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How to Copy Trades: Introduction Guide for Beginners
First of all, as an investor, you are free to copy each and every action or transaction performed by the introducing broker. This involves not only entering long or short positions but also placing stop-loss, trade-entry, take-profit orders, implementing risk-management tools, and sharing revenues
With so many talks about copy trading, a few beginners understand actually how to copy trades. There are several ways to implement the automated approach to executing orders while following the strategy of a dedicated pro.
First of all, as an investor, you are free to copy each and every action or transaction performed by the introducing broker. This involves not only entering long or short positions but also placing stop-loss, trade-entry, take-profit orders, implementing risk-management tools, and sharing revenues.
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Alternatively, investors can only use notifications and take control over all transactions and orders placed manually. A great way to speculate on the asset’s price movement without actually owning it. No matter what approach you choose, copy trading offers a risk-free automated way to trading strategy implementation and maintenance depending on the investors’ skills, background, and financial feedback.
Copy Trading vs. Mirror Trading
To understand how to copy trades, it is necessary to clarify some baseline issues. Most beginners are sure that mirror and copy trading are the same approaches. Well, they are not.
- Mirror trading is the concept of mirroring one’s strategy. In other words, one simply mimics the technique of another trader without even asking his or her permission. Mirror trading refers to the way of cheating and comes with increased risks, as you are not protected either by a platform you trade on or by an expert you mirror.
- Copy Trading is a safe and secure algorithm letting you cooperate with an expert sharing mutual revenue interests. Copy trading is a transparent technique where investors can track results, collaborate with signal providers and decide whether to copy a specific trade or change the strategy whenever needed.
What’s more, copy trading is a great way to operate legally and diversify the existing portfolio. With MTrading, you are not supposed to select a single trader and follow him in a single market while trading a single asset. Instead, you can reach out across multiple markets choosing several experts who trade different instruments. This will definitely increase your chances of success.
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