To become a successful Forex trader requires lots of practising, education and experience. One needs to be adequately trained and equipped in order to overcome the risk and challenges associated with the Forex market.
Many people, traders and investors want to earn decent and consistent income from the Forex market every month, but they mostly do not know how to achieve this. Its either they don’t have the required knowledge and skill to trade Forex or they have suffered severe losses in the past
Hence the need arise for copying trades of other successful traders or investing funds with profitable Forex money managers
Forex copying is getting popular these days as hundreds of traders throng the market on a daily basis looking for successful traders to trade for them.
Forex copying simply involves copying or duplicating the trades of other traders on your own Forex trading account. It means a trader can have his open trades copied other traders’ account at the same time with the same broker or different broker.
Forex copying could be manual or automated depending on the trading platform a trader is using.
For the manual mode, the follower trader would have to manually place the copied trades on his/her account. This could be tedious, especially if the sending trader places his trades spontaneously and closes them in no time. Your internet connection may also pose a challenge if it is poor.
The automated copy system would automatically trigger duplicate trades from the sender trader’s account to the follower accounts. The trading platform would have been properly designed to ensure real time Forex copying services.
In forex copying, the sender trader usually gets a commission for every trade that would be copied from their account by other traders. It could be a fixed amount or a percentage of the profit you the follower trader make such copied trade.
Forex Copying could be very effective and profitable to traders especially when they are copying from successful traders or trading system.
Most Forex brokers are supporting this trading option as it enables them have more clients thereby making more money from spreads that they would be charged on their accounts.
Popular Forex Copying systems offered by Forex Companies include:
This option was created by award winning Forex Broker, InstaForex Company Group early this year.
Insta ForexCopy system allows a follower trader to copy Live trades from other Forex traders on InstaForex.
The follower only pays a commission on winning trades only.
Insta ForexCopy system is enabled for Instaforex traders only.
ZuluTrade Autotrading System
This Forex Copying system is owned by popular Forex Company, Zulutrade Inc.
A follower trader can copy live trades on his account from other traders called signal providers.
The follower pays a commission on both winning & losing trades, therefore it’s important for a follower to properly study a signal provider performance history before copying his trades. As some crook signal providers are only out to get commission on trades, without any Forex trading experience.
Zulutrade is supported by over Fifty (50) Forex Brokers as at October 2012.