Several well-known Forex and stock trading platforms are now offering copy trading. As the name implies, it enables you to copy the positions taken by another trader instantly. The Copy Trading Platform allows you to connect your trading account to an Expert Trader’s account with some customizable settings. By doing so, you follow all the trades they place in their account at a ratio fixed in your account.
If the expert trader place a new trade, for instance, you open a new one as well, and if they close, you close too. When the expert traders are making a profit or losing money, it would also happen in your account. But this doesn’t indicate that you lose control over your account; you can close any trade any time you want. In most of the Forex copy trading platforms, once you’ve attached your account to an expert trader, you still can stop trades, start new ones, although it is not advisable. You should carefully select the Expert trader or Strategy provider and follow all his trades for at least a month to get some result. There is a collection of excellent traders with FXTM Invest, ZuluTrade, and HFCOPY, whom you can copy and earn money effortlessly based on the trading knowledge and expertise of those traders. Keep reading to find the best Forex copy trading platforms in India.
This form of Forex trading in India is growing because it allows inexperienced traders to earn money by following the expert traders with a proven track record. Everything is transparent and controllable while trading through the Copy Trading platform. You have the freedom to select the best traders to follow by seeing their track record and trading style. You can allocate funds and set the trading lot size and manage risks while following the expert traders.
Now you might be wondering, what does the expert traders or strategy providers get in return? Well, they charge a small fee from the profit they make in your account – typically 20 to 30 percent from the profit.
While using the Copy Trade feature of ZuluTrade, you don’t pay any profit share. Their fee is adjusted in the spread. You have to trade with ZuluTrade by opening an account with their recommended broker.
There are also instances of experienced traders using Forex Copy-trading services to diversify their risk. In case their own trading brings losses, their Forex Copy trading account may bring in some profit.
The following is the list of exceptionally well-performing copy trading providers. These brokers and platforms have a list of sophisticated traders with consistent performance for over one year. You can find out your preferred expert trader to follow and make money. Select from the best copy trading brokers in India 2020.
The success of Forex Copy trading in India is dependent on properly following the right trader. The first thing is to find the right expert trader. You can find the best trader to follow from the top ten traders listed by the broker. Don’t just go by the traders rank, also check how consistently he performs and his trading styles. Look for at least six months of track record before you start copying them.
Secondly, you have the copy the traders carefully. Don’t over risk your account. Follow the expert trader with recommended lot size; it is better to use smaller than recommended lot size. Follow the selected trader for at least one month to see any result. Don’t be in a hurry to switch expert traders too quickly. It may look a little complicated right now, but no worries, you will understand exactly what you require to do and how to manage it.
There are many new social and copy trading platforms. But, we frequently suggest sticking with well-known ones, since they’re already established and have an excellent collection of strategy providers. While trading with the reputed brands offering Copy Trading, you can choose from a list of most excellent traders with a proven track record of years of consistent profit.
Nowadays, some of the Forex brokers have started offering theirs in house copy trading feature where you can follow the expert traders listed on their platform. Since the success of Forex Copy Trading highly depends on high-quality strategy providers, the Copy Trading feature with these brokers doesn’t work well. Hence you must select a leading Copy Trading platform with a list of exceptionally well-performing traders. We recommend ZuluTrade, HFCOPY, and FXTM Invest for a list of exceptionally well-performing traders to copy.
There were several surveys conducted to asses Forex Copy trading. The outcome of these surveys suggests that people who carefully select their traders based on the ratings and evaluations are up to 10% more successful than people who trade of their own, i.e., self-trading. The lesson learned is that if you don’t have enough knowledge and experience in the Forex market, it is better to follow and trade the people who have a solid track record.
Making losses in Forex trading is inevitable, so it is impossible that you will never incur losses. But, with a few easy to follow strategy and rules, you can boost your earnings. We’ll talk about the laws, but trading discipline is something that you might need to work on yourself.
The good news is, you can now trade with minimal losses and stay profitable by the end of each month. The expert traders usually have a 70% to 80% success rate, hence by following them through Copy trading, you will end up in some profit at the end of the month. Therefore don’t be in a hurry to switch to a different expert trader without allowing enough time for the previous one.
So, how to trade with profits?
The people who have no time to involve themselves completely in the market usually go for Managed Forex trading services – in terms of Forex Copy Trading and Forex Managed Accounts. In Forex Managed Accounts, you only have to invest and forget till the end of the month. Whereas in Forex Copy trading, you have to do some homework for selecting the right trader to copy and monitor your account from time to time.
Forex Copy trading is perfect for inexperienced traders. It lets you trade the Forex market in a better way and possibly get some earnings. If you lose money in copy trading, try to understand what led you to the loss. Is it the Strategy provider or the wrong settings by you in terms of lot size. It is quite common for new traders to set big lot sizes while using Forex Copy trading, which leads to huge loss and blowing off the account. In such cases, it is the greed of the traders to be blamed, not the strategy provider.
Overall, copy trading is an excellent method to start trading. You might stop copy trading in the future when you discover how things work. But at the start, while learning Forex trading in India, you should go for Copy Trading or Forex Managed Accounts.
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