Mirror material problem

I’m trying to make a mirror material and for some reason the reflection only shows like inches away from the object unless I start to move my camera sideways. If creating a material doesn’t work then how can I create a mirror?

GIF: Screen capture - 95b67f326e80e4be255c5f30b4af6df6 - Gyazo
Material: Screenshot - f05a51976a939cfa4d3b27e6bd1da06c - Gyazo

I also tried using a scene capture cube but that only makes my game super laggy and the positions are way off where if I start to move away from where the camera is positioned the character is way off to what it would actually be.

This is caused by Screen Space Reflections (SSR). Screen Space Reflections in Unreal Engine | Unreal Engine 5.1 Documentation

Alternatively you could try reflection captures (sphere and cube) or dynamic reflections with Planar Reflections. Information about these can be found in the documentation by searching here: Docs.UnrealEngine.com

These are Screen Space Reflections.
They can only reflect what is rendered on screen. This is why you can see more things reflected when standing far away from the mirror than standing right in front of it.

To compensate this, use Reflection Captures or Planar Reflections.