Setting Parameters to Start Follow (3) Follow-up System Deployment Tutorial

In the previous article we explained how to sign up for a strategy account and get a strategy KEY, in this article we will explain in detail how to start following trades with a strategy KEY, which is especially important for beginner to intermediate investors who want to copy the strategies of successful traders.

Ⅰ. The Importance of a Strategy KEY

A strategy KEY is a unique identifier for your strategy, which not only protects your intellectual property, but is also the key to starting a follow-on trade. Let's review the characteristics of a strategy KEY:

• Uniqueness: Each strategy account has a unique strategy KEY.
• Security: The Strategy KEY is tied to your email address, so no one else can use your MT4 or MT5 account to register a duplicate strategy on CopyTraders.
• Convenience: You can easily share your strategy KEY with investors who want to follow your strategy.

Ⅱ. How to start trading with CopyTraders

As an investor who wants to follow a trade, here are the steps you need to follow:

• Install EA: Install and load CopyTraders' EA (Expert Advisor) on your MT4 account.
• Enter the strategy KEY:
  • Open the “Order Management” tab of the EA.
  • Enter the strategy KEY that you have obtained from the strategy provider in the indicated position.
  • Click the “Request Authorization” button.
    
• Wait for authorization:
  • The policy provider will see your authorization request in their Follower Control Center.
  • They will need to find your account in “Follower Accounts” -> “Account Management”.
  • Authorize your account by clicking on the gray cloud icon in the “Authorization Status” column.
    
• Confirm authorization:
  • Once your account has been authorized by the policy provider, you will need to open the “Order Management” tab of the EA again.
  • Click on the “Start Order” button.
  • If successful, you will see the message “Follower in progress...” in the alert bar below. message in the bar below.
    
• Start following the order:
  • When you see the message “Following up...” message, your trade is officially started.
  • The EA system will automatically initialize the parameters of the follow up order (but still need to set up positions before the official start of the follow up order), to ensure that your trades are synchronized with the strategy provider.

Ⅲ. Things to keep in mind

• Parameter settings: In the next article, we will explain in detail how to set the parameters of the follow orders, in order to personalize the adjustment according to your risk tolerance and investment objectives.
• Risk Management: Although trade-following can replicate the strategies of successful traders, there are still risks involved. Please ensure that you understand and accept the associated risks.
• Timely communication: If you encounter any problems during the process of applying for authorization or starting to follow orders, please contact the strategy provider or CopyTraders customer support in a timely manner.
• Regular Checks: Even after you have started trading, it is important to regularly check the status of your account and the performance of your trades to make sure that everything is going as expected.

Ⅳ. Conclusion

By following the steps above, you will be able to successfully start trading with your followers. Remember, while trade-following lowers the learning curve, it still requires vigilance and continuous learning on your part. In our next article, we'll dive into how to optimize your trade-following parameters to maximize your investment potential.