When it comes to financial trading, it can be a daunting prospect knowing how to get started, or how to level up. And this is where savvy traders will study the pros to see how they do their trades.
If you’ve spent any time looking into forex or trading of any kind, you will probably have heard about copy trading. And you may also have heard that there are plenty of copy trading platforms to choose from.
But we’ve taken a look at a relative newcomer on the block: FXPro Copy Trade.
FxPro Copy Trade is a platform that allows you to copy the trades of other traders, similar to platforms such as eToro but with a specific focus on FX trading. The main benefit of FXPro is that it allows you to trade with a large number of experienced traders, who will help guide your decisions on when to buy or sell currencies.
The first thing that you need to consider before using FxPro Copy Trade is whether it’s right for your investment strategy and risk tolerance level. If so, then there are several things that should be taken into account when deciding which trader(s) will be copied:
- How long have they been trading?
- What have their returns been over time?
- How often do they trade and what time frames do they use (such as intraday or longer-term)?
What is FxPro Copy Trade?
FxProCopyTrade is a service that allows you to sign up and find, follow and automatically copy the trades of other traders. You can also create your own trading strategy and share it with other users.
The idea behind copy trading is simple: if one person makes money from a certain trade, then others can also make money from that same trade. The more people who use a certain strategy or method of trading, the more likely it will be profitable for everyone involved in using that method or strategy.
However, the idea of copy trading is often not to be lazy with your trading. It’s best to use copy trading tools are part of your own learning process, rather than thinking that a trader will make you rich.
Copy trading should be part of your overall trading strategy, rather than the focus.
Benefits of FxProCopyTrade
When it comes to using copy trading tools, it might be obvious what are the benefits, but we’ll summarise them here too.
- You get to learn the trading style of experienced traders
- You don’t have to do your own technical analysis or research on which asset to trade
- Also, the actual trade is taken care of for you
But of course there are some things to bear in mind.
Considerations of FxPro CopyTrade
- Fees: FxPro Copy Trade charges a fee for its service, which is deducted from the profits of your account. This fee varies depending on how much money you invest in CopyTrade and can be found on their website.
- Reliance on traders: While Copy Trade gives you access to experienced traders’ strategies, it’s important to remember that these traders aren’t guaranteed to make money every time they trade. If you’re looking for an investment method with no risk and guaranteed returns, then this isn’t the right solution for you!
- Limited control: When using CopyTrade as part of your strategy, there are some limitations regarding what kind of control over your trades that you have–namely because other people are making them for themselves instead of just doing what’s best for YOU!
Fees
FxPro Copy Trade is a subscription service that charges a monthly fee. The amount you pay depends on how much you trade, with the minimum being $100 per month and maximum being $1,000 per month.
FxProCopyTrade also offers a free trial period of 30 days for new customers who want to test out their platform before committing to it full time.
Reliance on Traders
The main risk involved in copy trading is that your trader may not be as successful as you’d like them to be. Traders are human, and they can make mistakes just like you or me. In fact, there’s even a whole website dedicated to showing traders’ mistakes (and how they could have been avoided).
If your trader makes a bad trade and loses money on it, then this will affect your performance as well because you’ll be sharing the same account balance with them.
The best way to avoid this situation is by choosing only experienced traders who have been around for at least two years and whose track record shows consistent profits over time–this way you know what kind of results can be expected from them before investing in their services!
Limited Control
FxProCopyTrade is a tool that allows you to copy trades from other traders. You can choose to copy all of their trades or just some of them, depending on your preferences. However, there are some limitations on what you can do with the copied trades:
- You cannot cancel or modify any of the copied trades.
- You cannot change their order size.
- You cannot use leverage on these orders (e.g., if they have 1:500 leverage and you want to trade with 2:500 leverage).
Testimonials
The testimonials section is a great way to get an idea of what FxProCopyTrade is like. The comments are from real people who have used the service, and they’re all positive. This shows you that it’s not just some scam or something that only works for a few lucky people, but rather something that can be replicated by anyone willing to put in the time and effort required.
The testimonials also show how much money people have made using this method: over $1 million! This is pretty impressive considering how easy it is to use CopyTrade as compared with other trading strategies out there (and many of those require years of experience).
Conclusion
FxProCopyTrade is a simple, user-friendly platform that will appeal to beginners and experienced traders alike.
However, make sure to consider the fees and limitations of this service before signing up for an account. You’ll also need to carefully consider the traders you want to copy as they may not be suitable for your trading style or risk tolerance.
