Many beginner traders do not have enough time and skills for constant analysis of financial markets. Trading without forecasting carries more risks, so a tool called Copy Trading (Auto Copy or Social Trading) is becoming more and more popular among traders. This trading feature brings together experienced and novice traders — experienced traders create signals and beginner traders receive these signals.
This article will help you learn more about Copy Trading and NAGA’s smart solutions for copying trades of top-performing traders.
What is Copy Trading?
Copy trading, also known as social trading, is in essence a community that brings together new and seasoned investors. It allows experienced traders to put forth their trading strategies for others in the community to follow and copy for a fee.
New traders and investors can easily get into the markets with a much shorter learning curve by simply copying the strategies and trades of more successful traders as they observe and learn – the whole time having complete control over their account.
You can copy trade across all financial markets, for example in CFDs of the below asset classes:
- Forex;
- Commodities;
- Cryptocurrencies;
- Indices;
- Stocks and others.
While having a wide range of trading products allows you to profit directly from movements in single markets, it also presents a potentially valuable opportunity for diversification.
For example, if you predominantly trade Forex currency pairs, you could benefit from copying a trader who could have more experience in CFDs in cryptos or stocks. Watching all the relevant markets all the time is impossible, but copy trading can help fill the gaps.
Whatever market is being traded, it’s important to remember that you remain in full control over your account and that you can place your own manual trades alongside any trades generated by the master trader. Also, in order to minimize potential losses, you need to have a solid and enhanced risk management plan in place.
How to Get Started Copy Trading with NAGA
The peculiarity of copy trading is that a trader does not need to analyze markets 24/7, follow the news and learn different trading strategies. All this is done by experienced traders, who are engaged in everyday trading, making additional profit from those who want to copy their trades.
Accordingly, copy trading saves time, allowing you to repeat the result of an experienced investor easily and efficiently. It’s enough to monitor orders and control your own account.
NAGA is one of the world leaders in copy trading. Autocopy is NAGA’s advanced and well-built copy trading service with an intuitive interface, favorable commissions and a global community of experienced traders.
Follow just 5 steps to start copying trades of successful traders with NAGA:
- Sign up on NAGA and go to Autocopy;
- Find a Top Trader in the Leaderboard;
- Check trader’s performance statistics;
- Choose the type of Autocopy and investment amount;
- Confirm settings and start Autocopying.
After you confirmed your Autocopy settings ⚙️, the algorithm will automatically mirror any eligible trade opened by the master trader.
That means that any order that falls within the parameters you set will be copied instantly.
Why trade with NAGA’s Autocopy?
Copy Trading is becoming increasingly popular because investors can simply copy the trades of experienced traders, 100% automatically.
With NAGA’s solution, your copied trades will be executed with extreme precision, and full transparency.
Don’t worry if the provider you want to follow has a lot of funds or a different account currency – everything will be sorted automatically. You only copy trades of an experienced trader based on your trading account size and settings.
Here are some tips to help you successfully use copy trading in practice:
- Focus on consistent performance rather than just looking for the highest return – the longer the track record, the better!
- Keep an eye on the max drawdown – this will indicate if the signal provider is trading with high risk or if they are more risk averse.
- While the number of followers is not in itself an indicator of success, taken alongside a proven track record, it can be a good sign.
- Adhere to a strategy of diversification and money management, distributing funds between different investment instruments.
Conclusion
Copy trading is a great solution for those who want to become part of the financial market without wasting time. Having a small capital allows you to fully participate in trades in Forex, stocks and other assets in а minimum amount of time, and without the need of great exposure or experience in the trading markets.
NAGA has optimized the process of copying trades of experienced traders. Therefore, you can copy trades on the Autocopy in just a few clicks. This can significantly improve your trading experience, regardless of your level of expertise, given of course that a proper and enhanced risk management plan is in place to support your trading strategy.
Summary
- Trading without forecasting carries more risks, so a tool called Copy Trading (Auto Copy or Social Trading) is becoming more and more popular among traders.
- You can copy trade across all financial markets: Forex, Stocks, Commodities, and others.
- NAGA has optimized the process of copying trades of experienced traders. Therefore, you can copy trades on the Autocopy in just a few clicks.
