How to start copying forex trades: how to choose the right trader and set up copying
1. Registration in the platform for copying transactions of successful traders
We are registered in the social trading platform to gain access to the accounts of professional traders from around the world and copy their transactions.
To get started, register in the system. Registration is very simple, enter your country, phone or email and set a password. Do not be lazy to set a complex password – everything that concerns money requires security. It’s also worth considering that you won’t be able to change your mail, so enter the one that you don’t use very often.
2. Choosing a trader to copy
We select successful traders in an open and customizable online rating according to your parameters.
If you are already registered on the my.liteforex.com platform, then just log in.
After registering, we can immediately proceed to the selection of a trader in a rating containing complete monitoring of transactions. Go to the “ Copy ” tab in the vertical platform menu on the left. Go to the Popular menu. This section contains traders with the maximum amount of funds of investors copying them.
By the way, the page with the display of traders can be customized. For example, it’s more convenient for me to look not at cards, as it stands by default, but at a horizontal tabular display of the list. There are also many filtering options for selecting a trader for yourself.
Let’s understand the settings. In the figure below, I have designated with numbers the main functions for selecting a trader in order.
- switching the type of rating from cards to tabular.
- settings for displaying information about the trader, in which you can enable the quick copy function. After activating this function, a copy button will appear for each trader. Try turning it on and off. What can I add here? With the inclusion of the quick trading function, you should be careful that the child/cat does not click anything and do not start copying without your knowledge. By clicking on the selected trader, full information about him and his detailed profit chart will be opened, from which you can also copy. More on this later.
- the “period” function allows you to set the time for which the displayed traders will be selected according to the specified parameters. You can select the display for all the time (it is by default), for 1 day (it is unlikely to be informative for a choice, but you can check who the very top is today), for 1/3/6 of the last months, or for a year.
- sorting gives us the opportunity to select traders according to their preferred parameter, among which are: profitability, funds in management, the number of reporters, the term of trading in the system, and the level of risk in trading.
- “Select”, is a multi-level filter in which you can fully customize the choice of a trader for user parameters. Let’s look at it in more detail. From left to right and from top to bottom, respectively:
Profitability – set the desired profitability for the period that we indicate in the filter below, it should be borne in mind that the higher the profitability, the higher the riskiness of the trader’s trade. There are traders in the system with a yield of over 30,000%, but the risk indicator for such traders is quite high. Here, for everyone, they determine for themselves fast and large-scale earnings with a high risk, or, as they say, a “tit in the sleeve”, a lower percentage of profitability with a lower load on the deposit.
I want to note that traders with high risk can be copied by minimizing it with the help of copy settings and a larger deposit, which will help to survive it in case of drawdown. I will also talk about this in more detail in the following sections below.
The trading term is the number of days a trader works in the system. The longer he trades, the more he has a trading history and a profitability chart, which will naturally help us in evaluating when choosing a trader to copy. But do not forget that among the recently arrived at the platform experienced traders can also be diamonds.
The number of copies – in fact, this is the popularity of the trader among the participants of the platform, but it is worth considering that traders have their regular investors, who move behind them from platform to platform. In addition, some traders can advertise their profiles on various thematic resources or in social networks to attract new investors. Others are fully engaged in trade and do not spend time on self-PR. All of this should be considered when choosing a trader.
Maximum risk level – I partially touched the risk above. You will find the most detailed description in the FAQ section on the platform, in questions under numbers 4.2, 4.3, 4.4. In simple words, I’ll explain: the risk level is calculated based on the trader’s loading of his deposit and drawdown in equity. The higher the risk, the higher the trader’s level of funds involved in trading relative to all funds in the account. And the higher the level of use of funds (increasing this% leads to Margin Call and Stop Out conditions), the lower the level of free, unused funds that are so needed to maintain drawdowns. Leverage is also taken into account (the higher it is, the higher the trading risks, in principle) and the life of the trader’s account is taken into account.
The commission of the trader is a percentage of the amount earned for the copying trader. Everything is simple here. A trader for copying his profitable trade wants to receive a reward, the amount of which he sets independently. If the trader didn’t earn anything on his own, and the copied transactions were not successful, then he won’t get anything from you. The settlement system is configured for daily work. At the beginning of each trading day, there is a rollover – payment of commissions to traders from their copying accounts for all participants of the copying transactions platform based on the results of the previous one.
Trader funds – this parameter will filter traders by the number of their own funds with which they operate on the trading account provided for copying.
Copying funds – this option will filter traders by the number of funds in the accounts of traders who attached to them for copying. You can estimate how much money is entrusted to a particular trader.
We figured out the filter, click Apply and select the trader to copy.
I want to note that the filter is needed for fine-tuning. You can use simpler filtering options, sorting by profitability, risk, number of copies, and then view traders in the ranking.
The decision is made? Choose a trader / s?
Be sure to tag them with an asterisk so as not to lose. They will be added to the Favorites tab.
Important: you can copy multiple traders at the same time, thus diversifying risks and increasing the likelihood of higher returns.
So, click on the selected trader, look at his profitability chart, portfolio of current deals, trading history, what tools he trades, and what results he has for each group. We can also send a message and clarify all the details and recommendations on the copy settings, which I will also discuss in detail below.
Move on. Now you need to deposit funds for which, in fact, the copied transactions will be opened on our account.