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Trade like a PRO without being one. Copy trades of other successful traders and take advantage of their knowledge and experience.
It seems that everyone is getting rich in the stock market and on cryptocurrencies and maybe you’re interested in getting started in trading too.
The problem is the complex charts, terminology, and knowing what trades to make. You might be worried about making a rookie trading mistake and losing everything.
But what if I told you that there was a way to copy what successful and profitable traders were already doing. When they profit, YOU PROFIT. That’s the idea behind copy trading.
Your success with copy trading is also dependent on which trading platform you use, and what strategy you use to copy trades/traders.
Luckily for you, we have done the groundwork, reviewed the most popular and profitable copy trading platforms (Profitfarmers, NAGA, and PrimeXBT), and made step-by-step guides on how to get started.
Top 3 Copy Trading Platforms
What is Copy Trading?
Copy trading, or social trading, is when you invest your own money and copy the exact trades or trading signals (trading recommendations) that other traders make or suggest. You can copy trade on several types of markets like cryptocurrencies, forex and stocks.
The 3 Types of Copy Trading
1. Copying Trading Signals (best for traders with >$3000)
This is the most precise and often profitable way of doing copy trading. A trading signal is a trading recommendation of when it’s best to “buy” and “sell”. When you copy a signal you follow a “recipe” for trading success.
2. Copying Trading Strategies
Simply put, copy and follow the trading strategies made by other traders. You are not following a traders full portfolio, but rather certain strategies.
If you have less than: <$1,000
If you have more than >$1,000
3. Copying traders/Social Trading
This is the most hands off form of copy trading and let’s you copy the entire portfolio of other traders.
Now you just have to choose one!
Copy trading is actually considered one of the smartest and most innovative ways to make money online. If you do it right, you can even build massive wealth that’s passive: Your money will keep growing and growing.
Trading Signals and Strategies
You want the best
The Advantages and Disadvantages of Copy Trading
While copy trading offers great potential to get success investing, these tools aren’t perfect. You should know the advantages and disadvantages before starting to invest.
Advantages of Copy Trading
1. You can get success without any prior experience
You don’t need to be an experienced Wall Street trader to make money on the stock market anymore, thanks to copy trading.
All you need is a copy trading account, some money to invest and the right trader to copy and learn from. If you’re a beginner, this is the perfect way to do some trading.
2. Low time investment required
Copy trading isn’t just for investing newbies, it’s also for people who have money to invest but no time to really get involved in the nitty-gritty of trading.
Thanks to copy trading, all you need is your account and the willingness to invest. You don’t need to spend a whole lot of time tracking every single trade.
3. You use the best working strategies
One of the challenges people face when it comes to investing is that it often feels like you’re fumbling in the dark trying to figure out what works.
With copy trading, you’re just copying the best, most successful traders. All of the hard work is done for you! You can focus on proven, winning strategies, and remove the fear of learning everything on the fly. That also means the path to success is a lot shorter (though there will definitely still be some learning to do).
4. You can diversify your portfolio and decrease your financial risk
Copy trading platforms like NAGA allow you to invest in different portfolios and markets, including cryptocurrency and stocks. You also don’t have to invest all of your money with one trader.
You can decrease the risk by splitting your investment between traders (known as “diversification”). This is one of the smartest things you can do in investing.
5. The MoolahNinjas approved copy trading platform ProfitFarmers is safe
Copy trading platforms like ProfitFarmers are safe and reliable, so you don’t have to worry about getting duped, cheated or losing your money to shady traders and stock brokers.
Your money will be safe, as long as you choose the right trades to copy.
Disadvantages of Copy Trading
This will depend on the type of copy trading you do. When copying traders, the first disadvantage is that you are attached to the results of your chosen trader: When they make money, you make money. When they lose, you lose. And once you’ve chosen a trader, you’re at their mercy. This is a risk that’s unavoidable, but you can mitigate it by picking the right trader and being very smart in your consideration.
The other downside is that you actually have to put some money into it to even start earning. But if you copy the right trader, there could be a highly lucrative return on that investment. Don’t worry, we’ll teach you how to choose the right trader, so you’ll know the secrets copy traders use to make huge returns consistently.
How to Avoid Common Mistakes
To succeed with copy trading, avoid these common mistakes:
As you can see, there were small downwards trends or “crashes”. However over time, the market recovered and has been steadily rising. Don’t just rush to withdraw your money if you see a quick crash. To invest well, you need to be patient, and understand that over time, assuming you’ve chosen a smart trader, you will make money.
Things to avoid/keep in mind when copy trading:
Copy trading offers an amazing opportunity to invest in the crypto and stock market with no financial background, trading experience, or having to stare at charts all day. Following this copy trading guide, you’ll be able to invest like a pro on a secure platform and be on the path to financial freedom.
Choose your chosen copy trading platform
Trading Signals and Strategies
You want the best
The platforms advertised are investing platforms comprising multiple assets and there is an inherent risk in trading using the platform, as with any other financial investment. Your capital is at risk when you invest with any of the platforms. Please evaluate whether you can tolerate such risks.
Any earnings or income representations are aspirational statements only and results are not typical. MoolahNinjas makes no guarantee that you will make a certain amount of money. There is no guarantee that you’ll receive the same results or any results at all shown in this guide.
This guide is intended for educational purposes only and should not be considered as investment advice. The author and publisher are not liable for any losses or damages you may incur as a result of you following the advice given in this guide, or in any MoolahNinjas product or publication.