There are times when people have wished that they could have someone they can rely on for the best trading advice. How easy things can become if you have an expert by your side whom you could ask to trade on your behalf, give him a cut and take home profits without having to put much effort. Coming to reality now, not all have such a such a friend. However, fortunately, there exist many copy trading platforms now that can help you find these people. Read More
Copy trading is a technique whereby you can mimic the trades of professional traders free of cost. Thus, whenever the trader buys or sells, you do the same. In copy trading, the trades are executed automatically; all you need to do is to look for the ideal trader. It’s worth mentioning that you must copy another person’s trade at the same frequency. For instance, if you are following a trader who executed ten trades in 5 minutes, you should also do the same. The main thing to understand here is to find a trader who is actually making consistently profitable trades. Therefore, you need to find someone with more wins than losses. In order to start with copy trading, the first thing you need to do is find a reliable trading platform. So, now the question comes, how can you do so? What all should it have? To answer all your questions, let’s go through some key traits of a good copy trading platform: It’s the most vital component that your copy trading platform should have. If there are no traders available to copy, how can you plan to execute trades? Thus, you need a trading platform which has a large pool of active traders. The more the number of traders, the better choice you can make. Another significant thing to consider here is security. Of course, you would not wish to risk your assets getting stolen at any cost. Thus, you must choose a trading platform that can help you mimic other person’s trades with no space for errors. The trading platform that you choose must be a regulated one. This will ensure that the team won’t disappear with your hard-earned money. It is also recommended that your search reviews and feedback online to get an idea about how the other community members feel about the platform you are interested in. Lastly, the chosen trading platform should provide you with the utmost transparency. Transparency here means that the platform should provide in-depth details about the other person’s trading activities in an unbiased manner. You must be able to view his/her following on the platform: The more information available on the platform, the better. You must also check if there is some additional fee charged for using the copy trading service on the platform. Once you know the type of trading platform you must be looking for, next thing to do is to figure out the type of trade you need. But, it’s not as easy as it seems. You would not want to copy the trades of someone who had some easy wins merely because of his/her sheer luck. Thus, apart from profitability, there is so much more to look at. For this, you need to go through their profile to get better detail about their trades. You will get so much relief when you find that the trader actually had more losses than wins in the past month. And his current winning streak has been just for a brief period, say a week. This means that consistency is important when looking for a trader for copy trading. Look for someone with an excellent track record for a longer period. Here are the attributes the ideal trader for copy trading has:
Meaning Of Copy Trading
How To Select A Copy Trading Platform?
How To Select A Trader For Copy Trading?
