Basic tips for choosing Top Traders

Social Trading is a social network that connects expert investors with people who do not have enough time or knowledge and want to invest in the markets. On social trading platforms, you can follow and copy other traders automatically. Or do nothing and simply learn from others, or use simulation money to train.

It is essential to:

- Analyze the ranking of the Top Traders in NAGA - Be aware of the capital necessary to start copying Top Traders - Follow or copy the best Traders on social trading platforms - Take data and detail into account when selecting a Top Trader.

WHO ARE THE TOP TRADERS? Top Traders are investors who make profits by trading and also when their trades are copied. People who follow their operations make a profit and they also take a percentage of that profit obtained.

An important factor to keep in mind when following a Top Trader is the number of copiers a trader has and, above all, the type of investments made. The more copiers they have, the more operations they usually carry out and the more benefit they obtain.

Within the Top Traders profile, you can analyze the activities, statistics and achievements of each one. If you enter the NAGA platform, you can see that Top Traders are classified by:

- Income - Operations carried out - Benefits obtained

And, as Top Traders achieve, the platform upgrades them with the following classifications:

- Bronze - Silver - Gold - Crystal - Diamond

CAPITAL NEEDED TO START COPYING

An important question that you always ask yourself is: What minimum capital should I start with? This is the million-dollar question whenever you talk about social trading platforms and operations.

You should be very clear on how to manage capital and risk, that is why looking at the investor's previous investments is important. It provides insight into the capital the Top Trader normally operates with.

In the activity section of the platform, you can see the latest trades that the Top Trader has made - and you can also communicate with him or her, post charts, comment on trades, etc.

FOLLOW OR COPY On social trading platforms you can have followers or copiers. This is a fundamental component of social trading.

Followers are users who watch you and watch what you do. They are seeing what you are doing within the platform.

And the copiers are the ones that come to copy you. These are those who want to do exactly what you do.

DATA TO BE TAKEN INTO ACCOUNT WHEN CHOOSING A TOP TRADER

These are some of the data to be taken into account within the NAGA platform:

The profit graph refers to all the profits that the trader has obtained, including those obtained by copying.

You can also take into account the average ROI per operation.

Another important fact is the profit factor. This determines how profitable that trader can be.

Frequent assets show the markets in which the Top Trader normally operates.

The Drawdown is the largest range of losses that the Top Trader has ever assumed.

This information, and more, is what helps us to study and know how this Top Trader evolves. And whether the Trader is worth copying or not. Remember past success doesn't guarantee future success though, so it's important to pay attention in real-time.

To learn more about how to choose Top Traders, don't miss the whole class: Basic tips for choosing Top Traders

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SERGI PICANYOL Social Trading Teacher of Canal Trader school.