Copy Trading : Market traders who are new to the market tend to be anxious about opening new positions. They lack the knowledge and experience to distinguish profitable positions from less-profitable ones in foreign currency trading.
Copy trading is your first step to Forex trading. Although copy trading is still a new concept, it is quickly becoming one of the most popular Forex trading strategies for beginners.
You may be wondering what a copy trade is.
It’s all explained below. Let’s start by reviewing the basics. If you don’t know how the Forex Market works…
Since the beginning of time, speculating on currency values has been a popular way to earn. “Forex” is a combination of Forex Exchange and Forex. This investment option allows you to buy and sell currencies, in order to profit from fluctuations in their exchange rates.
An exchange rate refers to the value of one currency in comparison to another. Currencies can be traded in pairs. EUR/USD is one currency pair. This currency pair consists of a base currency as well as a quote currency.
The base currency is the first currency in a pair, while the second currency is the quote currency. Here EUR is the base currency and USD is the quote currency.
A trader will buy a currency pair and then sell the quote currency to purchase a base currency. The price is the amount of base currency that is needed to buy one unit.
The base currency of one pair is used as the quote currency for another pair. The Forex Exchange Market’s most traded pairs are EUR/USD (Euro/US dollars), USD/JPY/ Japanese Yen, GBP/USD/UK Pound Sterling/ US dollars, and USD/CHF/US Dollars/ Swiss Franc.
What is Copy Trading?
Let’s now move on to the main part of the article, IC Markets copy trading. This strategy allows traders to copy trades made by knowledgeable and experienced traders on the Forex Market. Mentors are these experienced traders. This is often done in the context of a social trading platform.
Small-scale and novice traders can also benefit from the ability of another investor to predict market movements. You can copy an investor’s whole investment strategy or just individual trades.
To begin trading in foreign currency, you must first open a Forex account at a broker. If you choose to copy trade, a portion of your funds is automatically linked to the account the mentor you wish to copy. You will notice that the price is often mentioned only once in the copy of successful Internet Marketers. Sometimes you may have to search for the price, and this is intentional. This is a psychological motivator the copywriter uses – by asking for the price, the prospect is forcing them to put in the effort. When they find it, they will feel more committed because they have expended energy.
Is It different From other Trading?
You might be thinking “…, but surely you want to impress your potential customers with how great of a deal they are getting? Yes! The trick is to make sure they pay attention to the amazing bonuses they receive and the value of each product. You must also talk about the benefits, benefits, and benefits. You need to show them the value they’re getting and not how much they have to use their credit card for.
It is important to only announce your price after you have made the offer. Prospects should be given many opportunities to purchase the product, but they should only do so through closes. Closes are often called “calls to action”, and offer prospects the chance to purchase from you at different points in your copy. Copywriters should have at least seven closes in their copy. Each prospect will have the opportunity to purchase a product at any time in the copy if you introduce a close. You are not mentioning the price directly.
Your Forex account will replicate every trade made by the mentor, regardless of whether it is opening a new or closing an existing position.
If they make a profit, so will you. It is possible to follow multiple traders at once.
To mitigate risk, it is better to emulate different traders on multiple trading platforms.
You have the right as a copy trader to stop copying traders and to do your own trading whenever you want to.
You can find more information about copy trading at How to Copy Trade Forex.
With our simple but effective criteria, we show you how to identify the best signal providers.
As a copying trader, you have the right to stop copying other traders and dealing on your own whenever you wish to.
For more information on Copy Trading Check out my “Copy Trading Essentials Pack” at How to Copy Trade Forex.
We show you how to find the best Signal Providers to follow with our simple yet effective set of criteria.