Copy trading and Mirror trading.

[Queentoshi]

I almost made the mistake of thinking that these two meant the same thing, that is Copy trading and mirror trading because I have come across traders who use these two terms interchangeably like they mean the same thing when they do not. I checked what Copy trading and Mirror trading mean exactly and there are in fact some differences between them that I believe is good to share to benefit of knowledge to those who do not already know.

In copy trading, the trader directly copies the moves of an individual successful trader; whereas in mirror trading, investment decisions are based on algorithms developed from trading patterns of number of successful traders.

That is how wikipedia describes it.

But for easy understanding, In copy trading, a trader can simply copy a trading move from another trader, and maybe adjust it or go along with it as they copied it, but in mirror trading, the entire trading behavior of successful traders is copied, and because it is an entire pattern, you cannot adjust anything, it is an automated trading based on the pattern of another successful trader that has recorded success overtime. It is not just one move that is copied, it is the traders entire trading style and pattern.

[Oshosondy]

Which means what we thought is copy trading is mirror trading, while checking the trading pattern of a good trader is copying copying trading. I have not heard or read of mirror trading before, I learn something new today.

But I think with time, this definition may change because mirror trading is what is referred to as copy trading on forex, stocks and crypto exchanges.

[Nrcewker]

How did you thought both are same mate? Their English meaning itself defines what they will be, if understood properly. Both these types of trading are done by newbies, who doesn’t like to research or work hard. Here mostly you trade on other people’s calls or decisions. In copy trading, you follow calls or traders of another trader and buy exactly the same coins with same amount. If you ask me to choose between these two, then obviously copy trading has more chances of getting more profits. Now what to choose completely depends on you OP.

[Faisal2202]

I was not even aware of the term mirror trading, but thanks for a good piece of information because, after getting familiar with the difference, I did some research, and you basically wrote the result of the readings I did. The point is, you are damn right and accurate, and we should really be aware of such terms.

Well, now I am thinking either copy trading or mirror trading is more beneficial in terms of profits. Well, copy trading is like trading in which the trader has full control; this increases risk management while it becomes difficult in mirror trading, so I think copy trading must be more profitable in terms of making more gains. What are your thoughts on this?

[palle11]

I have heard both terms in trading, so I'm not surprised or confused about them. Copy trading is what we know it to be, it is the trading of another trader that we have copied so that if they are making profit we are also making profit and the same with the losses they make. Mirror trading is better explained as when brokers or someone else monitors the trading pattern of a trader to ascertain the expertise of a trader, to review etc. I think you just look at the performance over time and I believe that is what banks use to verify their traders.

[Hamza2424]

Haha, in the first look, I thought oh no another topic and I was quite in joyful mode, but I was going to ignore the topic than I saw what Op quoted well, TBH i never heard about the Mirror trading in this thread i am not regretting myself to read because today from here i got familiar with another terminology, as a trading learner my comments will be same on the Mirror trading as well if you cant put your own efforts better avoid the market.

Seems like this can be a new posting trend  Haha just kidding enjoy..

[palle11]

Haha, in the first look, I thought oh no another topic and I was quite in joyful mode, but I was going to ignore the topic than I saw what Op quoted well, TBH i never heard about the Mirror trading in this thread i am not regretting myself to read because today from here i got familiar with another terminology, as a trading learner my comments will be same on the Mirror trading as well if you cant put your own efforts better avoid the market.

Seems like this can be a new posting trend  Haha just kidding enjoy..

The post is instructive and informative. Mirror trading is not a strange term in trading. The reason that it is looking new here is that this is not a forex trading platform because you hear it more in forex market trading, stock trading unlike crypto trading which is relatively new and unregulated. Forex trading and stock are the foundation of online trading and so people who are interested to make profit from it but can't put effort to learn have other roots to go about it like copy trading or mirror trading.

[jeraldskie11]

Which means what we thought is copy trading is mirror trading, while checking the trading pattern of a good trader is copying copying trading. I have not heard or read of mirror trading before, I learn something new today.

But I think with time, this definition may change because mirror trading is what is referred to as copy trading on forex, stocks and crypto exchanges.

I haven't tried mirror trading since it was first implemented in forex. I didn't hear mirror trading since I was in crypto. I think if you use mirror trading, you automatically copied all the trades of the trader you chose to copy while in copy-trading, you have to manually input the trade orders of a trader. I don't think it's included the same capital or margin in mirror trading. There's no much difference between the two but I think the most efficient is mirror trading and in terms of safety I will choose copy-trading since you can filter out.

[WatChe]

How did you thought both are same mate? Their English meaning itself defines what they will be, if understood properly. Both these types of trading are done by newbies, who doesn’t like to research or work hard. Here mostly you trade on other people’s calls or decisions. In copy trading, you follow calls or traders of another trader and buy exactly the same coins with same amount. If you ask me to choose between these two, then obviously copy trading has more chances of getting more profits. Now what to choose completely depends on you OP.

Regardless of whether both are same of different they have one thing in common which is in both tech you have to rely on other ideas and strategies.
If I have to choose among two I will prefer doing trade with my own mind regardless of what outcome will be. If you do trading on your own you train yourself for the long run. But if you follow copy or mirror trading you are not training your mind for the trading. Which strategy you go for is upon you to choose.

[LogitechMouse]

I tried to find the word "Bitget" in the OP's post because in the last couple of days, users who are promoting Bitget often uses the word copy-trading in their thread.
Kidding aside, it's my first time to hear the term "Mirror Trading", and thanks OP for sharing it to us.

Nevertheless, I will not do either of the 2. I'd prefer having my own strategy that works fine with me when I'm trading. Unfortunately, I'm not successful in trading because of my decisions, but... nahhh I will do it again, and again until I become a successful one. I will do it without the use of either copy trading or mirror trading because I believe these 2 are for those aspiring traders who don't want to go the hard way, but instead they want to just throw their money, copy those expert traders, and hoping that they will gain profit thru them which is a completely wrong mindset. Both are for those lazy traders who don't want to learn. Anyway thanks OP for sharing a new term.

[Patrol69]

Traders generally follow different methods of trading. There is a category of traders who don't rely on their own talent or can't make any decisions about trading, but directly follow the trading of another trader. If the person who follows another trader is told by another trader to trade this coin right now then the follower will invest in that coin as said by the first person. But I think one should not directly adopt another trader's trading strategy. If we want to trade according to how another person has traded then we can never trade like that person. We must develop our own trading skills. When we become proficient in trading ourselves, we will be able to take up trading as per our wish, so that there will be no need to rely on anyone else.

[EarnOnVictor]

Thank goodness that there is a very well-experienced trader here, you would have by seeking answers further confused yourself, and probably others. Wikipedia might in their definition be right but you are wrong in the understanding and interpretation as they might define unknowingly that without further explanation, they could confuse people. I'm not here to argue, just talking based on practical experiences, and it's your choice to accept.

In plain and genesis of those terms in the financial market before cryptocurrency started causing confusion. Mirror trading and Copy trading are the same thing, the only difference is that Copy trade is provided by the broker/exchanges directly while mirror trading is provided by an external provider (third party) that bridge services between brokers/exchanges and their clients. In both, you can control your risk, manage the proportion of your trades, and even trade or close trades in your account by yourself. It's all about you, the service and the platform you are using for it.

Zulutrade was the first mirror trade I used 16 years ago, and probably the first in the service. All are copy trade services whether internal or external, but in the current dispensation, especially at this time of cryptocurrency, everyone is just labelling it what they like. But we can't blame anyone since they still offer the same service, they are for trade copying.

[Dr.Bitcoin_Strange]

I don't even think we often hear about mirror trading like we usually and regularly hear about copy trading, because it looks like everyone is mistaking mirror trading for copy trading. People talk about copy trading all the time, and I for once never thought of mirror trading as something that's really different from copy trading, but it's clear to me now since you explained it, @OP. Just as Oshosondy has said, what's labelled copy trading on forex, stocks, and exchanges is really mirror trading.

[joniboini]

The definition of Wikipedia was taken from a website called Daytrading.com[1]. Sometimes I wonder which definition is more legitimate since some websites use both terms interchangeably. At the end of the day, I believe the best thing a trader can do is to check out their platform definition of each term to make sure they don't confuse them. The goal is to make a profit anyway.

[1] https://www.daytrading.com/copy-trading#what-is-copy-trading