Are you tired of constantly monitoring the financial market and trying to stay ahead of the trading game? Want to take analysing work out of trading and let the experts do the heavy lifting for you? Then you should consider copy trading! This innovative approach to trading allows you to mirror the trades of successful traders and profit from their expertise.
By following the strategies of the best in the business, you can gain valuable insight, copy trade and make profitable trades without having to spend hours analyzing market trends.
In this article, we’ll take a deep dive into the world of copy trading, exploring the benefits and how it can help you reach your investment goals. Whether you’re a beginner or a seasoned pro, copy trading is the perfect solution for anyone looking to simplify their trading and maximize their returns. The process of copy trading in most cases is entirely automated, which provides traders with free time to carry out other tasks instead of just monitoring the trades all day long. So, come along with us as we explore the exciting world of copy trading and discover how to make it work for you!
History of Copy Trading
The history of copy trading can be traced back to the early days of online trading when individual traders began to share their trading strategies and performance online.
The earliest forms of copy trading were manual and typically involved traders sharing their trades and strategies through emails, online forums or chat rooms. The traders who were interested in copying their trades would keep a close eye on the signal sent by an expert trader and manually place the same trade on their account. However, this required a trader to persistently sit in front of their screen so that they don’t miss an opportunity.
However, with the advent of technology and automation, copy trading has evolved to become a more sophisticated and streamlined process. These days, so many automated trading platforms are introduced that enable traders to automatically copy the trades of other traders on their account without any input.
It won’t be wrong to say that copy trading and social networking have grown to immense popularity. There are a number of copy trading platforms available which offer traders a wide range of features and tools to help them in copy trading.
Zulutrade
Zulutrade is a leading social trading platform that allows traders to mimic the strategies of expert traders automatically. This automated trading platform has a large community of traders of all backgrounds and levels of expertise that makes it one of the best copy trading platforms. The platform provides copy trading services across multiple instruments, such as, Forex, Stocks, Commodities, Indices and Cryptocurrencies.
Who Can Use Zulutrade
Zulutrade is an ideal copy trading software for beginners as well as seasoned traders.
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Investors: As an investor, you can use the Zulutrade platform to copy the trading positions taken by experienced traders.
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Traders: The experienced traders who have developed a viable strategy and are willing to make it public can use zulutrade to share their strategy with other traders so that they can follow it. In return, traders are compensated through commissions.
Regulations
Zulutrade trading platform operates under the regulation of Hellenic Capital Market Commission (HCMC) in the EU. This means that it must comply with strict rules and regulations set forth by the HCMC, which can help protect users from fraud and misconduct. It provides an added level of security and oversight for users of the platform.
Payment Methods
The deposit and withdrawal method on Zulutrade depends on the broker you’ve maintained an account with. Therefore, if you want to know about the ways you can use to fund your account, then you need to check the payment option offered by your broker. Zulutrade supports numerous brokers and most of them offer multiple funding methods. The most popular being, bank wire transfers, Credit/Debit Card, Skrill, Neteller, Cryptocurrencies etc.
How to Approach Copy Trading
To start your copy trading journey on Zulutrade copy trading platform, you should open a copy trading account by filling the registration form on their website. In order for your trades to be executed in the real market, you need to have your brokerage account linked with Zulutrade. If you already have an active account with the broker that supports Zulutrade, you can connect it with the Zulutrade copy trade software. Otherwise, you can create a new account. Once your account is set up successfully, you can copy trade the instruments of your choice.
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Forex: Forex which stands for “foreign exchange” refers to the buying and selling of one currency in exchange of another in order to make profits from the interest rate differential. The profits are obtained in the form of pips, the higher the pip movement, the more profits you’re going to make. To have a precise idea about your profits, make sure to accurately calculate the pip value in your trades. If you are interested in copying forex trades, you need to first research and identify a currency trader with a good track record of consistent profits, high returns, and low risk. Also make sure that their strategy is consistent with your own trading style. Once you have found the right trader you can invest some amount and click on the “Follow” icon located at the right hand side of your screen. All the trading actions that they may take in the future will be replicated on your account.
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Stocks: Zulutrade has a lot of experienced stock traders from around the globe. Therefore, if you don’t have time and knowledge to trade stocks on your own. You can look for a successful stock trader on Zulutrade and follow them to start copy trading stocks CFDs.
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Crypto: Zulutrade also offers crypto CFDs for copy trading. There are several traders who trade popular cryptocurrencies, such as, BTC/USD, LTC/USD, ETH/USD etc. You can use the Zulutrade filter to pick the traders that trade your preferred crypto pair. Analyse their trading performance, allocate some funds to your desired trader, follow him/her and you are all set to copy the crypto trades that the experienced trader places on his account.
Before you invest real money with any trader, it’s worth opening a demo account to test the strategies in a risk-free environment.
Customer Support
Zulutrade provides customer assistance 24/5 through different communication channels to ensure that your issues are resolved quickly and efficiently. The three channels through which you can contact the customer support are:
Live Chat: The feature of live chat can be accessed through Zulutrade’s website. As soon as you open the home page, you will see a “text” icon at the bottom right of your screen. You can click there to start the conversation with the assistant that’s available at that moment. Usually, you’ll get a response within a minute.
Email Support: Another way to contact Zulutrade is by writing them an email. You can send your query on their email address and they get back at the earliest.
Call Support: The Zulutrade customer support can also be reached via phone call. You can get the helpline number from their website.
Safety Features on Zulutrade
To ensure the safety of their investment, traders can utilize a variety of safety features to minimize risk. One such feature is the ability to set a maximum stop loss percentage, which automatically closes a copied trade if the loss exceeds a specified percentage of the account balance. This can help prevent significant financial loss in the event of a trade going sour. The best thing about trading in this modern era is that you have plenty of tools to calculate profits and losses, position & lot sizes, margin and other parameters.
Another feature is the ability to set a maximum drawdown percentage, which limits the amount of account equity that can be lost in a single trade or a series of trades. This can help protect traders from large losses caused by a string of unsuccessful trades.
Traders can also utilize the built-in risk management tools such as Zuluguard and Automator. Zuluguard is an account protection feature that calculates the expected exit value for a trade and if that exceeds the limit set by the investor then Zuluguard automatically closes all the positions that the investor has opened with a particular trader. Along with that, it also disables the trader so that the investor doesn’t lose more. Automator is another risk management tool that allows traders to set parameters for their trades. With the use of Automator, the trades are executed based on predetermined conditions which eliminates emotions and need to monitor the trading positions every minute of the day.
Furthermore, traders can also monitor the performance of the signal providers they are following, by tracking their historical trading record and performance metrics. By keeping a close eye on these metrics, traders can make informed decisions about which signal providers to follow, and when to adjust their risk levels.
Conclusion
In conclusion, Zulutrade is a powerful tool for individuals looking to invest in the forex, stock, and crypto markets. By connecting to a network of experienced traders, users can gain insight and access to a variety of investment strategies, while also having the ability to copy trades and automate their own investments. Additionally, Zulutrade offers a user-friendly copy trade platform and a wide range of educational resources to help traders improve their skills and knowledge. Overall, Zulutrade is a great option for those looking to diversify their investment portfolio and take advantage of the growth opportunities in these markets.
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