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Creating Your First Copytrader​

On the Mirrorly platform, navigate to the Copytraders tab or click on "Create New" from the Home tab to create your first Copytrader.

Name Your Copytrader: The first step is to choose a name for your Copytrader. This helps you easily track and manage the traders you're copying.

Set Up API Keys: Once you've named your Copytrader, you'll need to create a set of API keys specifically for use with Mirrorly. Select your exchange of choice and enter the API keys.

Generating & Setting API Keys​

Mirrorly provides support for both Bybit and Bitget exchanges.

note

When setting up your API keys, make sure to create a seperate subaccount. specifically for Mirrorly. Running other trades in parallel or manually adjusting Mirrorly positions (increasing or decreasing) may cause copytrading issues and could risk your account being liquidated. To ensure optimal performance and safety, only Mirrorly should manage your copytrading subaccount.

Choose the exchange you'll be using, and follow the instructions below to generate and set up your API keys:

If you're already familiar with the process of creating API keys, you can proceed directly to the next section: Creating Copytrader & Configuring Trading Parameters

Configuring Trading Params​

After creating your API keys and setting up a copytrader, it's time to configure the trading parameters and select traders to follow.

Our trading parameters are divided into 3 sections

Opening Behaviour​

  • Opening Size: Select between Fixed Value & Ratio To Trader (For more info refer to: Understanding Position & Opening Size)
    • Ratio To Trader: input a % to determine your position relative to the trader's open position. For example, selecting 25% would mean an open position of $2,500 when the trader opens a $10,000 position.
    • Fixed Value: input an initial position size that will apply to every trade OPEN.
  • Initial Size in USD: Set an initial size to be used for all new trades in the copytrader (Only applicable when Fixed Value is selected).
  • Slippage % :Slippage is the price difference between the trader you're copying and the actual price when your order is executed. By setting a slippage percentage, you control how much price variation you’re willing to accept. For example, if you set 1% slippage, your position will only be opened or increased if the price difference is within 1%. If the price deviates beyond that, the trade will not be executed.
  • Limit Account Size (USD): set a maximum USD value that your copytrader can hold. For instance, if your account limit is set at $1000 and you currently have open positions worth $1000, your copytrader will not open new positions.
  • Maximum Position Size (USD): set a maximum USD amount for a single position per trader in your copytrading portfolio.
  • Maximum Symbol Size (USD): set a cap on the total USD amount that can be allocated to a specific symbol, regardless of how many traders are trading that symbol in your copytrading portfolio.
  • Auto Adjust Leverage :Activate automatic leverage adjustments to prevent risk limitations imposed by your exchange on certain symbols. Please be aware that enabling this feature may lead to significantly higher margin requirements and escalate the risk of liquidation.

Increase Behaviour​

  • Maximum Number of Increases: Enter the maximum number of increases to copy. After reaching this number, no more increases will occur.
  • Maximum Increases Size (%): Enter the maximum increase percentage to copy (for more information, refer to "Increase Size by %" in our FAQ).

Closing Behaviour​

  • Basic Stop Loss %: Set a percentage as stop-loss protection, which will apply per position.
  • Take Profit Orders: Establish your own take-profit logic using our Basic or Advanced profit features.

After configuring your trading parameters, you are now ready to add some traders to copy!