Copy trading is known as one of the easiest and comfortable ways for beginners to start trading with confidence. This method in its essence offers following the experience of other traders and thus to get rid of the fear and anxiety of the first steps in forex trading as well as of lots of unwanted mistakes. In fact, it even does not take much to know much about the trading basics when entering the forex market equipped with copy trading method. The key skill in this case would be to note and follow the ways of the skilful traders, and, at most, to communicate with them directly and thus to get more tips and explanations right from the source.
The copy trading method allows the trader to “copy” the operations performed by other traders on their own personal accounts and for their own benefit. To start trading using the Copy trading method is very easy and is done in a couple of steps: the first one is to open a personal account for trading, and the second is to connect the account to the portfolio of a selected trader by means of the copy trading platform. Following operations of the experienced traders is an excellent way to see in practice how trading works, how to be a success and trading and which mistakes to avoid.
The key difference from another popular method, ‘mirror trading’, is that mirror trading is, in its way, more technical and lacks a human touch; in copy trading, on the contrary, it is possible to manually adjust the trading parameters or to effectuate the stop loss as the copy trader sees fit.
When choosing a copy trading system, a trader needs to pay attention to such characteristics of a broker’s activity as proper regulation and the trading conditions offered. It also may be worth trying copy trades on a demo account before investing the money of the real account.
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