How To Find The Best Copy Trading Platform www.mydigitrade.com
How To Find The Best Copy Trading Platform • You have probably heard about people making passive income online with copy trading. Secret of their success consists of two components: well-selected strategies to follow and a reliable copy trading platform. Today there is a huge number of social trading and copy trading services available online. How do you find the best copy trading platform among all of them? This process is not nearly as complicated as it may seem at the beginning. If you are new to copy trading and don’t know which features you are going to use, simply choose a copy trading platform which offers the best variety.
Choosing the best copy trading strategies • Copy trading platforms let anyone copy signals of other forex market traders on an auto-pilot. This allows copiers execute same trades and make similar profits as traders they follow without spending days to learn how the market works. To make money by following other traders, you need to find profitable strategies and copy them. But profitability is not the only parameter worth checking out. A high volatile strategy might be profitable but not suitable for you because your have small portfolio and can’t tolerate large drawdowns. These strategies also are not suitable for people with low risk tolerance and new forex traders (how do you know when to exit a strategy without prior trading experience?)
Choosing the best copy trading strategies • If you are new to copy trading start with a demo account and spend a couple hours to set up your first portfolio carefully. Once you figure out what works, you can use the same approach over and over again or further improve it overtime. When the initial portfolio is set up, keep reviewing it on a regular basis to make sure your traders are still bringing you profits. • Make sure your copy trading platform provides information about current open trades (many of them don’t), otherwise you may not have the most up-to-date stats and may accidently follow a losing strategy.
Choosing the best copy trading platform • Execution accuracy is one of the most important characteristics of any copy trading service. Best copy trading platform is the one that offers control over slippage and delivers signals in the fastest way possible. It is also important to compare amount of control you have over your own portfolio. At MyDigiTrade, a modern copy trading service, copycat investors can choose to assign fixed amount or percentage of their portfolio to a strategy, set custom rules such as when to exit a losing strategy and at which point to take profit. One of the best features is slippage control that can be set even to a negative value. If maximum slippage is set below zero a trade would only be copied at a better price than original trade of a strategy provider. There are more interesting features such as inverse trading (trading in the opposite direction to selected strategy) and plenty of details available for analysis -- all of that secures MyDigiTrade a spot at the top of our ‘best copy trading platform’ list.