Hi there, today we are going to talk about copy trading. This article will be useful for all beginner traders or those who strive for trading success yet cannot tame the market. You’ll learn how to register on the social trading platform, choose the right trader to copy, set your copy trading parameters, and start copying trades automatically onto your account.
What is Social Trading (Copying of trades at Forex)?
This is a platform for social trading which allows forex beginner traders or investors to copy professional traders’ trades onto their accounts. The platform has reunited traders from all across the globe, which is naturally very interesting as it provides the opportunity to borrow some trading experience and communicate with people of different trading backgrounds.
An investor copies trades and shares a part of profit with the trader as a fee. The amount of commission pre-set by the trader as a copy trading fee is displayed in the ranking of traders. That’s the way it works.
The unique feature of social trading is that, unlike in such systems as PAMM, the money is kept directly in the investors’ accounts and trading pros’ trades are copied directly onto the investors’ accounts.
It means, the copy trading system helps beginners trade successfully right from the start.
Another huge advantage is that investors can communicate with traders in dedicated embedded chats or contact a trader directly and ask any questions before copying.
Also, the system can be set individually to limit the risks. The monitoring of traders (ranking) shows the whole history of trades, profitability charts, and risk estimation. More details will be provided below.
The system’s motto is as follows:
Social Trading brings together global traders to form a successful community where they can use one another’s experience to reach their goals.
I’ll outline a few simple steps one needs to take to start copying:
- Register on the copy trading platform;
- Choose a trader in the Copy section using the multi-functional ranking;
- Top up the account;
- Set parameters and start copying a chosen trader.
Here are the 4 simple steps. Now, let’s examine each of them in detail and find out about the subtleties and functions of the LiteForex copy trading platform.
How to start copying forex trades?
- Registration on the copy trading platform
We need to register on the social trading platform to get access to professional traders’ trades worldwide and be able to copy them.
First, register in the system . Registration is really easy. Enter your country, phone number or email address, and set a password. Think about setting a complex password: all that concerns money shall be safe. Also, remember that you won’t be able to use another email address afterwards, so don’t enter the address you normally use for social networks or emailing.
- Choosing a trader to copy
Let’s choose successful traders using the open and customizable online ranking.
If you are already registered on the LiteForex site, simply log in.
After registration, we can choose a trader using the ranking that fully monitors trades. Click on the “Copy” tab in the vertical menu on the left. Then, move to the Popular menu. This menu displays the traders who’ve got the biggest managed deposit.
All details about copy trading available on LiteForex site here just click and read how it works.