What is intro to copy trading?
Copy trading is a feature offered by some online trading platforms that allows users to automatically replicate the trades of other successful traders. It's also known as social trading or mirror trading.
Here's how it works:
1. You select a successful trader to "copy" or follow.
2. Their trades are automatically replicated in your own trading account.
3. You can set the amount you want to invest in each trade, and the platform will proportionally replicate the trader's position.
Copy trading allows you to:
- Learn from experienced traders
- Diversify your portfolio by copying multiple traders
- Save time by automating your trading decisions
However, it's important to remember that copy trading also involves risks, and you should:
- Research the trader's performance and strategy before copying them
- Set clear risk management parameters
- Monitor your investments regularly
Intro to copy trading is a great way to get started with this innovative trading approach!