Setting & Understanding Opening Behaviour
Mirrorly lets you copy traders' moves. Our aim is to match their positions as much as possible, while considering your own trading style and risk level.
We can't predict a trader's future plans or how much capital they have. So, we've created several sizing strategies to fit different kinds of traders. This gives you control and peace of mind. You can let the pros handle the trading while you follow a clear set of rules.
With Mirrorly, users have the opportunity to improve a trader's performance by analyzing our data on them and "improving" their trading style.
Opening Size: Ratio-to-trader
By opting for Ratio to trader, your position size will be determined 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.
👊 You: set the initial size ratio at 50%
Trader A: long BTC for $20,000 and avg price of 20,000
You: long BTC for $10,000 and avg price of 20,000
Trader A: longs ETH for $150 and avg price of $1500
You: long ETH for $75 and avg price of $1500
Opening Size: Fixed Value
Choosing Fixed Value means you will need to input an initial position size that will apply to every trade OPEN.
For Example:
👊 You: set the initial size of $5000 per trade
Trader A: long BTC for $20,000 and avg price of 20,000
You: long BTC for $5000 and avg price of 20,000
Trader A: longs ETH for $300,000 and avg price of $1500
You: long ETH for $5000 and avg price of $1500
This amount is used for opening the position ONLY (since we cannot predict the trader open), and will not apply to any future increases. To understand how we handle increases, refer to the section on Setting & Understanding Increase/Decrease Types.
Opening Behaviour: 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.
Consider this example:
👊 You: set copytrader slippage to 1%
Trader A: opens a trade to buy BTC at $10,000.
Scenario 1: Trade within Slippage (1% or less)
Trader A: trade gets executed at $10,000.
You: When Mirrorly attempts to execute your trade, the price of BTC has risen slightly to $10,050 (a 0.5% difference). Since the price increase is within your 1% slippage setting, your trade is executed at $10,050.
Scenario 2: Trade exceeds Slippage (above 1%)
Trader A: trade gets executed at $10,000.
You: When Mirrorly attempts to execute your trade, the price of BTC has risen to $10,150 (a 1.5% difference). Since this price difference exceeds your 1% slippage limit, your trade is not executed.
Opening Behaviour: Limit Account Size
The Limit Account Size feature allows you to 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.
Consider this example:
👊 You: set the initial size ratio at 50% and limit account size at $2000
Trader A: long BTC for $2000 and avg price of 20,000
You: long BTC for $1000 and avg price of 20,000
Trader A: longs ETH for $5000 and avg price of $1500
You: long ETH for $1000 and avg price of $1500
Opening Behaviour: Max Position Size
The Max Position Size feature allows you to set a maximum USD amount for a single position per trader in your copytrading portfolio. For instance, if you set the Max Position Size at $2000, no individual trader's position will exceed $2000.
Here's an example to illustrate this:
👊 You: set the initial size ratio at 50% and max position size at $1000
Trader A: long BTC for $3000 and avg price of 20,000
You: long BTC for $1000 and avg price of 20,000
Trader A: longs ETH for $5000 and avg price of $1500
You: long ETH for $1000 and avg price of $1500
Trader B: longs ETH for $2000
You: long ETH for another $1000, totaling in $2000 of ETH long exposure*
Opening Behaviour: Max Symbol Size
The Max Symbol Size feature provides the option to 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.
Here's an example to illustrate this:
👊 You: set the initial size ratio at 50% and max symbol size at $2000
Trader A: long BTC for $3000 and avg price of 20,000
You: long BTC for $1500 and avg price of 20,000
Trader B: longs BTC for $3000
You: long BTC for $500
Opening Behaviour: 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 higher margin usage and escalate the risk of liquidation. Exercise caution and only proceed if you fully comprehend the implications. We strongly advise reading our guide on leverage adjustment for a better understanding.
Understanding Leverage
Leverage is the practice of using borrowed funds to increase the potential returns of a trade. In the context of trading, leverage allows you to control a larger position than your account balance would normally allow. If you are unsure how leverage works, We urge you to read the following article a few times before starting to use our service.
Mirrorly automatically sets the optimal leverage per trade for you for maximum capital efficiency, therefore to avoid any conflicting actions, you should not perform additional trades on the same account where Mirrorly is running.