General Information

Symbols are exactly that, trading symbols, such as EURUSD, XAUUSD, AAPL etc. They are the symbols that will be traded on your broker account.

In order to use a trade copier correctly, you must be aware of certain things related to symbols, otherwise, you may run into issues whilst copy trading.

General information

Symbol Names - It's very important to be aware of symbol names whilst copy trading, if the names do not match exactly then your trades will fail to copy.

Minimum Lot Size - You must be aware of your brokers minimum lot size for a traded symbol, for example, if you are trading the DAX market on broker A, they may have a minimum lot size of 0.01, where broker B may have a minimum lot size of 0.1. This means any trades copied below 0.1 on broker B would fail.

Maximum Lot Size - You must also be aware of your brokers maximum lot size for a traded symbol, for example, if you are trading the EURUSD market on broker A, they may have a maximum lot size of 50, where broker B may have a minimum lot size of 100. This means any trades copied above 50 on broker A would fail.

Contract Size - Depending on your account type, your contract size can differ. For example, there are 3 main account types, micro, mini and standard. You need to be aware that a micro account is 100x smaller than a standard account, and a mini account is 10x smaller than a standard account. Therefore, when considering your copier risk setting, if you are copying from a standard to standard account type, you may set 100% (1:1), where as if you were copying from a standard account to a micro account you may wish to set 1% (100x smaller), or 10% for a mini account.

Updated on: 20/11/2024