Forex copy trading: a form of social investing, allows less experienced traders to automatically replicate the trades of experienced and skilled forex traders, enabling them to achieve similar results. Copy trading has emerged as one of the most accessible ways for individuals to participate in the financial markets without requiring extensive knowledge or experience.
Provider: This is the trader whose trades are being copied. Sometimes they are also referred to as a "Master Trader" or "Signal Provider".
Copier: This is the person copying the provider's trades, using their own trading account also known as "Follower"
Broker: The broker provides access to the copy trading platform (like an app or MetaTrader 4/5) which allows the provider and copier to connect.
HOW DOES COPY TRADING WORKS?
Brokerages provide a copy trading software or application. In the app, traders that are copied are known as ‘signals Provider’, while their followers are known as ‘copiers’.
Traders sign up with the brokerage and link their accounts to the copy trading platform.
Copiers select which signal provider to follow. Once a copier connects to a signal provider, every transaction executed by the signal provider is automatically replicated in the accounts of their copiers, proportionally adjusting for factors like available funds and risk preference.
As the signal providers trade and build a track record, their performance data, including monthly returns and profitability, can be monitored through the broker platform.
JOIN MYFOREXFIVE COPY TRADING BY FOLLOWING FEW STEPS
Open a live trading account with this broker CLICK HERE OPEN ACCOUNT
Upon verification, fund your trading account with a minimum of $100
Select social trading then register as a follower in order to use the copy trading features
Search signal provider with name "myforexfive", then simply click "INVEST" button, you will be redirected to provider (myforexfive) subscription registration page.
Complete the form by selecting the server of your trading account, enter your trading account number and passcode, accept terms and conditions and press register button.
Locate the provider and click on the double grey arrow for the specific subscription profile to load then click on the "ACTION" button and select "ACTIVE" button to activate your subscription then click "ACTIVATE" button again. Your subscription is now activated ready to copy our trade.
Frequently Asked Questions
What Is the Minimum Amount Required to Copy trade?
Copier must meet the minimum deposit requirement of USD 100
How to link/connect my account to signal provider?
For support; CLICK HERE
Is Copy Trading a Good Idea?
Yes. For those without much trading experience, copy trading can be a good way to learn the markets and potentially earn profits by leveraging the expertise of professional traders.
What fees do I need to pay when copying trades?
Signal provider (myforexfive) charge a performance fee, which is 30% (percent) of the profits you make by copying our trades. For example, if you make $1000 in profits, you'll pay $300 as the performance fee. The performance fee is only applicable when signal provider generates a profit from the trades copied by the copier and performance fee calculated based on the profit-sharing ratio, will be withdrawn from the copier’s account, and paid to the copied signal provider automatically
What factors could stop me from copying a trade?
Your trading account has insufficient funds
Copier account is not full verified/approved
Your Trading Account is archived
Do I need prior trading experience to engage in copy trading?
While no prior trading experience is strictly required to participate in copy trading, a solid understanding of the underlying financial instruments and the inherent risks is crucial for effective participation.
Which account do I need to deposit my funds into to copy trade?
Deposit funds into your trading account to start copy trading. Funds can be deposited using a wide range of payment methods including credit card, debit card, crypto payments, payment wallets including Neteller, Skrill and Mpesa, online banking and bank wire transfer
Is copy trading good for beginners?
Yes, copy trading can be effective for beginners. It allows me to replicate the trades of experienced traders, making it easier to learn and potentially profit without extensive knowledge
Is copy trading risky?
All trading involves a degree of risks, therefore so does copy trading. You should always consider your financial situation and capability before opting for Automated Services in CFD trading. Copy trading carries substantial risks and speculation, potentially resulting in significant losses that could surpass the initial investment. By engaging in copy trading services, you acknowledge and accept the inherent risks associated with copy trading.
How can I limit my trading risks?
To limit potential losses when copying trades, a Copier can preset Copy stop terms in their account currency. If the loss from the initial copy amount reaches this value, copy trading will stop in this account.
For example, you have set the following copy trading parameters:
Amount for copy trading: 1,000 USD
Maximum loss: 300 USD
That means that copy trading will stop only when you have lost 300 USD of the amount for copy trading, and your deposit has become equal to 700 USD (1,000 USD - 300 USD).
Copy trading is a get-rich-quick scheme?
Copy trading allows you to replicate the strategies of successful trader, but it's crucial to understand that it's not a magic shortcut to instant riches and should be approached as a long-term approach, not a get-rich-quick scheme. If you are looking for a get rich quick overnight scheme, this is not a right place for you.
If the balance of the signal provider is different with copier account, will it have any effect on the copier return?
Yes. In copy trading, when a signal provider and a copier have different capital amounts, the trades are typically copied proportionally to the copier's account balance. This means the copier will open positions with the same asset allocation as the provider, but the volume (lot size) of the trades will be adjusted to fit their account size. For instance, if the provider opens a trade worth $1,000, and the copier has a smaller balance, the copier might only open a trade worth $100 (if the copier's balance is 10% of the provider) and vise versa is true.
By joining copy trading service, you agree to abide by our terms and conditions and acknowledge your understanding of the inherent risks involved in trading activities.