WikiFX Live Event: Kickstart Your Forex Trading Journey with Copy Trading

Calling all the traders especially to those who want to know the beautification of the Copytrading. WikiFX will have a live stream event that talks about “Copytrading” this coming July 29, 2022, Friday, at 15:00 (UTC+8). Cristin Francisco will be the host of the live event, which can be accessed at WikiFX liveroom (https://liveroom.wikifx.com/en/live/202207273971523295.html). Cristin is a VTrade Country Manager with over 15 years of experience in the financial business. She will be addressing Copytrading and its advantages during this live event. The live event will have an exciting question and answer since the presenter will be sharing various copy-trading techniques to increase your trading profit. This live event will provide traders peace of mind while trading forex since many expert traders are now performing Copytrading. It has been an honor for WikiFX to present useful live events for its users and to encourage viewers to ask the host questions.

The following are the main features of the live event:

• What exactly is Copytrading？

• What Are the Advantages of Copytrading？

• How Does One Become a CopyTrader？

An overview of the highlights

What exactly is Copytrading？

Persons in the financial markets may use copy trading to automatically replicate positions established and maintained by other individuals.

Unlike mirror trading, which enables traders to replicate certain methods, copy trading transfers a portion of the copying trader's cash to the copied investor's account. Any trading action taken by the copied investor in the future, such as opening a position, assigning Stop Loss and Take Profit orders, or closing a position, is also executed in the copying trader's account in proportion to the copied investor's account and the copying trader's allotted copy trading funds.

The capacity to disconnect and handle cloned deals is generally retained by the copying trader. They may also terminate the copy connection entirely, closing all cloned holdings at the current market price. Copied investors, also known as leaders or signal providers, are often rewarded by flat monthly membership fees paid by a trader, a signal follower, wanting to replicate their transactions. Aside from that, popular investors may get a spread refund of up to 100% on their purchases. The incentive programs encourage traders to enable others to observe and imitate their transactions rather than deal discreetly.

Copy trading has resulted in the creation of a new sort of investment portfolio, dubbed “People-Based Portfolios” or “Signal Portfolios” by industry insiders (borrowing the terminology of the popular MetaQuotes Signal Marketplace). People-based portfolios are distinct from standard investment portfolios in that investment funds are invested in other investors rather than traditional market-based instruments.

While signal followers do not transfer money to signal providers' accounts, the latter serve as de facto portfolio managers since they have indirect influence over a part of the capital of the signal followers. As a result, social trading networks provide a novel framework for delegated portfolio management.

The Origins of Copytrading

Initially, some traders used newsletters to inform their subscribers of their plan to initiate or cease certain operations at specified levels. Later, the first trading room with a similar idea arose. A trader announced the completion of a deal in a virtual room rather than by email, and followers were able to view and recreate the transaction. As the chat rooms increased in popularity, other traders were able to remark or ask questions online, requiring a consistent presence in front of the computer and frequently paying a charge to utilize the site.

At that point, several traders saw the potential advantages that a designed automated replication system may provide. Around 2005, computerized trading, also known as algorithmic trading, gave rise to copy trading and mirror trading. It was an automated trading system in which traders shared their trading history for others to follow. In 2005, Tradency was among the first to introduce Mirror Trader, an automated trading system.

A trader might post their trading strategy on the platforms, with trading data demonstrating the method's success. Other users may then choose to mirror-copy any transactions produced by that technique on their account.

This was quickly followed by a set of circumstances that enabled traders to link their trading accounts directly on the platform, and from that point on, all of their activities were logged and made accessible to users without the requirement to submit the trading plan.

Since 2010 it has grown in popularity among online financial trading firms as a tool for less experienced traders to profit from the trading choices of successful investors.

The first and most important consideration is flexibility. Copy Trading is ideal for both beginners and experienced traders. While novices may begin immediately without a learning curve, professionals continue to perform their favorite thing while making additional money. The following are the key benefits:

Method for Saving Time. An effective plan might take months or even years to create. The majority of people cannot afford it. They want less time-consuming and automated trading methods that allow them to trade risk-free on autopilot. Copy Trading provides you with an expert who has a time-tested and established approach for success. So there's no need to devise new strategies.

Excellent for beginners. As an investor, you will not have to worry about technical analysis, chart reading, plotting, monitoring outcomes, and so on. Simply sit back and watch your mentor profit from the transaction. Of course, the strategy does not always ensure success. Experts, on the other hand, have a better chance of predicting dangers and avoiding them in the long term.

Possibilities for Learning Copy Trading is an excellent way to see professionals making quick judgments and responding to particular market movements. All tactics are open and accessible. You can keep track of them and even make modifications to create a better strategy. As a consequence, over time, you will be able to develop into a devoted professional yourself.

How Does One Become a CopyTrader？

All you need to do to become a Copytrader is discover a decent copy-trading broker, which can be found in the WikiFX App. Before depositing and trading with a real account, sign up for an account and trade using a demo account.

Don't forget to verify your preferred broker for copy trading via the WikiFX app, which allows you to analyze their validity and typical difficulties with their traders.

Stay tune for more weekly live events by WikiFX.

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