FXCL Trading Copier Manual for Followers
This manual will introduce you to our copy trading software. In this program you’ll be able to perform all useful actions, such as find and follow signal providers, choose your copy mode, control your risks, etc.
Installation
The software is available on Windows OS. Follow these steps to install the program to your computer:
- Download and launch the FXCL Trading Copier installation file. Press the “Install” button to start the extraction process.
- Follow the instructions in the appearing windows until you finish the installation process.
That’s it! The program is set up and ready to launch.
User Interface
- To launch the program, click the FXCL Trading Copier shortcut on your desktop.
- In the top right corner of the window you can switch the language.
- After the launch fill in a short login form:
- In the “Connection Name” field create any name for your account. The name will be visible for you only and will appear in the “Connection List” to the left from the login form;
- In the “Login” and “Password” fields enter the login information for your MT4 account sent to you during account registration;
- In the “Account Type” dropdown list choose “Follower”;
- Pick “FXCL” in the “Server” dropdown list;
- Press the “Log in” button.
- In the "Connection List" section of the LogIn window you'll see a list of all your Copy accounts. The system will save them after a successful log in. Later you can simply click on the account from the list for a quick launch.
- Now you have access to the Followers’ FXCL Trading Copier user interface.
- To follow a Signal Provider, choose the account in the list in the “Signal Providers” section and press the “Follow” button.
The Signal Provider you’re subscribed to will be highlighted with green. Each account can follow one Provider’s account. If you wish to follow another Provider, you should create a new Follower’s account or unfollow your current Provider first.
- To unfollow a Signal Provider, click his/her account in the list and press the “Unfollow” button.
- Once you unfollow a Provider, make sure to take care of the trades copied from that trader. All open positions will remain intact even in case you unsubscribe.
- When following a Signal Provider, you can change your Copy Status. Switch between “On” and “Off” modes on the left side of the program. If you want to copy the signals, be sure your copy status is “On”
- At the top of the window you’ll see the basic information on your account including your account number, balance and equity sizes. Use the “Refresh status” button in the top right corner to update the information.
- To choose a Signal Provider, check the information in the “Signal Providers” table:
- “Signal Providers” column contains the Client’s account number;
- In “Compensation Value” column you’ll see the type of compensation:
- NoCompensaction if the Provider takes no commission at all;
- Performance Fee if the Provider takes a percentage of the received profits;
- DailyCopyFeeUSD if the Provider takes a fixed commission per lot for the trades;
- In the “Compensation Value” column you’ll see the percentage or the amount of the commission set by the Provider. Note, that in case the fixed commission is paid separately for profitable and loss trades, in the program you’ll see the fee for profitable positions only. Full details of the commission type, size and payment schedule for a particular Provider you can find in our Providers’ Rating table.
- In the “Strategy Name” column you can get a link to Provider’s previous trading history, such as a link to his/her Myfxbook account. You’ll find the same links in the Rating table on the FXCL website as well.
- The next three columns shall show a trading performance of the Signal Provider counted by the software. More relevant data on Provider’s trading results is stated in the “Profit Factor” column in the Rating table.
- You can manage your account in the “My settings” section of the program. You can click the little menu sign next to the “Signal Providers” window title to open and close the settings section.
- Set your account settings and make sure to press the “Update Settings” button in the bottom to apply the changes:
- In the Copy Mode choose how the Provider’s trades will be copied to your account (Note: the mode is changed when you use a scroll):
- Fix Lot - all your trades will be opened with the lot size you choose;
- Proportional - the trades will be opened proportionally to providers/followers equity size (this method is optimal as it will allow you to open the maximum amount of suitable trades);
- Multiplier - your trade size will be multiplied by the multiplier you set;
- In the Risk Ratio field you set the multiplier when using the “Proportional” copy mode. For example, if you set the multiplier to 2, then your trades will be set proportionally to Provider’s equity, yet will be multiplied by 2. If you want your trades to be exactly proportional, then leave 1 in this field.
- Set the actions for your account in case of a dropdown in the “DD Protection” field:
- NoDrawdown status means that the trades will be copied to your account despite the drawdown size;
- InBalance status allows you to stop following trades when your balance drops below the amount set in the “Max Drawdown” field below;
- InEquity status allows you to stop following trades when your equity drops below the amount set in the “Max Drawdown” field below;
- InPercentageOfReferenceValue status allows you to stop following trades when the equity on your account drops down for the percentage of the equity you set. In the Max Drawdown Reference Value field you set the required equity and in the Max Drawdown - the percentage from that value. For example, if you put 1000 for the equity and 10 for percent, then your account will stop copying the signals when the equity drops 10% from $1000. So once the equity is $900, the copying process will stop.
Note: If the Provider’s trade is closed according to his/her Dropdown protection settings, the Follower’s trades will be closed as well, despite his/her balance or equity status.
- In the “Daily Loss Max %” field you can set the maximum loss size for the day. By default the option is off and set to 0. To control the loss size, set the required percentage in the Daily Loss Max % field. The “Daily Loss Reference Value” field will automatically save the equity size at the beginning of a trading day. Once the equity drops below for the set percentage from the daily equity, your account will no longer copy trades (see example in the previous paragraph);
- Max lot size and Min Lot Size control the range for the copied trades. The volume above the max size and below the min size will not be copied. If the value is set to 0, the program will copy all trades.
- In the Copy Mode choose how the Provider’s trades will be copied to your account (Note: the mode is changed when you use a scroll):
- The risk control settings including the Dropdown and Max Loss Settings will influence your personal trades as well. If your account reaches the set amount, percentage, etc., all your trades, including the ones you opened yourself, will be automatically closed.
- In the “Historical Settings” window you can monitor all settings and status changes for your account.
- In case you’ve registered as a Signal Provider and want to become a Follower, press the “Delete me as a signal provider” in the bottom left corner of the program when logged in as a Provider. Then you can log in as a Follower.
- After 3 minutes of inactivity, you will be automatically logged off from your account and returned to the Login window.
- In order to return to the Login window, press the “Home” button in the bottom left corner.
- In case of any changes in the Signal Providers window, the new information will not appear until you reconnect to see the new changes.