Are you aware that you can copy Forex traders to make money in Forex trading without actually getting into the act of doing the trading yourself? This is something that I discovered along the way in my forex trading venture and thought that I should share with everyone out there where and how you can copy these forex traders. But before I give you the details, I believe you would want to know why this is one of the path I have chosen.
Why would you want to copy Forex traders?
1. Forex trading is not that easy and it takes time for you to study and understand how the Forex market work. Ask yourself, how much time do you have in a day to spare for learning Forex trading? If you are like me, who hold a full time job, there isn’t much time left at the end of your workday after you get home.
2. If You don’t have the time to study and monitor the Forex market, leave it to experienced Forex traders from all over the world who are trading professionally to trade for you.
3. Let them do the trading work for you and all you have to do is to follow them and profit from those copied Forex trades. Sure you have to pay some commission to these Forex traders that you copy but isn’t that true for every investment out there by it Forex, stocks, mutual funds, etc?
Can You Profit By Copy Forex Traders?
1. Yes, you can. Some of you are high risk takers whereas some are low risk takers. There will be traders that would fit your risk profile and you will have to screen them out carefully and only copy those that match your expectations.
2. The Forex traders performance over the months or years are displayed on those sites for all to see. Their history, recent traders, current open positions (if any), best and worst traders, etc. You can scrutinize all of them before deciding on who to follow.
Note: Some of the top traders take very high risk trading with big stop loss and many open positions. You may not want to follow these traders because you will need a large amount of money in your account kept aside for margin if you choose to follow them.
3. The good news is, you don’t have to open account and put in real money to follow these traders straight away. Instead, start by opening a demo account and use the demo account to copy Forex traders that you think you would want to follow with a real live account.
4. Demo account is free and funded with virtual money so you can see your simulated profits and losses. Take the demo account for a test run to get familiar with the platform and copy some Forex traders to check out their performance before you put in real money.
Where Can You Copy Forex Traders?
There are many middle trade brokerage out there that allows you to copy Forex traders. I cannot possibly name all of them but can suggest some that I have had experience with and in fact copying some of the Forex traders on those platforms at this point in time. You can click on the names below to check out the platforms yourself. My personal preference is Zulutrade where I find the interface much easier to understand and use for me.
End of the day, you have to decide for yourself what you want to do. Copy Forex traders to trade Forex or trade Forex on your own, the choice is yours.
Good Luck and Safe Trading!