Before you start copy trading, it helps to understand the terminology. This guide covers the key terms you'll see across Mirrorly.

Platform Terms#

Copytrader - Your copy trading setup. A copytrader connects to one exchange account and can follow multiple traders. Each copytrader has its own parameters and settings.

Leaderboard - Where you browse traders available to copy. Mirrorly pulls traders from Binance Smart Money, Hyperliquid, and maintains its own curated list.

Curated Traders - Traders hand-picked by the Mirrorly team for consistency and risk behaviour. Found under the "Mirrorly" filter on the leaderboard.

Leaders - The tab where you browse and search for traders to copy. Same as the leaderboard.

Portal - The Mirrorly web application where you manage everything. Located at portal.mirrorly.xyz.

Trading Parameters#

Opening Behaviour#

Opening Size - How your position size is calculated when a trader opens a trade. Two options:

• Fixed Value - Same dollar amount every trade (e.g., always $500)
• Ratio To Trader - Your position as a percentage of theirs (e.g., 1% of their size)

Slippage % - Maximum price difference you'll accept between the trader's entry and yours. If price moves beyond this percentage before your order executes, the trade is skipped.

Limit Account Size - Maximum total value your copytrader can hold across all positions. Acts as a cap on your overall exposure.

Maximum Position Size - Cap on any single position per trader. Prevents one trade from taking up too much of your account.

Maximum Symbol Size - Cap on total exposure to one asset across all traders you're copying. If you copy multiple traders who all trade BTC, this limits your combined BTC exposure.

Auto Adjust Leverage - When enabled, dynamically adjusts your leverage to match the trader's leverage. Use with caution - this can be risky if the trader uses high leverage.

Increase Behaviour#

Position Increase - When a trader adds to an existing position. If they opened a long and then buy more, that's an increase.

Maximum Number of Increases - Cap on how many times you'll copy a trader adding to their position. If set to 3, you'll only copy the first 3 increases even if the trader adds more.

Maximum Increase Size % - Limit on how much each increase can be relative to your original position.

Closing Behaviour#

Basic Stop Loss % - Per-position stop loss. If a position drops by this percentage, it automatically closes. Protects you from large losses on individual trades.

Take Profit Orders - Set your own profit targets. When a position reaches your TP level, it closes automatically.

Leverage Concepts#

Cross Leverage - Mirrorly uses cross leverage, meaning your entire account balance acts as margin for all positions. This gives more buffer before liquidation but means losses on one position affect your whole account.

Notional Value - The full value of a position after leverage. All Mirrorly settings use notional values, not margin. If you set Maximum Position Size to $10,000, that's the position value, not how much margin it uses.

Effective Leverage - Your actual leverage based on your settings. Calculated as:

• Limit Account Size ÷ Account Balance = Effective Leverage

Example: $10,000 balance with $20,000 Limit Account Size = 2x effective leverage. A 50% drawdown would wipe your account.

Liquidation - When your losses exceed your available margin, the exchange forcibly closes your position. Using lower effective leverage gives you more room before liquidation.

Trader Metrics#

Balance - The trader's account size. Larger balances often indicate more serious traders, but size alone doesn't guarantee performance.

Win Rate % - Percentage of trades that were profitable. A 60% win rate means 6 out of 10 trades made money. High win rate doesn't always mean high profits - depends on how big the wins and losses are.

Profit Factor - Gross profit divided by gross loss.

• Above 1.0 = profitable overall
• Below 1.0 = losing money overall
• Higher is better (2.0 means they make $2 for every $1 lost)

Avg Duration - Average time the trader holds positions. Shown on the leaderboard. Helps you understand if they're scalping (minutes/hours) or swing trading (days/weeks).

Median Trade Duration - The middle value of all trade durations. Shown on trader profiles. More accurate than average because one extremely long trade won't skew the number.

Profit USD - Total profit in dollars. Can be viewed for different timeframes: 24H, 7D, 30D, or Total.

PNL (Profit and Loss) - On the leaderboard, shown as a mini chart of their performance curve.

Track Record - How long the trader has been active. Longer track records give more reliable data.

Median Open & Max Size - Shown on trader profiles. Median Open is their typical position size. Max Size is the largest position they've taken. Helps you understand their sizing behaviour.

Runup/Drawdown - Shown on closed positions. Runup is the maximum profit the trade reached before closing. Drawdown is the maximum loss it reached. Helps you understand how volatile their trades are.

Features#

Join Trade - Enter an existing open position at current price. Useful if you started copying a trader who already has positions open.

Trader Specific Params - Override your default copytrader settings for one specific trader. Lets you use different position sizes or risk limits for different traders within the same copytrader.

Favorites - Save traders to a list for easy access. Click the star icon on any trader to add them.

Filters - Advanced sorting options on the leaderboard. Narrow down traders by various criteria.

Inverse Copying - Copy the opposite direction of a trader's trades. If they go long, you go short. High risk feature for specific strategies.

Position Terms#

Open Position - A trade that's currently active. You're in the market with exposure.

Closed Position - A completed trade. The position has been exited and PnL is realized.

Unrealized PnL - Profit or loss on open positions. It's not locked in yet - it changes as price moves.

Realized PnL - Profit or loss on closed positions. This is actual money made or lost.

Entry Price - The price at which a position was opened.

Notional Exposure - Your total position value across all open trades. Split into Longs and Shorts on trader profiles.

What's Next#

Now that you know the terminology, you're ready to browse the leaderboard and find traders to copy. Head to the Leaders tab and start exploring.