The Forex trade copier allows you to take advantage of the knowledge and skills of other traders. To use the trade copier Forex you have to sign up for a membership which will cost a certain amount of dollars per month.
How does it Work?
The advantages of using a trade copier are that you won’t have to learn all those complicated trading strategies, systems and methods; you will not have to go through the psychological element of trading which has a great impact on the result and you won’t have to stick your eyes on the computer the whole day monitoring your trades.
Forex account managers use copiers to copy trades from the master MT4 account to slave accounts. The Forex trader would then focus only on the master account while the copier software program handles the slave accounts. The software copy trades and executes trade actions automatically. Your MetaTrade 4 account should have options for money management, settings for maximum trades andautomatic detection or manual setting of currency pair suffix. An advanced MT4 would send email alerts, filter trades and have push notifications features.
What Do I need to start?
To start with Forex trade copier you need a demo or live account. You can open this account with any broker of your choice. The Forex copy trade usually involves the following pairs of currencies: usd/jpy, eur/usd, usd/chf, gbp/usd, eur/jpy andusd/cad.
The Risks Involved
Understand that the trade copier Forex does not guarantee that you will win. This simply provides an easy and faster way to profit. You must still expect to win some trades and lose some.
There are many scammers in the market posing as profitable trade copiers, you really must be careful. It is advisable to select a program that is well-known and widely used by traders. There are three kinds of trade copier companies: the negligent, predators and legitimate. The negligent companies lack intelligence and diligence to create profitable programs and have expert advisors with immeasurable risks.
The predators deliberately create fraudulent programs and aim to cash out of unsuspecting and inexperienced traders. Legitimate companies have legitimate algorithms that cannot be easily manipulated. Their systems have proper reward ratios and risks.
Finding a good copier lies in your hands. Do some research online and find both positive and negative reviews. Remember that trading is very risky. The key is to invest the amount of money you are willing to lose, because winning is not definite.
The best TradeCopier is PowerTradeCopier