PnL difference between leader and follower accounts in Replikanto

The Profit and Loss (PnL) reported for a leader account and its follower accounts will rarely match to the cent. This article explains why a PnL difference, discrepancy or mismatch happens when Replikanto copies trades in NinjaTrader, how to compare the accounts to find the exact cause, and what you can do to keep the numbers as close as possible.

First, check where you are reading the PnL

The PnL column in the Replikanto copier window shows position PnL, not overall account PnL. It only displays a value while there is an open position; once the position is closed, the column returns to blank.

For overall account PnL, use your broker's platform or the NinjaTrader Trade Performance window (Control Center > New > Trade Performance).
Confirm the figures on the broker's website or software as well as in NinjaTrader. There have been cases where NinjaTrader did not show the actual account PnL, or used a different cutoff time to calculate it.

Starting with Replikanto 1.7.0.0, the copier window also shows a Followers PnL: total at the top right of the Follower Accounts grid. It is the sum of the PnL column of every follower that is not Off (disarmed followers included), so it has the same limits as the column: unrealized PnL of open positions only, on this tab's instrument only (or the follower's Cross Order instrument), and local followers only, never accounts on a remote node or the leader. It is not your accounts' total or daily PnL, amounts in different account currencies are added without conversion, and it is hidden when no follower has an open position. See Follower Accounts grid columns in Replikanto explained.

Replikanto Follower Accounts grid with Sim102, Sim103 and Sim104 long 2 ES 12-26 at different average prices, their PnL and the Followers PnL total of $475.00

The same trade on three followers, 2 ES contracts each, last price 6514.25 (ES = $50 per point). 1 = Avg. price, the fill each follower got; 2 = PnL of the open position: (6514.25 − 6512.25) × $50 × 2 = $200.00 for Sim102, $150.00 for Sim103 (filled 0.50 point higher) and $125.00 for Sim104; 3 = Followers PnL:, their sum, $475.00.

Common causes of PnL differences

Execution and market conditions

Execution timing: Trades may execute at slightly different times due to network latency or broker processing, which leads to variations in entry and exit prices. Copies to follower accounts are not instant, so a market order can be submitted to the follower a few milliseconds after the leader order is filled. That produces an uneven fill price compared with the leader order, especially on highly volatile instruments.
Slippage: Market conditions can cause slippage, where the actual execution price differs from the expected price. Slippage varies between accounts depending on the broker and on market liquidity.
Partial trade execution: In volatile markets some trades may be partially filled, or not filled at all, on one account while executing fully on another. This can also result in an inverted trade, where the exit order is filled without the entry order being filled — see Why is the follower's position opposite to the leader's?.

Replikanto Follower Accounts grid with Sim104 yellow (out of sync) holding 1 contract while Sim102 and Sim103 hold 2

Partial execution: Sim104 got only 1 of its 2 contracts. 1 = Replikanto shows it yellow (out of sync); 2 = Position 1 instead of 2, so its PnL is $62.50 instead of $125.00 and the Followers PnL total drops to $412.50.

Account and instrument configuration

Trading on different instruments: When Replikanto is configured for multiple instruments and you trade several of them during the day, the PnLs may not match even using Exact Quantity or a Ratio Value of 1, because the account PnL combines the result of every instrument.
- Cross Order: The same applies when you trade mini contracts on the leader account and micro contracts on the followers.
Account settings: Different settings across accounts — risk parameters, leverage or contract quantities — lead to different PnL. Note that risk and position limits cannot be changed in NinjaTrader.
Broker differences: If the copied accounts are with different brokers, variations in fees, spreads and order execution policies will impact PnL.
Different account types: Using a Sim (simulation) account as the leader with accounts of another type as followers — Prop Firm or Live accounts, for example — significantly increases how often the followers fall out of sync with the leader. Simulation accounts simulate the entire interaction with the market, so they can have orders filled that are not filled on the other accounts, and vice versa.

Copier state and manual activity

Disarmed accounts: With the Follower Guard: Overview feature, accounts can be disarmed and will not participate in some trades until they are armed again, which changes their PnL.
Manual trades: Trades placed manually on a follower account, without going through the copier, influence that account's PnL.

How to pinpoint the difference

To identify exactly where the difference came from, compare the execution lists of the trades made on the leader and on each follower account:

List every trade executed on the leader account, noting entry and exit time, execution price and number of contracts. Do the same for each follower account.
Compare each leader trade with the corresponding follower trade, looking for differences in execution times, entry and exit prices, and contract quantity. Identify any slippage.
Check for partial executions on the follower accounts when the trade was fully executed on the leader account.
Identify manual trades placed on the follower accounts that did not go through the copier.

NinjaTrader Control Center Positions tab with the leader Sim101 and the followers Sim102, Sim103 and Sim104, each long 2 ES 12-26 at a different average price and PnL

Control Center > Positions at the same moment, leader included. 1 = the leader Sim101 bought at 6512.25 ($200.00, the same as Sim102); 2 = Sim103 was filled 2 ticks higher, at 6512.75: 0.50 point × $50 × 2 contracts = $50.00 less ($150.00). The Executions tab lists every fill with its time and price for the full comparison.

Replikanto-specific checks

Copier configuration

Out-of-sync followers: A follower shown in yellow is out of sync and may need manual action or monitoring — see Why is my follower yellow? (Out of sync).
Copy methods: Check that the appropriate copy method is selected (Exact Quantity, Pooled Quantity, Ratio, Pre Allocation). With the Ratio method, trades may not copy at all if the quantities are not divisible by the ratio.
ATM Copy: If you use ATM strategies, make sure the "ATM Copy" feature is enabled so the follower accounts use the ATM strategy to manage their exits.
Follower Guard: Disarmed accounts do not take new trades until they are rearmed; when the leader closes its position, the close is still copied to them unless they are Market Only.
Cross Order: Cross orders are not possible between instruments with greatly different prices, such as ETFs versus futures, or between two futures contracts with different expiry dates.
Stealth Mode: Stealth Mode reduces Replikanto-specific identifiers in order metadata, including order names and OCO labels; it does not change which orders are copied, their quantities or their prices. With Stealth Mode on, if NinjaTrader closed unexpectedly while orders were working, later changes or cancels of those leader orders may not have reached the followers: check the followers' working orders. See Replikanto Stealth Mode
Replikanto duplication: Check that there are no duplicate Replikanto windows or tabs open using the same instrument.

ATM strategy configuration

Each Profit Target must be higher than the previous one, and each Stop Loss equal to or farther away than the previous one.
If an ATM strategy entry is rejected, the stops and targets are not entered. If a Stop Loss or Profit Target is rejected, all ATM orders are cancelled.
Orders can also be rejected when they fall outside the exchange's acceptable order bands.

Connection and platform

Broker disconnections: A disconnection pauses trade copying, so the accounts can diverge while it lasts.
PnL verification: Always verify PnL on the broker's platform as well as in NinjaTrader, as NinjaTrader may not display the actual PnL.
Software updates: Keep NinjaTrader and Replikanto up to date.

Order status and credits

Only the "Submitted" order status is charged when copying trades between machines over the internet, and order changes and cancellations do not consume credits. There are some situations where the order is sent with another status, such as "Working" or "Filled", in which case it is also charged.

How to reduce PnL differences

Synchronise the settings: Make sure every account uses identical settings.
Choose comparable brokers: Use brokers with similar execution speeds and policies.
Monitor regularly: Check the PnL of each account on the broker's website or software on a regular basis.
Keep software updated: Keep NinjaTrader, Replikanto and the trading platforms current.

By performing these checks and comparisons, you will be able to identify and correct the issues contributing to PnL discrepancies between your leader and follower accounts.

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