How To Copy Traders – A Definitive Guide By AlpsSocial
Social trading networks are fantastic for Forex traders to engage in and explore tricks of the trade. By using them, many investors have imitated the success of other traders by copying their setups. However, there’s more to forex trading than what meets the eye.
There are some fundamental aspects of Forex trading and copying other investors that are crucial to maintaining profits in the long run.
AlpsSocial is the only forex social network that provides its users the unique opportunity to not just copy other traders, but also have complete access to insights about global affairs and the trader’s perspective, a feature that is vital for long term success and personal education goals. It’s a Financial Expedition that will develop over time.
Check the Trader’s History
On AlpsSocial, all traders are given a user rating which can be used to shortlist traders for copying.
After this first step, checking the traders’ history and gains is a good step. This will give you an overview of their trades. On their profile, you can also see their insights, which is a good way of assessing their judgment.
Another failsafe method is to copy traders who are experienced and have been in the Forex market for a long time. The success of new investors can just be coincidental, but if he or she has been in the market for at least six months and has made consistent gains, then it is safe to assume that he or she is a generally good trader.
Check the Stakes
Different traders follow different principles on Forex trading. While most run low risk trading, there are many who run high stakes. You should see their strategy and decide for yourself the model that you are comfortable with. Each Trade Insight will give you a sneak preview on the Trader’s personal trading style. It allows an investor to develop an impression and relationship with his Trade “Sherpa”. Once comfortable, the next step of the relationship can be explored, mostly with a nominal monthly charge.
Another way to assess their skills is to see their insights using AlpsSocial and how accurate their intuition is. This will be a Trade Plan that captures unique and quality information and Technical Setups PRIOR to the currency price movement or news release. This way, all Trade Insights are kept real time and Trade Sherpas @ Alpssocial are kept accountable for the Trade Ideas they are suggesting.
Rather than trusting just one trader, diversify and look for other traders who also fit your category. This is a safer way of copying traders and ensures that by comparing their decisions and results, you can make safer and more confident choices. Comparing their insights on AlpsSocial is another thing that will give you a better understanding of their acumen. No longer perform blind copy trading and not having a proven Professional Trader help you with your Financial Journey. Most importantly, you are in direct control of the final decision – to Take the Trade, or to Wait for the next best setup after your research.
Furthermore, it is not necessary that you copy only one trader. If you feel confident about it, go ahead and copy another trader and blend their insights into your personal Unique Journal! Keep trying new traders and exploring your options to make the most of your investments with them. Through time, you will also be able to develop and grow your own Intuition and Personal Trading System, and to be eventually be on the path of Financial Success.
AlpsSocial is unique in the market for providing its members assistance in choosing and copying other traders on a Transparent and Trusted Technology Platform. Members of our forex trading network have access to each other’s projected insights and can collaborate in private Trade Circles to make the most of their profits.
Join our trading group and start winning with the distinct features of AlpsSocial. Connecting Traders Everywhere.