What is copy trading?
Copycat trading is a form of trading that enables a trader to participate in financial markets to automatically copy positions or trades opened by the one they are copying. Participating in this form of trading does not require any training or vast knowledge in Forex markets, all you need is to have funds to invest and to find that person to copy, that is the whole concept of copy trading, but you can stop copying anytime and do things on your own when you feel you are ready. Is this the best form to participate in Forex markets?, I do not know, but maybe after reading my copy trading story you can decide if it is the best form of trading for you, always remember that we are individuals, what works for me might not work for you, knowing your own personality and needs is key.
Few years ago a friend who was so excited about copy trading introduced me to his newly found treasure, at that time I already had a live account which was doing very well operating on paid signals but it was later blown out when the signal provider decided to dump me, that was a painful wake up call. I remember how I did not even need to think twice about it, I ”jumped” immediately, I opened live account and funded it right away and followed his advice copying the same guys he was copying, the guys we copied were rated as top traders at that time, being a top trader was based on their past performance. I must say it went very well and I made some money, sometimes I would copy the same trades to my other live account, I would just place trades as they were from the copycat account, I was also as excited as my friend was, I managed to withdraw my initial investment and continued to copy with the remaining profits, but unfortunately it didn’t last long and my account went under, I do not blame my friend or the traders I copied though.
I have absolutely nothing against the copy trading, I tried it and it worked for a while until the people I copied were not doing so well anymore like they were doing at the beginning, the losses were too much, the performance of those I copied dropped and it was not “happening” anymore, so I decided to take the account back and traded it on my own, I could have just changed the trader and copied someone else but I felt it was time to be hands on and do things on my own as i always wanted to, I could only do that because I had learned how to trade and I do not regret that decision.
Is copy trading bad then?
NO it is not bad at all, but as I have mentioned above that I cannot decide for you if it is good or bad, I am just sharing my own experience just to assist you in making your own decision. My advice is, if you decide to go the copycat route, just bear in mind that you are not copying God himself but copying a human being who can make errors anytime just like we all do, should you encounter loses while copying, just know that it could have happened even if you were trading by yourself, copy trading does not mean you become immune to losses, losses are losses , they occur to most of us, and copy trading is no exception. Copycat trading and paid signals taught me one lesson that I would rather fail on my own because I will at least know where I went wrong and where to improve, but again that is just me and I always wanted to do things on my own anyway, copy trading is suitable for people who do not have time but wish to participate in financial markets. The reason why I stopped copying was not because I was angry or blaming the trader I was copying or because it was bad, but I realised it was not for me as I really wanted to be hands on and do things on my own and I could not really do that if I was still depending on someone else to trade for me, I am glad I took that decision otherwise I wouldn’t be here writing this now. But if you have no intentions of being hands on, copy trading might be perfect for you, open your copy trading account HERE and if you need any assistance, just let me know. Thank you so much for stopping by please kindly share the post and do come around again.