For a successful trading career traders need the best trading platform. The trading market is getting larger day by day due to its popularity and that’s why there are different trading platforms available in the market. But how do traders get to know which platform is best for them? This is only possible when they have ideas about the top trading platforms. Among those top trading platforms, cTrader is popular due to its advanced trading features. One of its major tools that makes it a preferable choice for most beginners especially for beginners is copy trading. It helps traders to make better decisions and improve their overall strategies.
If you don’t know much about the copy trading feature, then let’s examine it in detail to see the benefits of using the copy trading features of popular trading platforms including cTrader.
What is Copy Trading?
Copy Trading is a feature of the cTrader trading platform that helps traders to copy the trading strategies and performance of professional traders in real-time. With the help of the user-friendly cTrader platform users can easily choose the experienced providers and copy their trades to make their trading strategies more successful as well as also maintain control of their portfolio. Beginners who don’t have experience analyzing charts and executing their strategies can easily copy the trades of other traders and can save from losses.
How does Copy Trading Work?
As a copy trader if you want to copy from the cTrader platform then you first need to allocate the funds from the broker’s trading account that you have chosen. These funds allow you to start replicating other trades. When you follow a trader then their strategy will automatically replicate each time when you open them. Let’s see how to copy trades.
- First of all, you have to log in to your account using the details provided by your broker. After login click on the “copy Trade” button. Click on the strategy list and start copying.
- You need to select those accounts like demo or live accounts that you want to use to copy trades.
- Then you have to allocate the specified amount for copy trading, check all boxes and press continue. These allocated funds will be transferred to a special trading account that allows you to copy trades of your favorite strategy provider.
- Now you select the strategy provider and click the start copying button to follow trades of professional traders. If you don’t want to copy trading then you can click on the stop copying button.
- Traders who want to become a strategy provider must have a positive account balance with a 90% return on investment. Traders executed at least two trades in the last 72 hours.
Benefits of Using Copy Trading
Accessibility for Beginner Traders
One of the great benefits of using cTrader’s Copy Trading feature is its accessibility to beginner traders. It helps traders to spend less time learning theoretically instead they can learn practically by observing the trading patterns of experienced professionals and learn how to make an effective trading strategy. Traders also do not need to execute trades manually because the cTrader platform helps them to automatically copy trades and do not need to have a great knowledge of the market or know how to execute trades manually. With the help of other strategies, traders can also manage their risk and protect themselves from losses and learning at a time.
Enhanced Transparency
cTrader copy trading feature also provides traders with detailed statistics and performance metrics for all the signal providers. Traders can see their historical trade data to check the profitability and consistency. But one thing you need to keep in mind is to first understand the risk profile of a trader before choosing it because some traders also face risks in their trading strategy so must check it. With the help of cTrader, you can also monitor ongoing trades in real time and check whether they align with your personal trading goals or not. This transparency helps you to make the right decision when choosing the signal providers.
Flexibility and Control
cTrader also provides traders flexibility and control that is difficult to find in other copy trading platforms. Traders can allocate a specific amount to copy trading accounts according to their budget. They can set their stop loss and take profit levels to save from risk and protect their investments. Traders can copy a specific strategy or all trades from a signal provider. In this way, traders can customize copy trading strategies according to their unique preferences and risk tolerance.
Take Aways
cTrader copy trading feature provides beginners a chance to compete with the trading market. Even traders who do not have deep knowledge of trading can execute successful trades by copying the trades of experienced traders. Traders just follow traders and their strategies automatically replicate when you open them.
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