Many of the social Forex and stock trading platforms today offer the option of copy trading. Copy trading, as the name suggests allows you to directly copy the positions taken by another trader and connect a part of your portfolio with theirs. By linking your profile to another trader, you copy all of their current positions on the market, and any action they make henceforth. If they open a new trade, you open a new trade; if they close, you close; if they win, you win and sadly – if they lose, so do you. This doesn't mean that you don't have any control over the outcome. In most platforms, once you've established a connection, you still can close trades, open new ones and otherwise moderate the overall outcome. However, by copying another trader, you can easily make money based on their skills.

Different studies have been conducted in an attempt to measure the success rate of people who use copy trading. Results show that people who carefully choose their traders based on statistics and portfolios are up to 10% more successful than people who trade manually or choose their traders based on personal preferences. The moral of the story – leave your subjectivity at the door. All those stats are there for a reason – use them.

Copy trading is great for new traders. It allows you to venture into the scary world of finances and potentially make some profits. Even if you lose, there is no way to waste your entire portfolio (unless you invest all your money in losing traders, in which case you've been irresponsible) and even though there are no guarantees, it's a nice way to begin trading. You can see what decisions they and see the statistics they see. You can try to understand what they saw that made them take the course of action they did, and learn from that. Moreover, you still have some control over the trades, which means that you don't have to put your entire faith in the said trader. All in all, copy trading is a great way to begin trading. You might stop doing it in the future when you learn how things work, but in the beginning, we can hardly think of a better starting position. In further sections, we will explain how to copy trading works (in more detail), how to choose a platform, a trader and more.

OTFX is a leading international online foreign exchange trading, CFD trading and related service provider. It creates a unique mirroring model and provides innovative trading tools, employs excellent trading instructors, meets strict financial standards and strives to provide the best in the market. The best online trading experience, so that traders around the world can access the world's largest and most liquid market. At the same time, customers can enjoy various advantages such as copy trading, one-click transactions and trading through real-time charts. In addition, OTFX also provides foreign exchange trading education courses, as well as providing trading tools, exclusive data and valuable resources.

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