- Analyst AZA
Copying transactions in the forex market
It's not an easy task to trade on the international forex market independently.
Manual trading is a complex and multitasking process. And especially for beginners, who are only discovering the market and the scope of Internet trading.
To achieve truly successful results in this field, a trader needs certain knowledge - the fundamentals of the market, the ownership of analysis, the ability to translate theory into practice, make the most accurate predictions and use market instruments, create effective strategies, and much more.
Of course, not every player is capable of such feats immediately to quickly learn huge amounts of information, processing it and applying it in practice. In addition to theory and practice, a player must be distinguished by a stress-resistant character and be prepared psychologically, possess not only intellect but also a quick reaction. This set of skills can boast of not every potential exchange trader.
But the technology does not stand still, and the way out of this situation is the system of copying trading operations.
So, the system of copying transactions forex is an alternative option of trading in the foreign exchange market, which, as is obvious from the title, allows you to copy the player's trading transactions.
But most of us used a similar service even at school or university, writing off the best students, some control or coursework.
Forex and special software make it possible to save time, and in the process of training, gaining skills, to trade, copying transactions of market professionals, thereby earning and training on the example of specialists.
Such forex services, like transaction copying systems, are very popular among the exchange's players, and besides, they are transparent, in comparison with forex robots.
Consider the system in more detail, highlighting the advantages and disadvantages.
If we talk about positive aspects, then any exchange player has his preferences and requirements, and, consequently, his tactics of the game.
Accordingly, focusing on the requirements of traders, this system of copying offers to choose a trading strategy that meets the requirement and suitable player.
The final results for the selected method can be seen even before the start of the use of the copy service. The copy system provides a chance to observe daily results that are updated.
Based on the information received, the player can obtain data on trading tools, the number of profitable operations or loss-making, the duration of transactions, assess the drawdown and overall indicators.
Analyzing the data and indicators obtained, one can make an informed choice in favour of the trading strategy of interest, based on the criteria.
Also, a plus of the copy service is the lack of emotion.
Elimination of emotional factors, feelings and nerves contribute to the stability and calm psychological mood of the trader.
Trade based on copying transactions does not require the constant presence of the player behind the terminal, its total control and operation do not depend on the inclusion of the terminal.
The main advantage is also the ability of the trader to conduct parallel trading while simultaneously managing open trading positions and operations.
If desired, you can close the deal in manual mode, or open a new position, in the case of a clear and good signal.
2. Disadvantages of service
Unfortunately, the market is very changeable and the situation on it is constantly changing. Therefore, regularly withdraw revenue, simply connecting to the service, will not work. You need to be aware of the events of the exchange, constantly monitor important news, controlling the dynamics of the market.
That is, you can not equate to investing and copying transactions. Using the copy service, you must constantly be aware of the events and monitor the status of the account, monitor the situation on the market.
It is important to determine the parameters of transaction copying as much as possible, regarding the size of the deposit, the leverage and assess the risks. And the risks are quite large. If a trader whose trades we copy, unsuccessful operations can be an accident and a couple of losing trades is nothing but a drawdown, for us, whose deposit is smaller in size, it will simply be a failure.
Therefore, be careful: you can copy not only successful operations but also unsuccessful transactions.
But even with such shortcomings, the system of copying is very popular, and with the help of special software, you can set up excellent copying and as a result, it's good to earn.
In modern copying systems, you can set parameters such as a trading tool, scaling, select account type and commission option.
Also, if you want, you can always close the transaction or log out of the system.
We wish you successful copying!
Trade on the basis of copying transactions does not require the constant presence of the player behind the terminal, its total control and operation do not depend on the inclusion of the terminal.