The FP Markets copy trading is a great feature to accommodate busy traders. What sets this feature apart from other copy trading platforms?
Copy trading is a good option for busy traders struggling to find the time to analyze the market. Technically, it is a way to automate trading by copying from other traders. It is also an excellent learning method, letting traders see the strategy and outcome of other experienced traders. This is why brokers tend to provide a copy trading service for their clients.
Some copy trading can be customized as the trade goes on, but some are fully automatic. It can also be done through multiple devices, such as web browsers, mobile devices, and many more.
Brokers could offer copy trading through a third-party platform, while some take it to the next level by building their copy trading environment. Apparently, FP Markets provides copy trading through MetaTrader 4 and MetaTrader 5 platforms.
FP Markets serves copy trading as an excellent way for new traders to familiarise themselves with the financial markets. It is also a good way for them to gain the confidence to trade. New traders can learn by watching the actions of others and more experienced traders as well as gaining some profits as they do. But the best part is that traders can participate in a community of traders with experience. In a way, they can share ideas and strategies to improve together.
FP Markets provides a comprehensive set of FAQs to increase traders' knowledge about copy trading.
Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:
- ACWI: -5.00 for long positions and -2.50 for short positions.
- ADAUSD: -20.00 for long positions and -20.00 for short positions.
- AGG: -5.00 for long positions and -2.50 for short positions.
What Is Copy Trading in Forex?
FP Markets defines copy trading as a feature that allows traders to learn about trading strategies by studying other traders' behaviors. Presumably, traders with more knowledge and experience. The clients can use a wide range of statistical data to do this. Here, they have the option of replicating the trading behavior of other traders. Copy trading in FP Markets comes with a community where traders can seek help or share their trading information with others. It can be a good way for inexperienced traders to familiarize themselves with new concepts such as derivatives trading and leverage.
How to Make Money From Copy Trading?
Copy trading is just another form of trading. Therefore, it is possible to profit from it. There are two ways to make money from FP Markets copy trading. The first is the copier where the trader copies a strategy from another trader and earns profits from the trades. The second one is by becoming providers where traders earn extra income from copiers that follow them.
What are Copier and Provider?
Like what just mentioned above, there are two roles traders can take in FP Markets copy trading. Those are the copier and provider. According to FP Markets, a copier replicates other traders' trading behavior. Meanwhile, the provider is the person whose trading strategy is being copied. Usually, the provider will create an offer from their past successful trades to the community. If the copier is interested, they can use the copy trading system to replicate their trading activity automatically.
What About the FP Markets Copy Trading Platform?
There are many platforms to copy trade in the industry, but FP Markets MetaTrader 4 allows traders to join their copy trading community. For information, the FP Markets copy trading platform is available in both the MT4 and MT5 trading platforms. The copying system in MetaTrading allows traders to choose from various copying modes. This platform can also show rating modules and provide detailed performance statistics. It has a more informative design due to the transparent dynamic charts and tables.
How to Set Up Copy Trading Account As a Copier
Traders can open FP Markets copy trading through the MetaTrader 4 and MetaTrader 5 platforms. Here is what traders should do to begin copying.
1. Open an Account
First, open an account to use copy trading platforms. To do that, traders could check out the FP Market's official website to open a live account. There is no requirement of which account you can apply to. You can choose between the FP Market raw account or the standard account according to your needs and ability. There is no minimum deposit for this, it will be different depending on which signal provider to choose.
Once the trading account has been set up, the next step is to move to the copy trading platform. You can enter through your client area. Choose the 'Social Trading platform' that appears on the left side of your screen.
2. Choose Which Traders to Follow
Once the trader's live account has been set up, the next step is to find the best traders to follow. The most important thing in copy trading is to follow the right strategy providers. This will affect the success of your copy trading. In FP Markets copy trading, a copier can easily find and follow the most successful traders.
This feature is equipped with detailed rating page ranks where the copier can see the track records of a provider. It includes their complete trading history and past performance. If you have found one, click follow to copy their trades.
3. Copy Trading Option
The best part of FP Markets copy trading is that it gives more flexibility to traders. This feature has a lot of functionality to ensure traders can customize it according to their needs. For example, the trader can set their own risk management systems using stop loss and take profit that is available in the MetaTrader platform. Furthermore, there is no limit on the number of providers clients can copy. It's good to try copying multiple providers with different trading systems to ensure you can find the one that suits you most.
4. Control it How You Want
Copy trading allows the copier to replicate other traders' strategies. Sometimes, it leaves traders with less freedom in their positions. However, this is not the case with FP Markets copy trading. Here, traders are given control of their accounts. It's possible to activate and deactivate copy trading with a single button. Simply log in to the copy trading portal using the MetaTrader 4 or MetaTrader 5 credentials, then use risk management options such as stop loss and take profit orders to control trading positions.
How to Set Up Copy Trading Account As a Provider
Besides copying, traders can also become providers and earn side incomes. How does one become a strategy provider in FP Markets?
1. Open an Account
To become a provider, traders should own an active live account in FP Markets. If they don't have one already, it's best to open a live account and deposit some money. In order to do this, go to the FP Market copy trading landing page and click on the 'I'm a Provider' button. Then choose 'Open Account'
While there are no rules on who can apply as a provider, it is suggested that traders must have enough trading experience before choosing to be a provider of copy trading platforms. After all, the clients might judge them based on their past success.
2. Register
For traders who already have a live account, the next step is registering to be a provider. To do this, traders need to go to the Provider Registration Portal. Click the register button on it and complete the registration form. It can all be done using the MetaTrader 4 or MetaTrader 5 credentials. Don't worry; this only takes a few simple steps.
After clicking the button, traders will be directed to the Signal Provider form. Traders need to fill out the forms that are available on the Social Trading page. If you have difficulty locating this form, you can always ask customer service to redirect you to it. The form should look like this.
Based on the picture above, a trader should provide some identifications such as email, account number, and details about their trading strategy. They can also customize their own fees according to their desire. Once the form has been filled out, simply click on the 'Send' button bellow and wait until the request is approved.
It does not take long until the request is approved. As long as a trader has provided the required documents for a live account, their request can be approved instantly. Should this process take too long, traders are advised to contact customer support.
3. Create an Offer
Once the trader has registered themselves, it's time to activate the account. To do this, they should 'create an offer.' This way, they can also offer their services to the copier. Luckily, the account can be set up according to their preferences. For example, the signal provider can choose how much performance fees they want to charge and how often they want to charge it.
4. Monitor
All the things that are left are to monitor the offer. Strategy providers can log in to the copy trading portal in FP Markets to monitor their provider account. This lets them view their offers' status and copier details and monitor performance fees earned.
What to Consider
The copy trading features in FP Markets are a great idea to help busy traders. It sounds easy to copy a provider's strategy and wait for the results. However, it also possesses some risks that traders should understand. First, it is essential to examine the provider's track record beforehand as even the best strategy might not always be successful all the time. The risk of losing is still there no matter what the traders do. Traders might also face liquidity risk during a volatile season. This is why it's good to have more flexibility in positions like what FP Markets copy trading offers. Traders can exit the market should they think their positions are in danger. This way, they can protect their money better.
FP Markets is a broker that provides various trading services, including low-spread trading. Here, traders can access markets such as Forex, Shares, Indices, Commodities & Cryptocurrencies.
16 Comments
Feb 3 2023
how poor i am, i don't even know if you can do a copy trade and can have the option to track or unfollow the trade. I mean after reading the above article, all you have to do is decide which trader to follow. By the way, I can even see the performance history of the traders.
What is special is the option whether to follow the trade or not. This is very helpful because I have had experience with copying trades that I cannot stop trading even though I know the traders I follow are doing the wrong analysis. I mean, there's a lot to use this feature and with this stop feature, I can prevent loss.
By the way, what about the account that I can choose to do copy trading here, as I know some brokers that can offer different accounts that also have different conditions than the standard account .
Feb 3 2023
Calagher: Fortunately, you just need to open a Standard account or a Raw account first, then you can follow the instructions provided by this article. It's very simple and you don't need another account to trade.
You can also stop copy trading and use the account to make regular trades. So it is flexible for you
Feb 3 2023
I am new here and want to know more about copy trading. It seems that copy trading can make me profit faster than regular trading. As you know, trading has to train your strategy for months and then you can get into a real account. But it takes more time to reap the benefits.
Whereas in a copy trading, you are just copying other trades, right? The question is the trader's criteria that I have to follow, any advice?
Feb 3 2023
Jason: For me, the best thing to choose traders to follow is their track record. Must have experience and have a reasonable win-loss ratio. I mean, there's no point in following a trader who's only been active for 6 months, for example, even though he has a high win rate. For what? because it looks like he still not facing the market that much. Like when choosing a broker, do you just want to choose a 6-month-old broker or a 10-years experienced broker?
Meanwhile, the other is the openness of copy traders. So, traders want to contact you even just to thank you and announce a trading method or explain what it will do. This is to prove that it is not an EA.
For more tips read here man: How to choose the best traders for copy trading
Jun 20 2023
To be honest, I want to make trading profits without having to get directly involved in the process or you can call it passive income. With the cost of living seemingly increasing every year, I wanted to have my own income. Interested in trading, but not an expert. Instead of making a profit, they experience continuous losses. Lately, I've been thinking about how to find a solution. And yeah, now I've found the answer, which is a PAMM Account.
As trading on the forex market develops, traders are given the opportunity to allocate funds according to their individual preferences, including passive trading using PAMM accounts. However, as it turns out, there are also good Copy Trading accounts to earn Passive profits by investing in strategy providers. What exactly is the difference between these two accounts? Which is better for making a profit?
Jun 21 2023
Forex trading is a complicated world and it takes a lot of time to learn. So that there is an easy option offered for potential investors who do not want to linger in the world of forex trading. That is, by selecting PAMM Forex as an alternative method of investing funds or by using Copy Trade.
PAMM is a special service that allows investors to achieve profits without the need to trade alone. Investors only need to invest their funds into the account of a fund-managing trader or manager, who will then receive remuneration from the profits generated on trading with these investment funds. PAMM is not a stupid investment system like the ones that are currently in the news. PAMM only carries out trades on behalf of its clients, in another simple interpretation, PAMM is almost like a jockey in forex trading.
Jun 23 2023
So, copy trading is actually the same as you explained. This copy trading can also be used by beginners because they don't need to worry about determining their position when they want to enter the market. Moreover, copy trading facilities are provided by various brokers.
In my view, I prefer copy trading, because now there are a lot of qualified traders who create copy forex accounts. If we follow copy trading because we choose the right trader, it will be easier for us to get consistent profits in this business. And now all brokers have also provided copy trading facilities and this is the momentum that we must take advantage of to be successful in forex trading. copy trade has a commission system per transaction or there are also brokers that offer free copy trades where the trader will later get a bonus from the broker for each copy.
So maybe for more details PAMM Vs Copy Trading: What are the Differences? you can understand more about the two accounts.
Sep 8 2023
The FP Markets mobile app is pretty cool and makes trading easier since you can manage everything in one place. But it's missing drawing tools, which are essential for technical traders. So, if you need advanced analysis tools, it might not be the best choice. But if you're new to trading or can't use MetaTrader, it's simple and easy to use. Overall, it's handy to have as a backup, but not ideal for serious traders who need more tools.
Sep 9 2023
I see where you're coming from. Yeah, the FP mobile app might feel a bit limited for MetaTrader users with no drawing tools and fewer trading features. It's simple, but not quite what MetaTrader users are used to.
But I don't agree that you should only trade on the app, especially for beginners. You're not stuck with just one platform—you can use both MetaTrader and the FP app. MetaTrader could be your main platform, and if you can't access it, you can trade on the FP app.
The FP trading app is worth checking out, but I see it more as a backup option rather than your main platform.
Sep 10 2023
Copy trading platforms, like Myfxbook Autotrade from FP Markets, are gaining popularity, allowing new traders to profit from experienced ones. But, there's always the risk of fraud. How can traders protect themselves? And what's being done to ensure transparency and regulation in these platforms?
Sep 11 2023
Alright, here's the deal with social trading:
First, make sure you're all about risk management. Look for traders who use stop-loss levels, size their positions properly, and trade with discipline. Following someone who's reckless with their trades is a big no-no.
Transparency and regulation are key too. Stick to platforms that are transparent and follow regulations.
And don't forget about the community. Engage with other users, ask questions, and get their feedback. They can give you some real insights and help you figure out which traders or strategies are reliable.
Social trading platforms have some measures to tackle scams. They verify traders' credentials and trading history, and offer tools for analyzing performance. But remember, there's no foolproof system, so always stay sharp and do your own research.
Sep 14 2023
I've been hearing about Myfxbook for copy trading. Sounds cool, following the rockstar traders! But why do big brokers like FP Markets use it instead of their own stuff?
Also, is Myfxbook safe? You know, with all my hard-earned cash involved?
Lastly, what makes Myfxbook different from the social trading stuff built right into brokers' platforms?
Any info would be awesome!
Sep 15 2023
Myfxbook is where it's at for copy trading, man. You can check out what other traders are doing and copy their moves. Big brokers like Exness and FP Markets are all over it 'cause it's a dope social trading spot that's better than others.
And don't worry about regulation - Myfxbook is legit and regulated, just like regular brokers. It's got a real community vibe, too. It's like a crew of traders sharing tips and tricks, not just some generic stuff from a broker's platform.
So, if you wanna step up your trading game, Myfxbook could be the move. But don't just take my word for it - check it out yourself!
Sep 16 2023
Check out Myfxbook for some cool trading tools! First, there's Account Analytics, which breaks down your trading history. Then, you've got AutoTrade for copying other traders' moves. You can also check out the Community Outlook to see what's hot in the markets.
Myfxbook's Economic Calendar keeps you updated on important events, and you can set up trading alerts with their trading signals. Plus, the Portfolio feature helps you manage multiple accounts, and Charts give you all the analysis tools you need.
So, Myfxbook has everything from social trading to advanced features to level up your trading game!
Sep 17 2023
The article talks about how copy trading lets newbies copy experienced traders to learn and earn at the same time. Both brokers offer similar copy trading platforms with features like auto trading and performance stats.
But besides copying trades, I'm curious about how social trading helps us learn more about trading. Can you explain how social trading goes beyond just copying and helps us improve our trading skills? Like, what specific ways does it help us learn and grow as traders?
Sep 18 2023
Copy trading isn't just about copying trades; it's a great way to learn and improve your trading skills. You can follow experienced traders, connect with the trading community, and analyze trades to understand strategies better. It's like having a mentor and a supportive community all in one place. So, dive into social trading to level up your trading game!