In this post we’ll be looking at what copy trading is and how anybody can get started. You will find the best copy trading platform for high returns. Whatever investment and trading experience you have, copy trading will enable you to trade like a pro and improve your returns.
What Is CopyTrading?
Copytrading is where the trades of a professional trader are copied in order to replicate their success. Copytrading differs from mirror trading. Mirror trading is where a traders strategy would be copied or mirrored. With copy trading, the actual trades themselves are replicated.
It may sound complex and very hands on to somebody new to this. This is not the case. Copy trading can actually be done in an easy, automated process. It is something that can be utilised by anybody however experienced or inexperienced they are at trading.
Copy trading can help beginners as they won’t be required to learn all the information behind the trade. It can cut out a lot of costly mistakes. Experienced traders can benefit as it saves a lot of time that would have been spent researching.
For people new to trading you are likely familiar with the idea of trading stocks. In addition to stocks, there are many more asset classes that can be traded. These include commodities, currencies, cryptocurrencies and indices. This is where copy trading can offer you a good exposure to a different asset class without you having to be knowledgeable about that particular asset. This is one of the benefits of copying a more experienced trader.
Copytrading is a great way to trade without having all the knowledgeable required to trade on your own. Some research is still required to ensure the right copy trading platform is used. In addition to finding the right trader to copy. We’ll look at these below.
What Is The Best Copy Trading Platform To Use?
eToro is the world’s leading social trading platform. They offer a game changing feature called CopyTrader. This feature allows anybody to automatically replicate what real traders are doing in real time for no additional cost. It’s easy to get started with a minimum investment of just $200 up to a maximum of $2,000,000.
How To Use eToro Copy Trading Platform
The eToro copytrading platform provides access to all the information needed to select only the best and most successful copy traders to follow. You can filter traders down by a number of parameters. These parameters include the type of financial markets they trade in, the country they are from and the value their trades have gained within a set time period.
After filtering down by the most preferred categories, more detailed information on each individual trader can be viewed. View trader bios, number of followers and copiers. There is even a feed where the trader can update and interact with investors. Found in this section are details of the traders current portfolio and performance history. All the necessary information is provided for investors to make an informed choice.
For people that are new to trading it is understandable to feel a little overwhelmed by it all. This is why eToro offers every new trader a free virtual $100,000 to practise trading with. A great way to give it a try. When traders feel more confident they can then move onto the real thing.
Want To Trade Like A Pro? Try CopyTrading With eToro Today
If you are interested in different types of investments or learning how to trade yourself, you might find some of these posts helpful.
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