Which brokers offer Copytrading?

Which brokers offer copytrading? All of my loyal readers would already know what copytrading is. But, for those who don’t, copytrading is all about mirroring or copying the trades made by highly experienced and knowledgeable traders. This way, you would be in a better position to trade in a profitable manner, irrespective of how small or large scaled a trader you are! Now, there are countless brokers out there that offer copytrading services. Here is a brief overview of some of the best out there: 1. Etoro The kind of recognition and fame that Etoro holds in the trading world is simply immaculate – it cannot be matched! Etoro offers outstanding copytrading services, which are definitely going to make the entire trading experience a whole lot simpler for you. This way, you would be able to trade by copying the best traders present on the eToro trading network – the platform is fast, simple, and easy to understand. In order to get started, you would need to create an account, and then start using the investment network offered by the platform to look for the most successful traders at the moment. Once you spot a traders that you are interested in copying, the next thing that you need to do is select a position of your funds to begin investing and you’re good to go! It’s as easy as that! 2. Alpari Alpari is amongst the most well-known names in the entire Forex world. On the whole, it also offers a truly exhilarating yet simple trading platform that is surely very easy to understand. Alpari offers a social trading...

The Importance of Acknowledging the Inevitability of Losing Trades

No one wants a losing trade. Everyone seems to get at least one though. Losing is not enjoyable, but everyone gets a taste of failure once in a while. This is why it is so important to acknowledge that some trades just won’t make you any money. In fact they will make you lose money and the longer you leave them to feed on your profits, the worse off you will become. Greed is a difficult emotion to take hold of. Every Forex trader wants to be able to get as much profit in as possible. This is obvious. However, it is only the profitable Forex traders that understand that losses will come along every so often. The problem with greed, is that you will see a loss and let it run in the hopes of it turning green, but chances are it will just keep putting you deeper and deeper into the red. Loss-makers should be spotted out fast and killed off as soon as they have been identified. If you spot a loser, kill it before it is too late. You want to cut it off before it eats away at your balance. If you leave it, it will feed off your profits and potentially even wipe your account. The act of buying high and selling low, or the other way around, does feel counterproductive. It feels wrong to accept losses. When you withdraw a loss, it feels like you are cheating yourself, but you are actually doing yourself a favor. You are keeping your capital safe and it will love you for it long-term. The more...

Cutting Your Losses Short and Letting Your Profits Run

Two big mistakes that Forex traders make are as follows: they let their losses run and they cut their profits short. Ideally, Forex traders should be doing the complete opposite in order to make some real profits. The trouble is, when you make a profit, you want to cut it short just in case it sinks back down to a loss. It really depends on what Forex trading strategy you are adopting though, of course. If you are day trading, perhaps a quick buck (or less) will be enough for you to justify cutting a profit short to bag it and run. However, trailing stops would be more ideal for longer-term trading strategies, as they automatically adjust themselves as your profit increases, so your stops move up as your profits move up. Regardless of whether or not you take advantage of trailing stops though, your mindset should still be in the right place: think longer-term. Don’t see a profit and take it as soon as you can. If you truly believe in your trade, let it run its course before cashing out. Similarly, make sure you cut your losses. Employ stops according to your Forex trading plan, which should be clear and precise. You should know your Forex trading tactics inside-out before you even enter the markets. At the end of the day, it will be your profits and losses all added together that determine whether or not you are profitable overall. Obviously you want to be profitable. In order to become a profitable Forex trader, you do not necessarily need to make more profitable trades than loss-makers. In...

Protecting Your Money in Forex Trading

Forex trading is not just about making money, but also holding onto the money you make and protecting it. You can make money in Forex trading. That is all good and well if you manage too. However, it is pointless even making money if you are just as good at losing it. Lots of Forex traders lose. If you are in the industry and have at the very least made a few trades, you will know firsthand that losses are inevitable. They just happen. Remember that it is just a game of odds. You just have to bend the odds in your favor. Losses come and they can hit hard those who do not implement tactics to prevent them from being hit hard. If you want to manage your money effectively in Forex trading, there are a number of factors that you should consider. First of all, make sure you only have an amount of capital in your Forex trading account that you can afford to lose. This will also help to ensure you do not let your emotions take hold later when placing orders. Then decide how much you are willing to risk on each of your trades, in proportion to your account size. You should certainly not be risking more than 5% of your total capital per trade, or at least according to many experienced Forex traders. Of course the percentage will differ for you according to your strategy. After you have decided the amount you are happy to risk on each trade, only then would you start thinking about how to protect yourself on each trade,...

Focusing on Compounding Returns in Forex Trading

If you really want to make a lot of money in the Forex market, you will need to try not to take money out of your Forex trading account, at least in the beginning. Compounding returns work by keeping all of your capital inside your Forex trading account and letting it grow month-on-month, year-on-year. If you have $100 of capital in your account and manage to make a 5% gain one month, you would quite simply end up with $105. However, what if you then took out that $5 to buy a few snacks? You would be back to where you started again. If you kept making a healthy 5% return each month overall, but kept taking your $5 gain out each month, you would go nowhere. Now think about what would happen if you kept your $5 in your account, along with your initial $100. The next month, if you made another 5% gain, your $105 would become $110.25. Another month of a 5% gain and leaving your capital in your account would deliver a total of $115.76. After 12 months in total at a constant 5% gain per month, starting with $100, you would be left with $179.59 in your account. Your next month would then net you almost $9 instead of $5, which is of course not far off double. To put this into perspective, imagine you began with $1 million. A 5% gain on $1 million would net you a nice $50,000. If you continued to gain 5% on your total capital for 12 months straight, the same as in the previous example, you would...

How to Reinvest Forex Trading Income

Reinvesting your Forex trading income is one the best ways in which you can make more money in the Forex market. If you are a Forex trader and really want to get somewhere in the long run, reinvesting is a really good way of reaching your goals faster. With the availability of leverage, you don’t really need to reinvest your Forex trading income in order to make more money because you already have leverage, which allows you control more money than you actually hold. This means you can make a lot of money from very little capital. However, reinvesting gives you an even bigger edge. With any business, reinvesting in the early stages is a really good idea. It is a way in which you can get in front of your competitors quickly. While everyone else is relaxed and enjoying their high incomes, you can be making sacrifices and making a whole lot more money long-term. The more money you have to invest, the more money you will be able to make. Reinvesting your Forex trading income is easy. After creating some income in the Forex market, you will obviously have a system that works. It is of course a good idea to make sure that your system is not flawed and works consistently, before you start throwing bigger money at it. However, if you have a system in place and you are doing on-going testing with a lower-risk or demo account, you are in a position to start making bigger money. In this situation, you would simply reinvest your Forex trading income back into the system that you...