Do you want to know the best websites and services for binary options copy trading? Then, this article is for you.
“Good artists copy; great artists steal.”
Everyone who has ever thought of trading whether stocks or binary options or forex has always done it with the intention of making profits. However, less than ten percent of traders make consistent profits in trading. Do you want to be one of them?
In order to make consistent profits from trading, you would need to have the necessary statistical, economic and technical trading to be able to spot trading opportunities. You might even need to learn programming in order to be able to automate your strategies as it is one thing to develop a strategy, it is another thing to be able to execute it at the right time. There are a lot of barriers to becoming a profitable trader and it involves more work than the average trader can put up with.
Does that mean all hope is lost for the average trader? Can an ordinary trader make profits from the market without devoting twenty three hours a day to staring at the screen.
Yes, through binary options copy trading. In essence, binary options copy trading involves copying the elite traders.
The quote by Pablo Picasso at the beginning of this article illustrates the only way average traders can make profits in binary options trading. You would have to find trading systems that are working and copy them. There is no way profits would be made in trading without someone doing the necessary work of building the trading system. If you can’t build a profitable trading system, then it is better to follow those who can than to try to do things yourself and end up losing your deposits. Binary options copy trading is the way to go for beginners.
WHAT IS BINARY OPTIONS COPY TRADING?
Binary options copy trading is a process that allows traders in financial markets to automatically copy the trading positions made by an expert trader. Binary options copy trading is one of the fastest growing ways for average investors to trade financial markets. It is perhaps the simplest method to get started with trading. You can emulate the trading ideas of experts and shorten your learning curve.
In forex trading, the general way of traders getting experienced is to burn a bit of cash as they try to chase elusive returns. Hence, copy trading was introduced to allow beginning traders make money. Copy trading started from forex trading but today there are now several binary options copy trading platforms targeted at binary options traders.
Most binary options copy trading services offer the service in the context of a social network. Basically, you follow elite traders just as you follow people on twitter and you copy their trades in your trading account. A more advanced form of social trading is mirror trading. This type of trading allows the expert traders to get compensated on the basis of the profits that their followers (those copying the trades) make.
Binary options traders can now take advantage of the existence of social trading and binary options copy trading platforms to make profits. In this article, we would give short descriptions of the popular copy trading services. Please do further research before making financial commitments to any of the platforms.
Some binary options brokers offer binary options copy trading services that allows you replicate the trades of other more experienced traders using that platform. This is often automated. Always ensure that you are not just blindly following someone’s trades. Your objective of trading is to make profits. You should always monitor your account and ensure it is constantly “in the green”.
Trade4Me is SAS Neutrino’s social trading offering. The basis of this service is that it connects traders to experts and traders can then copy the expert’s trades. Once you subscribe, you will have to connect your binary trading account to Trade4Me. You will have access to a leaderboard that ranks expert traders according to performance under different time frames.
You can either trade manually after selecting a trader to copy or you can allow an automated trading system based on the trader’s signals.
One major advantage of Trade4Me is that you have access to real statistics in terms of the performance of the traders you want to follow. The retail financial trading industry is replete with lots of tools claiming unbelievable success rates. It is not until you try it that you can actually authenticate the veracity of these claims. For Trade4Me, the performance you see is real and calculated based on actual trades.
Trade4Me has two options once you select a trader whose performance meets your requirements. You can either follow or copy. By following, you would get emails each time a trade is placed or a signal is made by the trader. If you click copy, each trade placed by the trader would be replicated on your account.
It is important to ensure that you have selected the right trader to follow. Performance is not just about win rates. Also, examine the winning and losing streak as a particularly long losing streak can wipe out your account. Examine the amounts placed on each trade. Take all information into consideration before signing up with a trader.
The only downside to Trade4Me’s binary options copy trading offering is that you have to use an affiliated broker as linking up with your existing broker is a difficult process.
This is a copy trading platform offered by CT Options. Unlike Trade4.me which is not available in a lot of countries, Binary Replicator’s binary options copy trading services are available in almost 100 countries. It is a great copy trading platform with the proviso that you choose traders with good track records before replicating trades.
Binary replicator allows you to allocate the exact amount you want to invest in a particular trader’s trading system. Once you select a trader, you go their profile and click “copy” and trades would be automatically placed in line with the trader’s signals.
There is also the option of manual mode where you just get signal alerts and you can decide whether or not you want to take action on the signal.
One condition with using Binary replicator is that you must have an account with CT Options.
In conclusion, binary options copy trading is a way to start your journey to binary options riches. You can make a decent return on your investment provided you copy the right experts. Ensure that the performance of the trader you have chosen to copy is first tested on a demo account before rolling it out on a real money account.