A Forex Account Copier is a software tool traders use to copy data from Meta Trader 4 accounts of professional traders into their own and repeat their success. The user needs to start two Meta trader terminals, one is attached to the master account of the signal provider from where the trade orders are to be copied from and the other attached to the slave, the account of the client where the data is to be copied. At each of the terminals, expert advisors (EA) are to be activated that are dedicated to perform specific tasks.
The signal provider EA is responsible for tracking the changes in the master account and generating appropriate signals to be sent towards the client side. The signal processor EA ‘listens’ to these signals and receives them for the slave account where the data is then stored. It is imperative to ensure that there is only one signal provider or signal processor on each MT 4 terminal. One expert on one chart will process trades from all currency pairs.
In automatic installation mode, the signal provider EA will be attached to the chart and configured automatically. During manual installation it should be ensured that the ‘Allow DLL imports’ box is checked. ‘Confirm DLL function calls’ box should be unchecked. In case of the signal processor EA, ‘Allow Live Trading’ Box is to be checked. If a cross appears next to the EA name in a MT 4 terminal, it indicated that the advisor is inactive and must be turned on. If the user opens the EA setting by clicking on the advisor name in the navigator window, the Meta trader replaces all settings of the EA to their default values. To prevent this, one must always go to EA properties by right clicking on the chart area.
The program provides its users with the flexibility to choose the data flow.
Configuring the signal provider EA involves controlling the type of notifications and changes the client wishes the advisor to track and signal for. This flexibility makes the software a powerful tool in customising the trade sessions according to the requirements of the client. The client can choose the type of notification he wants to be recorded like opening positions, modifying positions, closing positions, moving stop loss, take profit, etc. It is recommended to save the settings after configuring the expert advisors to prevent loss of data.