Tradency updated the Mirror Trading platform with new features that allow traders to control their risk with a new “Pause” option.
With the new "Pause option", traders are able to set an approximate loss limit in each strategy in their portfolio as a way to reduce their risk when trading.
Currently, when traders add a strategy to their portfolios, they have to set an amount for each position opened by the strategy. In the next version, they will also be able to set an approximate ‘Pause’ level. “The idea behind the ‘Pause’ option is to automatically de-activate a strategy when it loses more than the amount set by the trader,” says Lior Nabat, president and CEO of Tradency in the press release.
“We believe this is an extremely innovative feature within the Tradency platform and it adds a new dimension to automatic trading," says Michael Zimkind, sales manager from FXDD, a brokerage firm that offers the Mirror Trading platform to its clients, who isquoted in the release. "This new feature gives traders the opportunity to further manage risk, especially when they’re away from their computers, solving one of the main problems of automatic trading.” In Mirror Trading, positions are opened by selected strategies automatically and continuously. New positions are being opened until the strategy is removed from the portfolio. “However, with the new ‘Pause’ feature, there is a way to automatically stop the strategy from opening new positions,” explains Nabat in the same press statement.
“The platform itself doesn’t close positions,” Nabat continues in the release, ”not because the technology cannot do it, but because we don’t think it is right to interfere with the strategy. Sometimes during a position, there can be ‘downs’ and ‘ups’ and we need to give the experts (the strategy providers) the opportunity to do their jobs.”
Other new enhancements to the Mirror Trading platform include adding a desktop version in addition to the web-based version; the addition of multi accounts – the ability to easily manage a few accounts with one user, and saving user preferences, such that when a user changes his preferences (such as the results table columns, of the custom filter parameters), they are saved for his next login so he doesn’t have to change them again.