July 9, 2020

IronFX, What is Copy and Social Trading?

What is Copy and Social Trading in the Forex market? How does it work?

What is Copy and Social trading?

Online Forex trading market provides you many advanced tools and options.

One of the most popular trading tools is the “Copy and Social Trading”.

A copy and social trading service involves 2 sides which are “Masters” and “Followers”.

“Masters” are the traders who efficiently make profits and let his or her orders to be copied by anyone on the platform.

“Followers” are the copiers who directly copy Masters’ orders to their live trading accounts, so the “Followers” can also make profits when “Masters” make profits.

“Followers” have the opportunities to earn profits by freely copying trades, while “Masters” may earn certain success fees from “Followers”, so it’s normally a win-win relationship.

List of Copy and Social Trading Services

Is Following someone else’s signals the best way to make profits?

Following someone else’s signals is the best way to make profits

It is a common mistake of novice traders to put away the whole responsibility for their actions by simply copying someone’s trades.

It is essential to understand that there should be a robust analytical backing behind each order and that copying trades might be much more harmful than relying on your own research.

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Is Social Trading a reliable tool?

Social Trading is a reliable tool

It is essential to understand that free exchange of information on the internet is both an asset and a liability.

Despite the opportunity to follow professional traders’ guidance, there is a high risk for the novice traders to be misled by inexperienced social media influencers.

This risk may result in adequate loss over time.

Each strategy can be beneficial if smartly calculated and implemented.

The main rule is to keep your finger on the pulse and avoid emotional decision making.

Test your strategies with the IronFX demo account, which you can open with no deposit required.

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