Where can I find the best traders to copy when trading forex?
It depends on what you want in a trader, how much experience you already have in trading forex, and other factors.
There are thousands of people who offer their services as copy traders online.
Some charge fees, some don’t.
Some use email-based contact methods, while others only offer contact through social media channels like Skype or Facebook messaging.
The best traders will be the ones that fit your budget, trading style, risk tolerance, timing needs, preferable currency pairs etc.
Quick copy trader checklist
To help narrow down the search process, here’s a quick list of things to think about when choosing a copy trader:
- How much profit do they make each month?
- What are their trading hours?
- Do they trade with a set stop loss or take a profit target?
- How much are the fees they charge for copying their trades?
You can find traders to copy by searching online. There are many internet forums where users offer their services as traders, each with their criteria.
If you are looking for a trader, it’s best to choose one who only offers contact through social media channels, Skype or Facebook messaging.
So there is no contact information being shared – plus, you can ask potential traders questions easily and receive answers quickly.
- If you want a long term relationship with the trader, choosing one who posts updates regularly on forums with screenshots of trades that have been profitable over some time is preferable.
- If you’re looking for a one-off contract, choose a trader making money by copying other traders online.
Why is copy trading good?
Customers with the most experience trading forex will already have a better idea of what they are looking for in a copy trader and can be more confident choosing from one or two options.
Inexperienced traders may seek assistance from someone familiar with both the copy trader concept and Trading online before beginning their search for an experienced partner to trade through.
There is plenty of expert advice available online from those with years of trading expertise.
Many beginners spend months learning how to consistently make profitable trades independently without joining a group or having another person manage their trades.
Once you are confident in your forex trading knowledge, joining a group or hiring a trader to copy is an easy way to double the profits on every trade.
If you are confident in your forex trading abilities but want the opportunity to increase your profits, why not offer your services as a trader to others?
You could start by offering free follow/unfollow services until you build up enough confidence in yourself and with other traders that they will pay for your trading expertise.
Forex is one of the best markets for you to generate income. It comes with low barriers, high liquidity and little regulation.
You can get started quickly without the need for any intermediaries or brokers complicating your life.
If you’re new to forex trading, it would be vital to look at professional traders you can copy while trading in forex.
Many online tools allow users to copy trades made by other professional traders automatically.
The process of copying another trader’s trades does not require any special knowledge or skills. Once you have the above access code, everything else has been taken care of for you.
It is an easy way to start trading in forex online for beginners.
Forex trading involves buying or selling currencies.
You can do this by choosing one currency to be your base currency while selling another currency to buy a different currency that has performed better in value.
The difference between the two currencies’ values becomes the profit you make when you close out your position.
To learn more about forex, Pipsology is an excellent source of information on how to get into forex trading online.
In a nutshell
- Forex is an excellent way for beginners to generate income – even with minimal knowledge.
- There are tools available online which allow anyone to copy other professional traders.
- Copy Trading eases the burden on forex beginners trying to learn more about trading.
Link to Saxo Bank for more info.