When you’re looking for a simple way to invest that doesn’t require a lot of capital upfront. But even trading requires you to put in hours of research and analysis to make a successful trade. That’s why the concept of copy trading is gaining so much traction among new investors. If you’re looking to get started with copy trading but aren’t sure how, here’s a helpful beginner’s guide to get you started.
Make a Trading Account
The first step you should take before starting your copy trading journey requires you to make a copy trading account. These platforms are different from ordinary trading platforms, and allow you to trade based on the strategies of other expert traders.
Check Out the Best-Performing Traders on the Platform
Once you make an account on a copy trading platform, it’s time to see which trader you’ll be copying. You’ll find that there’s an entire section that displays the different traders and their respoective portfolios.
Here, you can browse through a list of various traders and see which one of them lines up with your trading needs. You’ll be able to see what markets they specialise in, their current track record, and what they’re trading.
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Choose The Best Trader for Your Needs
Once you find the right trader to copy, you can choose to follow them. Then, it’s time to deposit funds into your account. You can also detail how much risk you’re willing to take so that you don’t end up losing more than you can afford.
Once you’ve completed all the above-mentioned steps, it’s time to follow your preferred trader and start your copy trading journey. The platform will automatically copy all the same positions as the trader you’re following. So whenever they make a certain trade or take up a specific position, your account will do that too. Of course, your position will be adjusted to reflect how much of your deposit you’ll put forward, as well as your appetite for risk.
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