Investing and trading has long been associated with Wall Street professionals. In recent years, trading has become a widespread phenomenon that has changed the perception of the financial world. With these changes, among retail traders and investors, copying the trades of successful traders has become a real trend among retail traders and investors.
But what is copy trading? And is it a good investment option? It is worth understanding these questions in more detail and discovering a new style of investing that suits you. For best results, use the best providers of copy-trading software and get the most out of copy trading.
What is copy trading software
Before you can understand the benefits of copying trades, you need to pick up the software. Copy trading is the process of copying (manually or automatically) by one trader the trades of another trader who has given his consent to this. Many brokers provide this option to their clients using their own software.
Copy trading software is based on mirror trading. This is a platform that allows beginners to copy the trades of experienced traders. Platforms for copying transactions (autotrading) solve several problems for beginners at once. Firstly, they allow you to start making money in the financial markets without a solid background of experience and knowledge. Secondly, in the process of copying other people’s transactions, there is a great opportunity to learn from illustrative examples of masters of their craft. Below you can find the best software providers.
Best Software Providers
Below are the brokers that offer the best copy trading platform.
RoboForex. The broker offers clients a variety of opportunities for passive income and automated trading. There is also a way to earn money for traders who do not have much experience in independent trading. This is the CopyFX service from RoboForex.
DotBig. The broker offers favorable trading conditions and options for improving trading skills through training and copy trading. Investors share profitable strategies, and traders can use them in transactions. Copying deals using DotBig tools is very simple and even beginners will figure it out. Most people prefer this copy trading platform as it is used by many beginner traders.
The platform provides a trading tool that allows even an inexperienced trader to conveniently copy trading positions carried out by one or more professional investors within the trading network.
Quantum AI. This is the world’s first quantum computer machine that sends you signals about what to buy and sell. Quantum AI has partnered with several MetaTrading4 regulated brokers where you can trade many different financial instruments.
AvaSocial. The AvaSocial copy trading app is a partnership between globally regulated broker AvaTrade and FCA regulated Pelican Trading. Together they provide a copy trading app that is available on both Android and iOS devices.
How to choose a trading signal provider for copying?
Forex signals can be received from various entities that offer this type of service, including also:
- Providing accurate entry, exit and stop loss levels
- Analysis or comments explaining Forex trading signals
- Transaction history reflecting profit and loss, as well as statistics on previous results
- Data with trading results
- Emails
- SMS Alerts
- Customer service by mail or phone
- The reliability of providers varies, as is the case with any other profit-making service in the market.
If you find a signal provider with an 80-90% success rate, think twice. Of course, there are companies with good success rates, but to be recognized as the best provider of forex signals and copy trading software, they must be able to stand up and prove their results.
What is difficult for a beginner?
If a beginner in trading already wants to start earning, then he is recommended to pay attention to free trading signals. It will not be possible to achieve a constantly growing income on them, but they will help to plunge into trading and understand some of the basics.
Among the experts there are many deceivers, swindlers, brokers and traders, whose main goal is to defraud consumers of money, promising a 100% guarantee for the success of the operation. When a beginner chooses a trading platform for himself, the first thing to do is to find out if the broker has certificates, licenses and all the necessary permits for trading.
In general, most brokers provide beginners with training materials that allow them to learn how to use the copy trading program.
Is it worth doing copy trading?
Copy trading began to be popularized quite recently, when more and more people began to be interested in the stock market. In general, copy trading portfolios are an interesting alternative to other passive income streams such as ETFs and mutual funds.
The advantage of this strategy is that you can personally choose an experienced trader that you like by analyzing his profile. Moreover, and perhaps most importantly, you get much more control over your copy trading portfolio. That is, you can adjust your portfolio as you see fit and at any time manually exit positions and keep the rest of the portfolio active. Similarly, you can buy shares in any company of your choice.
Just make sure you understand the risks of copy trading. Ultimately, just because the investor you have chosen has an unblemished record in the stocks and shares industry doesn’t mean it will continue indefinitely. And if you are looking for copy trade software, then DotBig LTD has the best offer.
