Copying Forex Trades: A Complete Review
Social trading and copying forex transactions, we understand the tricks
I welcome you, today we’ll talk about the service for copying transactions of successful traders. This article will be useful to all those who strive for success in trade, but can not saddle the market. You will learn how to register in the social trading platform, how to choose the right trader to copy and how to set up and start automatic copying of transactions to your account.
What is Social Trading (copying forex trades)?
This is a social trading platform that allows beginners or investors on the Forex to copy the transactions of professional traders to their own accounts. The platform brought together traders from all over the world, which will allow them to adopt the experience of trading and communicate with people with different “trading” mentality.
The investor copies the trader’s transactions and shares the percentage of the profit with him in the form of a commission. The size of the commission established by the trader for copying from his account is displayed in the rating of traders. That’s how it works, simple and straightforward.
A unique feature of social trading is that, unlike systems like PAMM, funds are stored in the accounts of owners and transactions of professionals are also duplicated directly to your accounts.
This means that the transaction copying system helps beginners to trade successfully from the first day.
A huge advantage is the ability to communicate with traders from around the world in the built-in chat rooms. You can also write to the trader in private messages and clarify all your questions before starting to copy.
The platform has copy settings that will help limit risks, and a monitoring system for traders (rating of traders), where the entire history of their trading, profitability charts and risk assessment are visible. I will tell you more about this below.
The motto of the platform:
By uniting traders from all over the world into a single community, Social Trading enables customers to use the experience of each of the participants to achieve their goals.
I will briefly outline the simple steps that must be taken in order to start copying:
- Register in the transaction copying platform;
- Select a Trader in the Copy section from the multifunctional rating;
- Top up your account;
- Set up and start copying the profitable trade of the selected trader.
These are such simple 4 steps, and now let’s analyze each in detail and consider all the nuances and functionality of the transaction copying platform.