How to start copying forex trades Part 2
3. Making a deposit in your own account for copying
We replenish your account in the social trading system, the deposit remains in your account and is used to open copied transactions.
We press the “Copy” button in the profitability chart section or in the general list opposite the selected trader, and if we do not have funds in a real account, a pop-up will pop up from which we will go to the deposit section.
You can, of course, go into demo mode, but copying will also be to demo funds with a demo profit. Nevertheless, the demo mode is a great opportunity to test the platform and try to trade on your own account if you have absolutely no experience.
So, back to the point. After clicking on the “Replenish” button, a window will appear with a form for filling out data on the deposit. Offhand, I counted more than 20 methods. We choose conveniently. I use Skrill – it’s quick and easy, but besides it, there are a lot of electronic payment systems, bank cards, and bank transfer. We select the system, enter the amount to be replenished, click continue, and follow the instructions, depending on the payment system selected. As a rule, all replenishment methods work almost instantly, with the exception of a bank transfer, which takes 1 to 3 business days.
You can use another way to replenish. To do this, in the left vertical menu of the platform, go to the ” Finance ” section, select the convenient replenishment method from the most popular in your country, or go down below and use any of the additional available in the platform.
Pay attention to the top menu: in the history of transfers, for example, in the future, you will see all the logs of deposits and withdrawals in the system.
4. We start the process of copying deals
We set up and start copying transactions of professional traders of your choice with profitable trading.
Remember, we added selected traders to Favorites so as not to lose? We open this tab, click on the card of the trader who is selected for copying, and in the section with the profitability chart we set the number of funds that will be used for copying.
The total amount of funds is displayed at the bottom of the page in my portfolio (dark blue bar). I am going to copy several traders, so I will distribute funds between them. The portfolio can be expanded by clicking, thereafter, information on the current position of earnings on copying will be displayed there. Under setting the amount for copying, we see the “Copy settings” function. This is a very important section. Click and expand it and deal with it in detail. I will mark with numbers in the picture all the important parameters and describe the value of each in order.
- The amount for copying: this option allows you to limit the funds involved in copying this trader.
- Copy open transactions: with this option enabled, at the time of starting copying, all active transactions of the selected trader will be opened at the current market price. When this function is turned off, only new transactions will be copied, which will be opened by the trader after the activation of copying.
- Max. Loss / Max. Profit: these parameters are essentially analogous to Stop Loss and Take Profit. It allows you to limit the value of the maximum profit/loss for the current copy. That is, when the current change in the means of copying (the column profit in the portfolio) reaches the specified value, the copy will stop and the account will be detached from the trader.
- Copy type: there are four types of copying deals available for selecting a trader, which allow you to configure custom parameters for copying deals and minimize risks by adjusting the copy volume.
Next, I will devote a whole section to the last parameter. In the meantime, continue. Suppose we have selected the default copy type. Select the desired settings described above, start copying: click on the Copy button. In our portfolio (bottom of the page), deals will be displayed on copying selected traders. I started copying two, this is how it looks:
We just have to wait, observe the process of copying, and at the moment of obtaining the desired profitability, take profits and break out. If you want to try to copy other traders or withdraw the profit. The CLOSE button stops copying, the CHANGE button allows you to change the copy settings, including the type of copy, at any time.
In the meantime, we can chat with traders from all over the world and gain experience and a trading mind. The chat button is available in the upper right corner of the platform.
There is a Russian-language chat of traders from the CIS (General chat); chat of traders from all over the world for knowledgeable English (General Chat); Well, chat for communication with platform support. I recommend that you look there in the next tab with channels, you will find a lot of usefulness.
Well, let’s move on to parsing copy types.