If you’re looking for a simple way to invest that doesn’t require a lot of capital upfront, then copy trading should be your thing. But even trading requires hours of research and analysis to make a successful trade. That’s why copy trading is gaining traction. If you’re looking to start with copy trading but aren’t sure how here’s a helpful beginner’s guide to get you started.
Make a Trading Account
The first step you should take before starting your copy trading journey requires you to make a copy trading account. These platforms are different from ordinary trading platforms and allow you to trade based on the strategies of other expert traders.
Check Out the Best-Performing Traders on the Platform
Once you make an account on a copy trading platform, it’s time to see which trader you’ll be copying. You’ll find an entire section that displays the different traders and their respective portfolios.
Here, you can browse a list of various traders and see which one lines up with your trading needs. You’ll see what markets they specialize in, their current track record, and what they’re trading.
Choose the Best Trader for Your Needs
Once you find the right trader to copy, you can follow them. Then, it’s time to deposit funds into your account. You can also detail how much risk you’re willing to take so that you don’t lose more than you can afford.
Begin Trading
Once you’ve completed all the steps mentioned above, it’s time to follow your preferred trader and start your copy trading journey. The platform will automatically copy all the same positions as the trader you’re following. So whenever they make a trade or take up a specific position, your account will do that too. Of course, your position will be adjusted to reflect how much of your deposit you’ll put forward and your risk appetite.
