We all love to follow experts and learn how they do what they do. Similarly, in the world of trading, people who have little to no experience of trading, follow the footsteps of experts. These people copy the actions and positions of traders who are known to be experts and successful. This is called copy trading in the jargon of traders.

Currently, copy trading is widely popular and more and more people want to learn the art from the artists themselves.

The biggest medium of communication between the top traders and those copying them are social networks. There are also different platforms and software available but social network is more widely used as compared to the other mediums. You can use copy trading for many different markets including CFD’s, Stocks and even Forex.

What Is the Science Behind Copy Trading?

If you want to copy trade from an experienced trader, you must link your portfolio with theirs and that will automatically copy the actions the trader makes. Choosing the amount of money will be your decision. You can make that decision on your own while you observe the trading trends of the trader you’re following. At times there are risks involved which is why it is important that you oversee every action happening.

Now the question remains, how should you choose a trader to follow.

To copy a trader you must first know who exactly is follow worthy. There are some factors you must look for before you decide to follow a trader. Look at the all the copiers the trader has and how much benefit they were able to receive from them. You must also look at their average ROI to see if they are doing well themselves enough for you to follow them. Don’t just dwell in the past. If in the past your trader was able to do a good job it is not necessary that they will be able to do well in the future. You must keep a check on their daily activity to see if they are consistently making the right decisions. Once you are completely satisfied with their decisions, only then you must decide to follow them.

What Platforms Should You Choose?

There are multiple platforms available for you to choose from, let’s take a closer look at all the options you have.

Etoro

Established in 2006 this platform has a great number of users. It offers many different markets for you trade in. Its user friendly interface makes it the first choice of beginners. With the help of this platform you get access to a great range of different assets.

PrimeVBT Copy Trading

This platform is more friendly for expert traders. It also offers a wide variety of markets to chose from. In addition to that you also get to choose between 50 trading instruments which makes things a lot easier. This platform was established in 2018 and is regulated from Australia. If you face any problems with the platform you can contact them through live chat and email, which is always good to have.

ZuluTrade

ZuluTrade is a free platform so newbies can join easily. It is one of the oldest platforms. It was established in the year 2007. ZuluTrade allows its users to download a comprehensive spreadsheet of the simulated trades making it a lot easier for you to understand things. They go as far to provide you an alert if there is a margin call. If you are not certain, they even give you the luxury of trying a demo account.

Ava Trade

AvaTrade is the most convenient platform that allows the real type copying of trading operations. This makes things a lot more simple for the beginners. Since it is a globally regulated platform you can take charge of your account from anywhere in the world. It was founded in the year 2006 and has been helping out traders since then.

FXTM

FXTM is a copy trading platform that is most famous in the areas of Asia and Africa. It allows you to access each of you trading accounts from one place. You can even switch from your phone to your desktop whenever you want. To access it you do not need to make any deposit fee which makes it a good choice.

Conclusion

Latch onto a top trader using any of these platforms and you will surely be able to reap the benefits. This will also aid your learning of the trading market, helping you do it on your own in the future.