Foreign currency trading, also known as forex trading or foreign exchange trading, involves the purchase and sale of foreign currencies by traders. Forex trading can be done by anyone who has a trading account with a forex broker. There are no restrictions if you are interested in making forex trading profits but have limited forex trading knowledge. Copy trading is a feature offered by many trading platforms. Copy trading refers to copying or replicating the strategies/positions of a professional trader (also known as a master trader). You can copy trade with any trader, it is legal. This is a subset of social trading with some distinctions.
You can choose between manual copy trading or automated copy trading. You have greater control over the trading options with manual copy trading. Automated copy trading allows you to automate your trading. Because your account is directly connected to that of the master trader, all trades made by him/her will be copied into your account.
Let’s assume you are just starting out as a trader and have opened a mini social trading account. While you may have some knowledge about the market, you are not able to make consistent profits. You come across a professional trader with a proven track record of successful trades. This trader will have a signal that you can follow to copy their trades. Your account is connected to the signal from the professional trader. This will allow your account to automatically copy their trades. Your account will automatically execute the same trade every time the pro trader makes a trade. This will allow you to not only make profit but also learn from professional traders. He can help you optimise your strategy over time.
This idea of copy trading is rapidly gaining popularity. It is simple: traders can make money copy trading without being involved in trading activities. Copy trading is possible for both new and experienced traders. This is a way to make money by copying traders with a proven track record of profit. Copy trading also has the advantage that you don’t need to invest in your trading skills.
Copy trading is a great way to get in on the market. However, it is not perfect. Everyone knows that trading involves capital loss. You will be affected if a professional trader is unable to trade. A professional trader must be experienced. Trader who has been profitable consistently for several months or even years is more likely to be reliable than one who only recently began trading or has only had a few successful trades. Select traders who are able to manage risk effectively and have a high winning rate.
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