How does CopyTrade work?
The process of CopyTrading, a key component of social trading, is straightforward yet effective. It begins with a user choosing a trader to follow, often based on their trading performance, risk profile, and investment strategy. After selecting a trader, the user decides the amount of funds they wish to allocate for copying that trader’s moves within the social trading platform.
When the chosen trader opens a position, the same position is automatically opened in the user’s account, proportional to the allocated funds. This means if the chosen trader buys a particular currency, the same currency is bought in the user’s account, and the same principle applies to selling. This approach not only simplifies the trading process but also integrates the user into the broader social trading community.