Trade copiers streamline equity transactions across multiple investment accounts. Not every trade copier is able to replicate every transaction, however. More advanced strategies and actions require more advanced tools, and that’s where Duplicate Account Actions comes in.
Duplicate Account Actions is an advanced trade copier for NinjaTrader, being able to replicate much more than just straightforward trades.
The Role of Trade Replication
Trade replication is an important part of many active investment strategies that span multiple accounts. It’s regularly used by professional investors who manage multiple client accounts, and it also can help the individual trader who has several accounts across brokerages.
At its most basic, trade replication is the process of duplicating trading actions — such as opening, modifying, and closing orders — across multiple brokerage accounts or platforms.
Rather than manually placing identical trades in each account, you can use trade replication to duplicate the action in subsequent accounts. This saves time, and reduces the risk of human error.
What Are Trade Copiers?
Trade copiers are the primary tools for trade replication. They duplicate trade actions, copying them from a “master account” to “slave accounts.” A good trade copier will have the various accounts all mirroring the master one in real time.
Most trade copiers copy basic buys and sells without issue, and many now have functionalities like partial trade copying, lot-size adjustments for differently sized accounts, and basic risk management options.
There often are limits to what typical trade copiers can do, though. Many remain fairly basic tools that do little beyond duplicating trade actions. They might not handle more complex trading actions, may not have many risk management options.
What is Duplicate Account Actions?
Duplicate Account Actions goes several steps beyond the typical trade copier. It’s core function is still trade replication, it provides much more advanced options as to how trade actions are duplicated (or modified and replicated).
The differences between Duplicate Account Actions and typical trade copiers are evident if you use any even semi-advanced trading strategies. If you’re using sophisticated order types, multi-legged trades, nested conditions or other more nuanced strategies, you’ll need the more advanced capabilities of a trade replication tool like this.
Duplicate Account Actions vs. Typical Trade Copiers
While at the heart Duplicate Account Actions and trade copier both replicate trade actions. There are several points where Duplicate Account Actions sets itself apart, though:
- Complexity Tolerance: Trade copiers shouldn’t have any trouble with straightforward buy and sell orders, but any capabilities beyond this are often quite limited. Duplicate Account Actions can handle multi-legged trades, complex custom logic, and advanced order types. You’ll have no issue using bracket orders, one cancels the other (OCO) logic, or multi-tiered exits.
- Risk Management: Being able to handle more complex trades lets Duplicate Account Actions follow more advanced risk management practices. Nested rules, various stop loss orders, and managing rejected stop loss orders are just some examples of what a typical trade copier probably can’t handle as well (or at all).
- Platform Compatibility: Some trade copiers are restricted to only certain trading platforms, and they might not work on all the platforms you use. Duplicate Account Actions is built for NinjaTrader, TradingView, Tradovate and Rithmic, and offers seamless integration between these and almost all investment account platforms.
- Service and Latency: Some of the smaller trade copiers may have limited customer service, higher downtimes, and latency that prevents true real-time trading. All Affordable Indicators tools are fully supported, both from a technical and a customer service side.
When to Choose a Trade Copier
Despite their limitations, trade copiers can be the right choice for certain investors. They’re especially suited for two situations.
First, new investors who are just learning trading might start out with a trade copier. If you’re placing simple trades that have single profit targets, basic entries and exits, and either no or very straightforward stop losses, then a trade copier could meet your current needs. Consider starting out with a trade copier, and upgrade to a more advanced tool as your knowledge of trading becomes more advanced.
Second, more passive investors might find that a typical trade copier sufficiently meets their needs. If you’re dollar cost averaging into a few funds or stocks with a long-term horizon, trade copiers shouldn’t have any issue duplicating those orders. Just be sure that your chosen one is compatible with where all your investment accounts are held.
When to Choose Duplicate Account Actions
Duplicate Account Actions is the better option if you’re a serious trader. Your strategies almost certainly exceed what typical account copiers can handle.
For example, you’ll want the risk management features of Duplicate Account Actions if you use almost any multi-tiered stop losses. Stop-limit orders, stop-loss market orders and trailing stop losses aren’t any issues, and you can combine these if desired.
The same holds true if you use any multi-tiered profit targets. Splitting an initial order into several exit stages, even if it’s just taking profits and letting the rest run, is easy with a more advanced tool.
You’ll also certainly want the reliability and speed of something like Duplicate Account Actions if you’re an active trader. Just a little latency can devastate day trades, and substantially decrease the profitability of frequent swing trades. You need something that’s fast, so your replicated trade actions aren’t rejected because the market moved too much.
In short, Duplicate Account Actions is likely the better tool if your on NinjaTrader or Trading View. Active traders who use current market analysis, whether technical, fundamental or both, will understand the benefits of a more advanced tool’s features.
Learn More About Duplicate Account Actions
If you’re looking for a basic trade copier at this stage of your investing career, there are several basic ones to choose from that may serve you well.
Assuming you need the more advanced features of something like Duplicate Account Actions, you’ll find this is a robust tool with the features you need.
Learn more about how it can help you replicate your strategies and decisions throughout your accounts.