Local Trade Copier vs. VPS: Which Is Right for Your Trading Setup

How to Set Up a Local Trade Copier in MetaTrader ⁄₅

Overview

A Local Trade Copier (LTC) copies trades between MetaTrader accounts on the same computer or LAN (usually from a master account to one or more slave accounts). It’s useful for managing multiple accounts, mirror trading, or testing strategies across accounts.

Prerequisites

• MetaTrader 4 (MT4) or MetaTrader 5 (MT5) installed for each account instance.
• Separate data folders or separate MT4/MT5 terminal installations per account (or multiple terminals launched with different profiles).
• A Local Trade Copier EA or software compatible with MT4/MT5 (commercial or free).
• Same broker for master and slave accounts is recommended; cross-broker copying requires symbol and lot adjustments.
• Enable Expert Advisors and allow DLL imports in MT settings.

Step-by-step setup (decisive, assumes MT4; MT5 is analogous)

1. Install multiple MT terminals
   • Run additional MT terminals if needed (use “Open Data Folder” → copy terminal or install separate terminals).
2. Open master and slave accounts
   • Log into the master account on one terminal and each slave account on other terminals.
3. Place LTC EA files
   • Copy the Local Trade Copier EA/indicator .ex4/.ex5 (or .mq4/.mq5) and any required DLLs into each terminal’s Experts and Libraries folders:
     • Open Data Folder → MQL4 (or MQL5) → Experts (and Libraries).
   • Restart each terminal.
4. Attach LTC EA to charts
   • On the master terminal, attach the LTC sender EA to a chart (any timeframe, usually the instrument being traded).
   • On each slave terminal, attach the LTC receiver EA to a chart for the corresponding symbol.
5. Configure EA settings
   • Master EA: set it to “Send trades” (or enable sending), configure magic number filters, account lists, and logging options.
   • Slave EA: set it to “Receive trades,” define lot-sizing mode (fixed, risk-percent, lot-multiplier), set symbol mapping (if broker uses different symbol names), and configure allowed slippage and trade types to accept (market, pending, close-only, etc.).
6. Enable communications
   • If LTC uses files or shared folders: ensure the sender writes to a folder accessible by all terminals (e.g., common Windows folder) and receiver paths match.
   • If LTC uses network sockets: ensure Windows Firewall allows the EA or ports, and enter correct IP/port settings.
7. Match symbol names and trading conditions
   • Verify symbol names, contract size, digits (⁄₅), and broker-specific suffixes. Use symbol mapping in the slave EA if names differ. Adjust lot calculations for different contract sizes or leverage.
8. Test with small trades
   • Place a small test trade on the master account and confirm the slave accounts copy it correctly (entry, stop loss, take profit, lot size, and close behavior).
9. Adjust and monitor
   • Fine-tune lot-sizing, maximum exposure, allowed slippage, and error-retry settings. Monitor logs and the Expert tab for errors.

Common configuration options (summary)

• Lot sizing: Fixed lots, proportional to master (%), risk-based (percent of balance/equity), multiplier.
• Symbol mapping: Map master symbols to slave symbols when names differ.
• Trade filters: By magic number, instrument, direction, or minimal lot size.
• Latency and retries: Set retry intervals and failover behavior.
• Partial copying: Option to copy only entries or also closes and modifications.

Troubleshooting (short)

• Trades not copying: check EA is enabled, allow live trading is on, folders/ports accessible, and paths correct.
• Wrong lot sizes: verify lot sizing mode, contract size, and leverage differences.
• Mismatched symbols: use symbol mapping or create custom symbol aliases.
• Pending orders rejected: ensure slave’s pending order parameters (min distance, allowed order types) match broker rules.

Best practices

• Run terminals under the same Windows user with shared folder access.
• Use risk limits on slaves to prevent overexposure.
• Keep backups of EA configs and logs.
• Start with small test trades before scaling.
• Maintain synchronized time (PC clock) and stable internet.

Quick checklist

• Multiple MT terminals installed and logged in
• LTC EA and libraries copied and terminals restarted
• EA attached and set to send/receive
• Symbol mapping and lot rules configured
• Firewall/folder permissions set
• Test trades executed and verified

If you want, I can provide step-by-step MT5-specific file paths and example parameter values for a popular LTC EA (name the EA) or a sample configuration table.