|

Is Copytrading the Forex hack we need?

Copytrading is a new proprietary service that allows both Forex novices and experts to profit through cooperation. It’s a one-of-a-kind program that’s transforming the way people trade in the Forex market.

At its core, copytrading is like inputting a cheat code that levels up your experience from noob to master with a single click of your mouse. 

Not a believer?
 

What Is Copytrading, and How Does It Work?

For beginners, the name of the game is simple, where should you begin? For professionals, you might be wondering what benefit is in there for you. Well, fortunately, we cover both sides of the coin, but first, let’s take a look at the beginner’s point of view. 

Your first step is to begin by browsing reputable forex brokers who offer a copytrading service. As an example, let’s take a look at award winning platform OctaFX. They provide an in-depth “Master Traders” list. You can check their activity, history, results, and trading strategy.
 

Advantages and disadvantages of Copytrading

Pros for beginners:
Crafted for new traders with little market knowledge
Easy to get started
Limits profit loss
Manage risk more effectively
Passive investment strategy
Cons for beginners:
Accessibility can be regionally locked
Technical risks
A wide selection of brokers with different requirements
Pros for masters:
Receive a commission from copiers
Unlimited amount of copiers
No paid commission to (some) brokers
Easy to get started
Create a customizable strategy to attract potential copiers
Cons for masters:
Your trade capital is at stake
Requires advanced skill


Of course, it’s also crucial that you have an open mind. Many new traders get caught up with the idea of feeling or appearing inferior by “receiving help.” This sort of cavalier mindset could prove costly. Leave your ego at the door!
 

But What About Volume and Leverage Differences? 

Of course, it’s understood that everyone is not going to have the same type of bankroll. You’ll have the flexibility in choosing to trade proportionally based on your account balance or a 1 to 1 ratio. Let’s take a look at the difference in volume and leverage to understand more. 

The calculation is following: Volume (copied trade) = Equity (Copier)/Equity (Master Trader) × Leverage (Copier)/Leverage (Master Trader) × Volume(Master Trader). 

Let’s take a look at an example. 

For instance, if the Master Account’s equity is $500, and the leverage is 1:200, the Copier account equity is $200, and the leverage is 1:100. 1-lot trade is opened on the Master Trader’s Account. The volume of the copied trade will be 200/500 × 100/200 × 1 = 0.2 lot.

Did you get all of that? Essentially, the calculation is done proportionally to that of the Master traders. 
 

Okay, I’m Ready! But Which Master Trader Should I Choose?

OctaFX Copytrading is highly detailed. You’ll be able to view the Master Trader’s statistics, giving you a tremendous advantage. For instance, you are able to see their profit and how often they trade. Additionally, it will tell you exactly how many people are currently copying the Master Trader’s orders and what their commission is, so you can trade with confidence. 

OctaFX Copytrading removes the fuss and complexity out of Forex trading. We think that’s pretty cool. 
 

What else should I know?

That’s it! As a copier, you don’t need to worry about the several hundred possible variables that can impact the price of gold versus the dollar. You sit back, relax, grab a pina colada, or use your newfound free time to begin learning the ins and outs of Forex trading en route to becoming an expert. 

You can choose to monitor the trades, though they will open and close in real-time, keep in mind the time zone of the expert you’re copying!. The best part is you can stop copying a Master Trader at any time with a simple click of the button. 


How Do I Go from Beginner to Master Trader?

Everyone has to start somewhere. They say Rome wasn’t built in a day and neither are Forex trading masters.

However, it doesn’t have to be a complicated process. There are many training programs found on the web. Some offer detailed video instructions and testing, which allow you to go from zero to hero. 

Author

OctaFx Analyst Team

OctaFX is a market-leading forex broker, providing personalised forex brokerage services to customers in over 100 countries worldwide.

More from OctaFx Analyst Team
Share:

Editor's Picks

Ripple stabilizes as support holds amid steady ETF inflows

Ripple pares losses and trades around $1.05 at the time of writing on Monday. The cross-border remittance token is attempting a recovery after last week’s sell-off, which intensified as the US and Iran exchanged fire.

Crypto Today: Bitcoin and Ethereum edge higher, XRP pares losses as US and Iran agree to resume talks

Bitcoin is showing renewed signs of recovery, approaching the $60,000 mark at the time of writing on Monday. Among altcoins, Ethereum is positioned for a potential breakout above $1,600, while Ripple continues to face bearish pressure, holding just above the key $1.00 psychological support.

Bitcoin four-year cycle: BTC risks 75% drawdown with four months of bear market still ahead

Bitcoin price continues to trend downward below the $60,000 support zone after losing over 50% of its value since the $126,199 high in October. Bitcoin’s four-year cycle, measured from cycle tops to bottoms, suggests that four months of a bear market are still ahead.

Bitcoin Price Forecast: Mild recovery as US and Iran agree to halt attacks, resume talks

Bitcoin recovers slightly on Monday, trading above $60,000 after closing below the 200-week SMA the previous week. Market sentiment turned cautiously positive after the US and Iran agreed to halt attacks and renew peace talks.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.