Multi-Account Manager – MAM – is an innovative software that integrates with the MT4 trading platform. It allows money managers and fund managers to simultaneously trade and manage multiple client accounts from a single MT4 interface. Don’t worry if this sounds complicated; the basic principles are elementary. We’ll explain all the terminology and explore the technology and the financial practices in this blog post.
It will probably be helpful to start with some basic definitions that explain the financial jargon.
MT4 trading platform
It’s possible to write an entire book on MT4’s design features and trading tools. Still, it’s enough to say that it’s one of the world’s most prestigious trading platforms. AvaTrade offers both MT4 and MT5 downloads to registered traders. As soon as you’ve installed the software, you can trade online at a professional level. MT4 has been in use for around 20 years and is highly respected for its sophisticated trading tools, user-friendly design and proven reliability. It’s fair to say that MT4 is a benchmark technology for the entire financial industry.
Multiple Account Manager
If you’re already trading with MT4, you can use the multiple account manager or MAM software to manage several accounts simultaneously. If you’re a money manager, you might have 100 different clients. They’ve each opened an individual account and are paying you to manage their trades and – hopefully – make a profit for them.
Suppose you tried to manage 100 individual accounts in a typical working day. In that case, you’d be able to allocate just a couple of minutes to each client. This isn’t realistic. MAM allows you to manage all your client accounts or blocs of client accounts simultaneously. E.g. If you open a position on Gold, you can add any number of your client accounts to the trade, allocating proportionally either by equity or balance.
You can apply all the usual order executions like Stop or Profit. They’ll be automatically applied to each account included in the trade. Each individual client account will be automatically credited or debited for any profit or loss incurred by the trade.
A money manager is simply a highly experienced trader or broker who manages other people’s funds and trades on their behalf. MAM is popular with money managers for its high reliability, ease of use and flexible trading solutions.
Through management fees and profit-sharing deals, money managers can also earn a highly lucrative second income as affiliate partners. Money managers may be trained brokers with a background in major investment houses, or they can be self-taught experts who’ve proved themselves on the markets.
What are the Advantages of MAM (Multiple Account Manager)?
MAM is enormously popular with fund managers who need a reliable tool to simultaneously control hundreds or even thousands of sub-accounts.
When you’re personally responsible for client funds that might easily total millions of dollars, you need a reliable multiple account manager in all circumstances. It would help if you also had a high degree of flexibility, speed, and some seriously impressive trading and analytical tools.
- Expert Advisors – EA
Expert Advisors are pieces of software code that are downloaded for use in MT4. They allow traders to implement specific trading strategies automatically. MAM allows fund managers to use expert advisors.
- Trading Strategies
MAM multi-account manager is flexible enough to allow you to run multiple accounts simultaneously, even when those accounts use different trading strategies. You can determine strategies for multiple trading subgroups within your managed accounts. This is particularly helpful when clients have opted for varying levels of risk.
- Client Allocations
You can easily manage client allocations according to various criteria; balance, lot, percentage and equity. Trade sizes can be as small as 0.01 Lots. This flexibility allows you to manage low balance client accounts alongside high-value accounts.
- Manage Individual Accounts
MAM gives you instant on-screen access to individual client accounts and client contact details. You can quickly review the trading history of any account, apply a wide choice of analytical tools and optimize trading strategies for that account. You can also pull detailed monthly, quarterly and annual reports for each account.
- Instant – and Flexible – Order Execution
MAM perfectly integrates all executive orders from the master account – either en bloc to every sub-account or groups of sub-accounts. You can apply full risk management to all trades. Get instant order execution with Stop Loss, Take Profit, and other automated commands that suit your trading strategies. MAM gives you complete oversight and total one-click control over all your open trades and pending orders.
- Reliability and Versatility
MT4 has been in use for just under 20 years and has evolved with every technological innovation. One key advantage is that the platform does not depend on a fast internet connection. Suppose you experience a slower internet connection; In that case, your ability to use the manager won’t be compromised.
Can I Use MAM (Multiple Account Manager) at AvaTrade?
AvaTrade is the ideal brokerage for anybody who wants to trade with MAM. They welcome fund managers and money managers and offer some attractive additional benefits for every multi-account manager.
- Add or remove funds with no penalties or disruption to your trading
- Both you and your clients have full access to reporting analytics
- Get technical advice on any issues relating to expert advisors (EAs)
AvaTrade is a major online broker with a truly international presence and almost 15 years of market experience. It’s regulated in 7 major jurisdictions and operates with high liquidity. Traders have full access to MT4 and MT5 and social trading, not to mention a range of proprietary software and trading platforms. AvaTrade has a well-deserved reputation for its technology’s quality – and imaginative use and allocates a considerable annual budget to technical innovation.
Suppose you are a registered MAM trader at AvaTrade. In that case, you may be able to earn additional commissions via the AvaPartner Program.
Is MAM Multi Account Manager Software Difficult to Use?
No, MAM is designed for simplicity, and all its functions are logically organized. The entire dashboard is user friendly and generally intuitive to use. It is fair to say that MAM Multi Account Manager is highly sophisticated and performs many complex functions. If you understand the purpose of each tool or expert advisor, you’ll have no problem mastering them. MAM functions as an extension of MT4. It allows you to use a single interface to manage multiple accounts. MAM is designed to rationalize and simplify account management and reduce the amount of time you spend on analysis, decision-making, and execution.
Can I become a Money Manager and Use MAM Multi, Account Manager?
Suppose you’re confident that you’re a consistently successful trader, and you can devote a significant amount of time to trading. In that case, there’s no reason why you can’t aim to become a money manager. The bottom line is that you have to persuade other people to trust you with their money. You’ll then have to justify that trust by earning high profits for them. In addition to your trading skills, you’ll need excellent communication skills, a powerful sense of personal responsibility and personal integrity. A clear understanding of any relevant financial laws in your jurisdiction is also vital. You’ll also need the mental agility, alertness and concentration to manage multiple accounts simultaneously with the MAM multi-account manager. It’s a big jump from being an individual trader. Still, many people make that jump, enjoy a challenging career and earn high commissions.
How Reliable is MAM Multiple Account Manager Software for Robot Trading?
MAM Multiple Account Manager Software is designed to accept EAs (expert advisors). These add ons allow you to execute a range of sophisticated automated orders – basically robot trading. MAM and MT4 software is highly reliable and can fully integrate all kinds of expert advisors. If glitches occur, it is invariably down to the software coding in an individual EA. It’s essential to understand the limitations – and potential risks – of robot trading before you begin. You need to familiarise yourself with all the issues surrounding data mining and backtesting. Be extremely careful which robots you use – and how you apply them.