Copy trading Vs Social trading: Which is best for beginners?

Copy trading Vs Social trading: An overview

  • Check how long theyve been into Forex trading.

  • Review their investment track record.

  • Look at their open positions.

  • See how long they typically hold investments.

  • Find out what type of investments they prefer.

Advantages of Copy Trading

1. An Easy Way to Start Forex Trading:

2. No need to invest much time in research:

3. Low capital requirements:

1. You share the same risks:

2. Copy trading can be expensive:

What is Social Trading?

    • Discuss investment strategies with experienced investors.

    • Track the performance of other traders.

    • Receive signals and updates of their trading activity.

    • Get in touch with potentialForex IBs (Introducing brokers).

    Advantages of Social Trading

    1. Provides a broader view of markets:

    2. Access to tons of helpful data:

    3. Having a mentor helps traders grow:

    Disadvantages of Social trading

    1. Do not overtrust your mentor:

    2. Your approach may differ from the mentor:

    Copy Trading Vs Social Trading: Which to choose?

    Copy trading is best for:

    • Newbie traderswho are interested in learning the fundamentals of Forex trading by copying other traders and earning money at the same time.

    • Traders and investorswho have little to no time to trade are more appropriate for automated trading.

    • Professional and expert traderswho earn commissions, rebates, or performance fees by allowing others to copy them. Payment structures vary by broker.

    • Traders prone to emotional trading, leading to poor trading decisions. Copy trading allows them to leave the management of their portfolios to a professional trader.

    Social trading is best for:

    • Newbie traderswho are interested in learning the basics of trading without risking their money. It gives them the knowledge and confidence to follow other traders and learn from their insights.

    • Traders who trade as a hobbymainly for the purpose of engaging with other investors and traders. Profits are secondary. These traders will be satisfied with just a small profit.

    • Traders seeking to identify market trends and sentimentrather than focusing on technical analysis.

    • Professional and expert traderslooking to build a following as a means of boosting their authority, credibility, and expertise, then using that following to earn money.

    Copy Trading has the upper hand!

    How to Successfully Copy Trade with AximTrade

    • The first step is toopen a Forex account. If you do not already have one, you can choose from a Standard account, CENT account, ECN account, Infinite Leverage account and a Demo account.

    • Choose any of the available payment methods to fund your account.

    • View AximTrades list of the top traders, as well as their performance history.

    • SelectMoney Managers,whose trades you would like to copy according to their strategy and profit rate. Copying different strategies will help you determine which one is most effective.

    • Monitor and profit from your trades with complete control.

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