But one thing hasn’t changed the percentage of traders able to win consistently. In the past, most traders had no expertise and discipline to earn money month after month, year after year. Only about 20-25% of all traders could achieve some consistently positive results on their trading accounts. But for the last few years, the situation has changed for the better.
Social Trading Technology as the Solution
Social trading is an offshoot of social media, as everybody knows each other virtually, see how they trade and what strategies they use. Eventually, the new category of traders has appeared – professional traders whose services have been previously available only to the biggest institutional traders like banks, mutual and hedge funds. With the development of the mirror trading technology, such professional traders have become available for a much broader audience – for regular retail Forex traders, like me and you. And it has drastically changed the market forever.
Master traders, or professional traders, are people who have dedicated their lives entirely to mastering the art of predicting the market movements and win consistently for their clients. How do they do it? They make a living (an incredibly good living, actually) by managing the funds of their institutional clients. But now thanks to new sophisticated technology, they can offer small individual traders to copy their trades or mirror them on their trading accounts.
Professional Expertise, Signals, and Strategies
These professional Forex traders have huge experience in applying their own unique trading strategies to generate signals, which will be automatically executed their clients’ live accounts. They always stick to their strategies. They are highly knowledgeable, almost robotically disciplined, always have cool mind and steel nerves. All of it allows them to be highly and consistently profitable and generate income for their clients in the long run.
But don’t get it wrong – they never execute any trades on their clients’ accounts manually. As master traders, they trade on a single account that belongs either to them or to one of their clients. And the advanced social trading technology allows them to mirror their trades to tens of thousands of smaller individual clients. This is where the magic begins.
Mirror, or Copy Trading
Even 15 years ago professional fund managers had to manually execute each trade on accounts of their clients. But since that time, after the creation of social trading platforms, we have come to today's stage of the Forex market’s development. Now, regular small traders have a chance to copy trades of the best and most profitable world forex traders. Those traders use different strategies that they apply to various currency pairs. These strategies differ in the levels of risks they take, in the frequency of trades. And the beauty of copy trading is that you can choose from these traders the one that fits your preferences and financial goals. Some of the best master traders earn from 50% and up to 500% a month and more. And most important – they do it consistently.
But let’s return to the beginning, where it all started. Remember, those first institutional clients we talked about? Their goal was to grow their equity exponentially and constantly increase their balance sheet to satisfy their investors. And this is the core principle of being a consistently high achiever. They allow their profits to participate in further trading increasing the size of each trade and thus making more and more money.
The Psychology of Copy Trading
- Look attentively through all available master traders and evaluate their trading strategies, signals, and results.
- Chose those who fit your own vision of what you want to achieve.
- Connect to them and start copying their trades automatically.
- If you wish you can trade on the same account manually, too.
- Be patient.
- Try not to withdraw your profits for as long as possible. Allow yourself to grow your wealth exponentially. It will greatly benefit your financial future.
At the same time, you can continue trading on non-copy trading accounts to diversify your profits and to make even more money for yourself.
Copy trading is a technology that has really revolutionized the Forex market. Use this opportunity to make money, to greatly improve your financial stability, and to plan your wealth for years to come.