US futures broker RJ O'Brien announced on Tuesday that it is launching a new copy trading service for its retail clients.
Called 'RJO Echo Trading,' the new program allows individual futures traders to copy an experienced trader by 'echoing' their transactions through an automated Trading Platform .
Like copy trading services in the retail foreign exchange trading market, traders using the echo trading service will be then placing the same trades as the people they are following.
In a statement, RJ O'Brien said that it vets all traders before other users will be able to copy their orders. The broker said that it would be looking at the Risk Management and trading strategies of anyone that wants to join the program.
Calling Echo Leader
Anyone accepted into the program will become an 'Echo Leader.' Anyone that passes the broker's application process will then be eligible to have followers.
Echo Leaders will receive a monthly subscription fee from each one of their followers.
In turn, followers can track multiple leaders at once. They can also put in stop losses, trailing stops and receive real-time updates on the trades that they are copying.
"We’re delighted to introduce this new program, enabling experienced, savvy futures traders to further leverage their success, while providing an alternative vehicle for novice traders and those who are too busy, offering them automated access to individuals with a track record of success," said RJ O'Brien's Futures executive director Donna Heidkamp.
"We continue to offer our clients the full breadth of RJO services so they can choose what works best for them.”
