Copy Trading Software

How to use Copy Trading Software?

Step 1:  Once you purchase the Copy trading tool from the Website you will get a desktop software EXE  file which needs to be installed

To install our copy trading software, you have two options: 

1. on your local computer or 
2. on a cloud machine.

If you choose to install it locally, make sure you have a power backup and a stable internet connection.
We strongly recommend using Cloud Machine for the use of Copy trading software for its advantages:

Performance: It’s faster because it runs directly on a dedicated server, ensuring swift order processing.
Ease of Monitoring: When installed on a cloud machine, you have the flexibility to access the software from any device like Mobile / PC / Laptop (Windows or Mac) from anywhere and anytime, so there’s no need to keep your system always ON.
Avoid System Issues: Many antivirus and firewall software can cause serious issues if installed on your system. To avoid such issues, using a cloud machine simplifies things.
Avoid Internet / Power Issues: Installing it on a cloud machine or VPS allows you to access it from anywhere with an Internet connection, providing convenient remote access.

Step 2: Setup Cloud Machine

• Step 1 Create an account in AWS

https://aws.amazon.com/
Save credentials of login email ID and password.
It will ask for a Credit/Debit card and phone number. Please do that otherwise it won’t get activated.
In case if it asks for any plan, please select the free tier.

• Step 2: Create free tier cloud machine

https://www.youtube.com/watch?v=AWGSt4andsM
Visit the above link on how to create a free-tier Windows cloud machine.
Make sure you select the region as *Mumbai* from the top right corner.On successful completion, you will need to save the below details.

1. AWS Login Email ID:
2. AWS Login password:
3. Public DNS:
4. Username:
5. Password:
   Note: Make sure you save all the details correctly to avoid future, if you forget any details you may need to create a new cloud machine

Step 3: Add All accounts(Master and Child) to the software

To add an account, you will need your broker login details along with broker API details.

Here You can set different multipliers for each child account.
[Child Account Quantity] = [Parent Order Quantity] * [Account Multiplier]

• If the multiplier is set to 1, it copies the same quantity as the master account.
• Setting the multiplier less than 1, e.g., 0.4, copies 40% of the master’s quantity to the child account.
• A multiplier of 3 copies is three times the quantity to the child account compared to the master.
• Decimal values like 0.05, 0.7, 0.9, 1.3, etc., are all valid options.
• However, there are limitations when using fractional/decimal multipliers. Refer to the “Limitations on using A/C multiplier” section here for details.

Step 4: Login to all accounts 

• Select the All Account Checkbox to select all accounts but if you have added more accounts and want to use some of them then select those accounts one by one.
• Select the master Account’s Checkbox and assign that account as master which you have initially given while purchasing the software. 
• The Blue symbol indicates the master account selection in that account.
• Click on the Login All button to log in to all accounts. If you have entered all the correct details then it will show you a success message in the status column. Your Name as per your Account will be displayed along with Available Funds. (see below image)

• Once done you need to click on the Proceed Button to sync the data and go ahead.
• Agree to EULA to proceed further into the Copy Trading software.

Step 5: Start Copy Trading 

• It will show Copy Trading Not Running in the status in red. (check the above image).
• Click on the Start Copy Trading Button and the status will turn into Running and in Green Colour.
• you’re ready to place the order in the Master Account. Your Orders will be Copied now. 

Step 6: Testing

Follow these guidelines to test the Myalgomate Copy Trading feature to reduce risks while using it with the live market:

Note: Make sure you use different scripts with low prices and good liquidity for each section you plan to use. For example, if you’re using Equity and FNO, test all scenarios with just 1 quantity or 1 lot before you start live trading directly

• Place Limit order in the master account
  • Ensure the order is copied into child accounts.
  • Verify all order parameters like quantity/price / Trigger Price / Limit price in child accounts match the quantity multiplier.
• Change Price in the same Limit Order in the master account
  • Ensure the change in order is copied to all child accounts. and order status across all child accounts are the same.
• Cancel an order in the master account
  • Confirm that all child orders are canceled in respective accounts
• Place Market order in the master account
  • Ensure the order is copied into child accounts and that the quantity matches as the multiplier is set.
• Exit the position from the master account
  • Exit the position from the broker terminal which was executed with the above market order and check the same in all child accounts
  • Check the Positions Tab of the software to verify position across all accounts or All Symbol 

Step 7: Monitor / Investigate Trades

• Symbol Wise Position Summary
  
• Account Wise Position
• Copied Order Relation

Step 8: Error Scenarios & Solutions

Sometimes things might go wrong because many systems are involved, like the infrastructure or the broker’s API or network issues.

• What should I do if my order is fulfilled in Master but not fulfilled in Child account?
  • Myalgomate gives an additional feature for the same kindly refer to the Setting menu.
• What should I do if my position is exited from the master’s but not exited in the child’s account?
  • In the software, there is an Exit button available
• What should I do to cancel any Open LIMIT Order or SL Order? 
  • In the software, there is a Cance Order button available
• What should you do if any order is not copied into the child’s account?
  • Check the Account status from the main Screen is it active?
  • Check the Copied Order screen to know if the order is Rejected in the child’s account there you will get a relational order book where you can track each order placed in the child’s account against the Master order ID.
  • Check the Logs section at the bottom of the software filter log section based on Symbol or Master Order ID
  • Still, if the Error is not identified reach out to our support team with the log file
• How to get the log file of the software?
  • The button “Open Log Folder” is in the log section at the bottom of the Software screen.
  • You will see a date-wise folder available compress that folder via ZIP / RAR and send it to the support team for further investigation.

IMP Guidelines

Order Types ALLOWED:

1. Market Orders
2. Limit Orders
3. SL-M Orders
4. SL-L Orders

Order Types NOT ALLOWED:

1. AMO (After Market Orders)
2. Basket/ Bracket/ Cover
3. GTT (Good Till Traded), GTC (Good Till Cancelled)
4. MTF Orders (Only for Angle One Broker)

Order modifications SUPPORTED:

1. Limit Price modification
2. SL orders -> Trigger and limit price modification
3. Cancelling order
4. Order type modification

Order modifications NOT SUPPORTED:

1. Quantity modification
2. Product type modification

Limitations on using A/C multiplier:

• Both integer and decimal multipliers are supported.

If you are utilizing decimal multipliers such as 1.5 or 2.5, it’s important to note that partial profit booking and pyramiding may result in a residual quantity remaining open or may create the opposite position when exiting a position with a small quantity.

For FNO, we employ a round-down logic for quantity. For instance, if the calculated quantity based on the multiplier is 260 and the lot size is 50, it will be rounded down to 250. This poses a challenge when practicing pyramiding or partial booking. Therefore, when using a decimal multiplier, it is advisable to place orders for entry and exit with the same quantity. For instance, if you place a buy order for 500 quantities followed by a second buy order for 700 quantities, it is recommended to have two separate exit orders for 500 and 700 quantities, rather than a single order for 1200 quantities.

If part booking or pyramiding is essential in your trading strategy, we recommend using an account with the lowest quantity as the master account. Utilize integer multipliers and allocate capital accordingly in your child accounts.

Testing Guidelines:

• Before fully integrating the software into your trading activities, we recommend taking the following steps for the initial 2-3 days. Since you are new to the software, it may take some time to become familiar with its functionalities.
• Begin by experimenting with all order types using minimal quantities initially (e.g., 1 quantity for Equity and 1 Lot for Options). This is important due to potential variations in order placement formats among different brokers.
• Additionally, test order splitting with some small orders.
• Deliberately create scenarios, such as a child account order being rejected, to gain an understanding of how notifications are received and where you can find this information.
• Once you have confidence that the software is running smoothly, and you are familiar with all its features and the display of information in different areas, only then proceed to use it extensively in your regular trading.

Software Configuration:

• Configure all parameters, including enabling Splitting and Segment activation, child a/c order rejection settings, in the settings of the copy trading software before starting.

VPS and Account Limits:

• Be aware of the limitations of VPS; the free AWS tier versions may support 5-6 child accounts. If you exceed this limit, it might be necessary to consider using a paid VPS version. It’s important to note that there is no restriction on the number of child accounts you can add.
• If you intend to run the software on your local system, it is essential to maintain a continuous internet connection with a minimum bandwidth of 2MBPS, along with uninterrupted access to electricity. Additionally, ensure that no other software disrupts your system, as these factors can impact the performance of the software.

User Proficiency:

• Users should possess basic computer knowledge.
• Software installation and credential entry must be done on the client side. Support teams are available for guidance.

Issue Resolution:

• In case of any problems, promptly contact the support team.
• Submit log files and a detailed explanation of the issue in writing as instructed for efficient issue resolution.

Advanced Settings

Copy Trading Enable / Disable Exchange and Segments:

Copy Trading Setting For Auto Order Splitting:

Copy Trading Setting Limit Order execution in Child Account:

• When you’re placing a limit order or Sl-Limit order, the order may get executed in the master A/C but not in the child A/Cs due to liquidity.

• In that scenario, you can choose from the following options:

• Revise the order in child A/C to market

• • • This option should be used only if you’re trading in instruments in which market orders are allowed. If you are trading in any instrument where market orders are not allowed, then it may fail to revise the order to market.
  • Revise limit price:
    • Ideally, we recommend this option to be used. It will revise the limit price.
  • Do Nothing:
    • If you don’t want to modify the order and wait for it to get filled then you can set “Do Nothing”. This option should be used with caution because if the order is not filled in child A/C and you place an exit order then there may be an error of order rejection due to a margin or opposite position getting created.
  • You can also set the of order revisions and intervals.

Exit button to exit positions through the software:

• You can exit any particular position in any A/C, or all positions of all A/Cs, or exit a particular position across all A/Cs. (Add Screenshots)
• We have provided with following order configuration which is applicable on the orders placed through the exit buttons.

Copy trading setting for order rejection :

• When any order gets rejected in the child A/C, you can set multiple options to manage it.

• • You can stop copy trading when any order gets rejected in a child A/C.
  • You can set no of re-tries at a specified interval and if all retries get rejected then you can opt to stop copy trading or not.
  • You can set don’t stop copy trading if the order gets rejected without any retries. This option is useful when you’re doing option buying.
• Choose the option wisely based on your requirements.

Telegram Settings to get live alerts:

Pre Requisites

1. Integration with the broker requires a Broker Account API. If there are any charges associated with using the API from the broker, the customer will be responsible for covering the cost independently.
2. Infrastructure :
   1. Cloud Machine(Like Amazon AWS/Microsoft Azure/Google Cloud) can be used in Windows / MAC System
   2. If you opt for a Cloud machine, there is no other internet speed requirement or min computer requirement.

FAQ's