How to Copy Trade: A step-by-step guide to getting started
What is copy trading? Copy trading is the art of "cutting and pasting" the success of someone else, who knows what they are doing in the stock market. It is one of the tools you can use to practice and learn. And here are some reasons why copy trading is an interesting way to practice trading:
It is safe. It is anonymous. It can be practised in the dark. It does not require real-time access to the account. It offers the flexibility to invest in small increments of money. It requires no previous trading experience. It gives you access to buy and sell in a fraction of a second.
How do I start copying trades? Step 1 - Determine your budget. Step 2 - Choose the traders you want to copy, based on their trades and success rate.
Incredible, in just two steps!
How do I choose a trader? There are several types of traders you can choose to copy. There are those investors who trade for the long term, investing in companies that they believe will increase in value over time. While this profile is safer to copy, it will take you longer to see profits, and your investment will be at risk for much longer.
Then there are active traders who practice DayTrading. These traders are more volatile in terms of share prices, and generate so many trades that the risk percentage is higher.
In either case, to choose a trader, you should first look for a trader with a good net return.
To do this, you can check the various metrics that traders are ranked by in copy trading platforms and apps.
**Where to do Copy Trading? There are several platforms to learn copy trading, but a very effective and useful one is NAGA, where you can find thousands of trading strategies designed by professionals that can help you start copy trading in a short amount of time. And not only that, Naga is a good starting point to learn how copy trading works, thanks to its demo account with 10.000€ so you can trade without risk, before moving to real trading.
As you can see, copy trading is easy to put into practice and can increase your profits if you're willing to work at it. As it works just like a social network, you can better identify which profiles you are most interested in following to LEARN! and keep improving as a trader. Join NAGA where you can learn from the best traders and get better returns.
Learn about Social TradingSocial Trading is a new system that gives everyone access to the world's best traders. You can follow top traders and automatically copy their trades. You make money when they make money with no trading expertise required. This is the Social Trading revolution.
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