forex trades in another account.
Step 1: Install the MT4 platform on both accounts
The first step is to install the MT4 platform on both accounts. You can download the platform from the broker’s website or the MetaQuotes website. Once you have downloaded the platform, install it on both accounts.
Step 2: Open the same currency pair on both accounts
To duplicate trades, you need to open the same currency pair on both accounts. You can do this by selecting the currency pair you want to trade from the Market Watch window and clicking on the ‘New Chart’ option. Once you have opened the chart, make sure that the chart settings are the same on both accounts.
Step 3: Install the trade copier software
To duplicate trades, you need to install trade copier software. There are several trade copier software options available, and you need to choose the one that suits your needs. Some of the popular trade copier software options include Local Trade Copier, Remote Trade Copier, and Trade Copier Pro.
Step 4: Configure the trade copier software
Once you have installed the trade copier software, you need to configure it. The configuration process varies depending on the trade copier software you are using. However, in general, you will need to enter the account number and password for both accounts, the lot size, and the stop loss and take profit levels.
Step 5: Start the trade copier software
After you have configured the trade copier software, you need to start it. The trade copier software will start copying trades from one account to another. You can monitor the progress of the trade copier software through the trade copier software interface.
Step 6: Test the trade copier software
Before you start trading, you need to test the trade copier software. You can do this by opening a demo account and testing the trade copier software on the demo account. This will help you identify any issues or problems with the trade copier software before you start trading with real money.
Duplicating MT4 forex trades in another account is a straightforward process. With the right trade copier software, you can manage multiple accounts and duplicate trades effortlessly. However, it is essential to choose a reliable trade copier software and test it thoroughly before you start trading with real money. By following the steps outlined in this article, you can duplicate trades and manage multiple accounts with ease.