What is AutoCopy?
AutoCopy is a system that allows a trader to automatically copy trades from another trader or group of traders. When trying the AutoCopy system for the first time, we recommend you try with a demo brokerage account before switching to a live brokerage account.
How does it Work? - Copy Trader
A Copy Trader is a trader with a linked demo or live brokerage account which AutoCopies trades from another trader (Signal Provider). To identify signal providers to AutoCopy, go to the Find Traders page and apply the desired filter criteria to narrow down the list of signal providers and make further review of the many available performance indicators. To be a signal provider on FX Junction, it requires a validation process that the signal provider must comply with including:
- A linked live brokerage account
- Fully disclosed monetary account values
- The live account must have an online frequency above 90%
- The live account must show a 1 month minimum trading history
- Submit a government issued ID, proof of residence and civil photo
Once copy trader selects a signal provider's account to AutoCopy, the copy trader will need to select several parameters including:
- The lot size to be autocopied
- The maximum allowable open lots
- The maximum allowable open trades.
- Select from one of the available fee models offered by the signal provider
The available fee models from a signal provider may include one or all of the following options:
- Commission Per trade (roundturn) - A fixed amount charged on an AutoCopied trade applied upfront on the opening of the trade.
- Commission Per lot (roundturn) - A fixed amount charged based on each lot you AutoCopy applied upfront on the opening of the trade. Formula: Commission amount x Number of lots
- Monthly Subscription - A monthly subscription to AutoCopy all trades during a month without incurring any additional costs. Subscription fees are charged at the beginning of the subscription period. Subscriptions can be cancelled at any time and a pro-rata amount will be returned to the Credits account; however cancellations are subject to a penalty equivalent to 3 days of the subscription fee.
- Free Trial to New Copiers – The amount of days available with no fee applied from the signal provider. After the trial period, the selected fee model from the copy trader will automatically apply.
In case the signal provider changes their supported fee models or fee amount, an email alert will be sent to the copy trader with a validation link. If it is not validated by the copy trader, the AutoCopying will be canceled 3 days later. For subscriptions, the new model will be applied when the current subscription period expires.
How does it work? - Signal Provider
A Signal Provider is a trader with a linked live brokerage account that enables the AutoCopy system so other traders (Copy Traders) can AutoCopy the signal providers trades. As a Signal Provider, FX Junction offers a choice of up to three fee models which can be offered for each linked live brokerage account enabled for AutoCopy:
- Commission Per trade (roundturn) – A fixed amount charged on an AutoCopied trade applied upfront on the opening of the trade.
- Commission Per lot (roundturn) – A fixed amount charged based on each lot AutoCopied applied upront on the opening of the trade. Formula: Commission amount x Number of lots
- Monthly Subscription – A fixed amount to be applied each month the copy trader subscribes. It allows the copy trader unlimited copy trades for a fixed monthly fee. Subscriptions run for a month from the date of the setup and are automatically paid to the signal provider's credits account at the end of the subscription period. Should a copy trader cancel the subscription, a pro-rata amount will be credited to the signal provider's credits account immediately.
- Free Trial to New Copiers – Input the number of days to allow a copy trader to copy signals for free. After the trial period, the selected fee model from the copy trader will automatically apply.
FX Junction deducts a 50% service fee from the Signal Provider's fee. For example, if the signal provider charges 50 USD per month to the copy trader, the signal provider will earn 25 USD per month. Through FX Junction's Affiliate program, signal providers can receive a 30% FX Junction service fee. Click Here to learn more.
What are Orphaned Trades?
Orphan trades are trades that can no longer be tracked by a source account (account that triggered the trade). This can happen for various reasons including:
- The brokerage account of the signal provider or copy trader was disconnected from FX Junction during the AutoCopy process.
- The broker rejected the request or failed to process the trade
Orphan trades are indicated by a special icon in Trading Activity section. If "Auto-Close Orphan Trades" is enabled, these trades will be automatically closed when detected. If this function is disabled or if a trader is removed a trader from the AutoCopy portfolio, it is the responsibility of the copy trader for manually closing these trades at their discretion. To mitigate the risks of orphan trades, we display the online frequency of all linked accounts. An online frequency of 100% reduces the risk of orphaned trades.
Can I trade other systems (robots or EAs) along with AutoCopy?
Yes, the AutoCopy system manages trades that are placed through this system only. Any other trades, manual or automatic are not touched by the AutoCopy system. It is the trader's responsibility to determine whether the robots get along with other systems. In the Performance section located in the Trading Profile allows the performance tracking of robots by assigning a unique code (usually available in EA inputs). The results of trades placed by an EA are shown as "Other (EA)" in the performance report.
What if the Signal Provider places a trade for a symbol that is not supported by my broker?
The system will attempt to send an order for every trade that is initiated by the signal provider. If for some reason the broker rejects the trade, the failure will be logged in the Log page.
Often times issues related to AutoCopy can be resolved by looking at Trading Profile -> Log. A log of all attempts by the AutoCopy to copy a trade into a linked account along with the status and relevant description of the transaction.
Some of the common errors are:
- Bridge EA was unreachable - please make sure that your bridge is up and running in your terminal. Trades cannot be copied unless your terminal is on with the Bridge connected.
- Failed to place trade. Trading not allowed! Check platform settings - you need to allow automated trading in your terminal, by going to Tools -> Options -> Expert Advisors and making sure the Allow Automated Trading and Allow DLL Imports checkboxes are ticked
- Failed to place trade. off quotes - this is a one-size-fits-all error message returned by the broker that can mean a variety of things. Please check with your broker.
- Ticket: [number] failed to close. common error or no error or unknown error - another one-size-fits-all error message returned by the broker. Please check with your broker.
- Ticket: [number] failed to close. invalid ticket - the AutoCopy system was not able to close this ticked because it was most likely closed before (either manually or by the close-orphans function). Please verify that this ticket is not open on your account and if needed, close it manually.
- Not enough credits to AutoCopy trade - please add more Credits to your account to be able to continue AutoCopying your chosen Signal Providers
- Failed to place trade. hedging is prohibited - your broker does not allow placing a trade in a symbol where there is already an open trade in another direction (hedging).
- Failed to place trade. unknown symbol - your broker doesn't support trades in this symbol (currency pair etc).
- Trade copy failed due to timeout of over 60 seconds - the Signal Provider's trade failed to replicate on your account within 60 seconds and therefore the AutoCopy system refused it (the trade would have happened under significantly different market conditions than on the Signal Provider's account, due to the time lag).
- Failed to place trade. market is closed - attempted to place a trade during the market's off hours.