yeah, it depends on others so if you are experienced and confident then yeah maybe copy trade isn't for you but if you are a beginner then copy trade is a good way for them to learn and maybe make some money off too.
Copy trading platforms
- Thread starter personifica_
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In my opinion, when you are looking for a signal provider you should take criteria like trading history, total profit earned, winning trades, and maximum drawdown into consideration.
In copy trading, it is important to understand the trading behaviour of the trader which you are copying. You can select a trader based on your goals and risk profile but please bear in mind that there will be times when even the best trader can face a loss. So, try to diversify your funds with different traders as it minimises the risk.
Thanks for reverting back guys!
Also, once the trade is in profit, does it close automatically when the trader closes a position? Or do I have to close it manually?
The signal provider provides the closing signal too.
But! If you notice that he closes out usually too soon and doesn't ride the trend long enough you could over ride his signal and stay longer in the position.
Well it depends, if you are using automated trading tools, you can set a bar to open and close your trades but if you are not using such tools the trade closes as per your trader open and close his/her trades when they find the best time in the market.
What do you do in the cubicle?Yeah for people like me, a good way tho to still be in touch with the market and for some extra income beyond the cubicle.
Indeed! Copy trading is a profitable approach that enables beginners to make profit even if they have no prior experience in trading. The concept relies on the idea of providing newcomers with exposure to the world of trading. You can automatically copy experienced traders in real time using platforms like Zulutrade & etoro.