A copytrader is your copy trading setup on Mirrorly. It connects your exchange account, holds your settings, and manages the traders you follow. Here's how to create one.
Step 1: Start the creation flow#
Click on Copytraders in the left sidebar, then click the button to create a new copytrader.
Step 2: Name your copytrader#
Give it a name that helps you remember what it's for. If you plan to have multiple copytraders with different strategies or exchanges, use names like "Bybit Conservative" or "HL Aggressive".
Step 3: Connect your exchange#
Select which exchange you want to execute trades on: Bybit, Bitget, BloFin, or Hyperliquid.
For Bybit, Bitget, and BloFin, you'll need to create an API key and paste it into Mirrorly. See Tutorial 3: Connecting Your Exchange or Wallet for step by step instructions.
For Hyperliquid, you'll connect your wallet and sign the broker and builder fee approvals. Your balance will show automatically once connected.
Step 4: Set your copytrader settings#
This is where you decide how trades will be sized and managed. You can adjust these anytime later by clicking the Parameters button.
Opening Behavior
Opening Size has two options:
Ratio to Trader means your position size will be a percentage of the trader's position. If you set 10% and the trader opens a $50,000 position, you open a $5,000 position. This scales with the trader automatically.
Fixed Value means every trade opens at the same dollar amount regardless of what the trader does. If you set $500, every position you copy will be $500.
Most users start with Ratio to Trader. Compare the trader's balance to yours to pick a sensible ratio. If a trader has $500k and you have $5k, a 1% ratio means you're matching their risk profile.
Limit Account Size caps the maximum total size your copytrader can hold in open positions. It's your safety net. If you have $10k in your account and set this to $50k, you could be up to 5x leveraged when fully deployed. Set this based on how much risk you're comfortable with.
Maximum Symbol Size limits the maximum position size on any single asset. If you set this to $5,000, your copytrader won't open more than $5,000 on BTC, ETH, or any other asset, even if the trader opens bigger.
Slippage prevents Mirrorly from opening positions if the price has moved too far from the trader's entry. If a trader gets in at $100 and by the time your order executes the price is $105, slippage protection can skip the trade. Set a percentage you're comfortable with.
Closing Behavior
Basic Stop Loss lets you set an automatic stop loss as a percentage from your entry price. If you set 10%, your position closes if it drops 10% from where you entered. This is optional but useful if you want extra protection.
Take Profit Orders gives you three options:
None means no automatic take profit. You rely on the trader to close the position.
Basic lets you set a single take profit percentage. When your position hits that profit level, it closes automatically.
Advanced lets you set multiple take profit levels. For example, close 50% of your position at +5% profit, and the remaining 50% at +10%. This lets you lock in gains while letting the rest ride.
Step 5: Add traders to follow#
Search for traders by name or browse the suggestions. You'll see their Win Rate and recent PnL to help you decide.
Click Select to add a trader. You can add multiple traders to the same copytrader.
These traders will use your default settings. If you want custom settings for a specific trader, you can change that later by clicking the gear icon next to their name.
Step 6: Enable your copytrader#
On the Finish step, you'll see a toggle for Copytrader Mode.
Disabled means your copytrader is set up but won't execute any trades. Good if you want to finish setup but aren't ready to go live.
Enabled means trades will start copying automatically. You'll need to check the box confirming you understand the risks.
Step 7: You're live#
Once enabled, you'll see your copytrader dashboard showing:
Current Equity, Today's PnL, Last 7 Days PnL, Last 30 Days PnL
PnL chart (Line, Bar, or Calendar view)
The traders you're copying with their stats
You can add more traders anytime by clicking "Search to add Trader". You can adjust settings by clicking the Parameters button. You can pause copying by toggling the copytrader to Disabled.
Tips for your first setup#
Start conservative. Use a lower ratio and smaller Limit Account Size until you see how the trader operates. You can always increase later.
Don't overcomplicate it. One trader, simple settings, small allocation. Get comfortable before scaling up.
Watch for a few days. Even after you're live, pay attention to how trades execute and how the trader behaves before adding more capital.
