Assume you’re one of the thousands of people who want to give foreign currency and commodities trading a try but don’t have enough time to understand all of the different trading techniques, to follow economic data releases or even to assess market movements on a regular basis. Until recently, you would have had to simply give up your desires of financial glory, however with eToro’s groundbreaking new etoro copy trader feature, this is no longer the situation!
CopyTrader is a new feature of eToro’s social trading network. The genius of etoro copy trader is that it allows you to take advantage of the knowledge and expertise of other traders on a regular basis. All you have to do is select which profitable trader you wish to follow by looking at the rankings and checking out the traders’ rate of success, trading method, number of followers, etc. Once you discover the trader or traders for you, it just takes a click of the button and his or her trades will become your trades.
It may seem simple, but this is a genuine revolution in the world of currency and commodities trading, a shift from market-based or financial-instrument-based trading to people-based trading. Instead of agonizing over which foreign currency to buy or sell, the only decision you have to make is who you wish to trade for you and how much of your account you would like to dedicate to duplicating each trader you decide on. The more traders you copy, the more diverse your risk portfolio.
Of course, you still sustain full control over your trades. All the parameters are completely translucent, starting with the spread and ending with the percentage of the account balance which is invested in each trade. Don’t like the way a trade is going, or want to capitulate on the profit straight away? There’s no need to wait for your trader to make a move – you can close a trade or edit the stops whenever you wish. And in case a trader’s strategy is not working for you in general, it takes merely a single click to detach yourself from him or her.
The final goal, as you can probably imagine, is to put together a dream team of varied traders who you can copy indefinitely and then simply watch your profits build up. Unlike forex robots or paid traders, the traders you copy via CopyTrader don’t have any agenda other than to make profits for themselves, so you don’t have to ever worry about them mismanaging your funds. In addition, for the sake of promoting responsible trading, CopyTrader only permits you to reserve a maximum of 20% of your account for copying any one trader, to ensure the diversity of your trading portfolio.
EToro also plans to introduce a Guru reward program in the near future, to compensate traders with a large following for all of the benefits they bring to the eToro trading community.
CopyTrader is already available on eToro social trading network. Just click here to read full etoro copy trader review !
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