Learn to identify the best forex traders to copy and put your account on automatic mode. Do not hesitate to trade foreign exchange while there are professional traders who you can copy!
Last year, several forex brokers began to introduce the concept of social forex trading. The idea is very simple: the best forex traders fail to copy their positions, and other less experienced traders or no time to negotiate free copy their trading strategies. Its an interesting idea, and one thing that allows beginners and less experienced traders in the financial markets learn from gurus. The eToro and Markets.com are two of the most popular forex brokers where you can copy good traders and make money from your account automatically.
Many of the best forex brokers with this kind of investors copy system allows you to search by traders based on their profits, risk level and numbers other traders to copy the guru. So it becomes easy to find good traders to copy, but there are several things you should take into account before copying traders:
Last year, several forex brokers began to introduce the concept of social forex trading. The idea is very simple: the best forex traders fail to copy their positions, and other less experienced traders or no time to negotiate free copy their trading strategies. Its an interesting idea, and one thing that allows beginners and less experienced traders in the financial markets learn from gurus. The eToro and Markets.com are two of the most popular forex brokers where you can copy good traders and make money from your account automatically.
Many of the best forex brokers with this kind of investors copy system allows you to search by traders based on their profits, risk level and numbers other traders to copy the guru. So it becomes easy to find good traders to copy, but there are several things you should take into account before copying traders:
- Popular does not always mean better Most brokers let you see how many people are copying the guru in forex. However, the number of copiers alone is not necessarily a good indicator that it is a successful trader. Often, users will start to copy this trader after he open a position and make lots of money, waiting to do the same. A trader must have hundreds or thousands of followers, but it does mean that the followers are making money.
- Do not copy a forex trader only by high turnover As with the popularity of the trader, the trading results may also be somewhat misleading if not read. One of the most popular forex brokers has dozens of traders that the statistics appear with a gain of 300%. This is a spectacular number, but you should consider the number of positions and the amount risky to earn this money. If you do not have a large trading account, you may not be able to survive the drawdown incurred on the way to these high profits.
- Check the risk profile Most traders will provide a way to calculate the risk of the trader. While traders exposed to a higher risk level will be able to ensure good gains, the strategies used may not work for all traders. Traders new to forex, in particular, should copy traders who have a low level of risk, so that in one position do not jeopardize your entire account.
- Diversify Do not risk your entire forex account to copy one trader. Instead, choose different traders and divide your money between each. This will reduce your risk in general, since a portion of the money will be put into question if a trader opened a risky position. Yes, you can lose now or after a good trading opportunity, but the goal is consistent gains.
Do not waste time and open a social trading account through the eToro. Despite the minimum to open an account is $ 50, we recommend depositing $100 or $ 200 so you can copy many traders and gain more.
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