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.
See Also:
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
Calagher
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 .
Tylers
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
Jason
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?
Mason
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
Galaxy
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?
George
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.
George
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.
Bellie Caroline
Sep 8 2023
Basically, the FP Markets mobile app seems very advanced and I find it very helpful to be able to simplify trading with a single trading app that can also be used to trade and manage my account. There are also trading tools, but no drawing tools are available. The chart is powered by Metatrader. It means metatrader user will not feel strange when see the graphic chart in FP Market app.
But without drawing tools, it means that the trading tools in this trading app are limited. Believe it or not, drawing tools are very important for technical traders. In my opinion, FP Markets is not a good choice for those who need more trading tools to analyze their charts, but it's also not a bad choice if you can't trade via MetaTrader. It has a simple user interface and is easy to use for beginners, but not very suitable for MetaTrader users.
Barbara
Sep 9 2023
I agree with some of your arguments. Yes, if you are a MetaTrader user, you will not feel too familiar and limited as the FP mobile app has no drawing tools and limited trading tools. The interface is also simple, but not for Metatrader users.
But I disagree when you say that users using this mobile app should trade on the app, or that beginners should use this app and not trade on Metatrader. In other words, you are under no obligation to use only Metatrader or the FP mobile app. What I mean is that you can trade on both, but I think Metatrader will be the first trading platform. If you don't have access to Metatrader, you can trade using the FP Mobile app.
As mentioned in the article, it is worth using the FP trading app. But in my eyes, as a secondary trading platform. (read this article to know the pros and cons of mobile trading : Pros and Cons of Mobile Trading)
Ghuk Tae
Sep 10 2023
What are the potential risks or possibilities of fraud associated with copy trading platforms, given their growing popularity among traders? With the ability to copy trades from experienced traders, novice traders can potentially gain profits without having to learn to trade themselves.
In the context of social trading, FP Markets offers a solid platform such as Myfxbook Autotrade from FP Markets. The platform provides features such as the ability to follow and copy trades of successful traders, adjust risk levels and trading volume, and filter strategies/signals based on performance and other criteria. However, there are differences in terms of user interface, number of traders available strategies to emulate, and ease of use.
Given the popularity of social trading, it is important to consider the potential risks associated with these platforms. What are the risks or possibilities of fraud or fraudulent activity in social commerce? How can traders protect themselves and perform due diligence before determining which strategy or strategies to follow? Are there measures in place to ensure transparency and regulation in social trading platforms to reduce the risk of fraud?
Xiumin
Sep 11 2023
Next up, pay attention to risk management. Look for traders who have solid risk management strategies in place. They should be all about using stop-loss levels, proper position sizing, and having a disciplined approach to trading. You don't wanna follow someone who's reckless with their trades.
Transparency and regulation are also key. Stick to social trading platforms that are transparent and follow regulations.
And hey, don't forget to tap into the power of the community. Engage with other users on the platform, ask questions, and get their feedback. They can offer valuable insights and help you assess the reliability of traders or strategies.
Now, social trading platforms themselves have taken some measures to tackle scams. They may verify the credentials and trading history of their traders. They may also provide tools for analyzing trader performance. But remember, there's no foolproof system, so it's important to stay vigilant and do your own due diligence.
Yami Sukehiro
Sep 14 2023
Hey there, I'm really interested in learning about Myfxbook. From what I've heard, it's a platform where traders can engage in copy trading, where they follow the trades of other successful traders and mimic their strategies. But I'm curious about why popular brokers such as FP Markets use this particular social trading marketplace. What are the advantages of using Myfxbook as opposed to other social trading platforms?
Another thing that I'm wondering about is whether Myfxbook is regulated like traditional brokers are. As a potential user of the platform, it's important for me to know whether it has proper oversight and safeguards in place. And finally, I'd like to understand what sets Myfxbook apart from other social trading platforms that are available, such as brokers' own social trading features. Any insights you could provide would be greatly appreciated!
Gabriella
Sep 15 2023
Yo, Myfxbook is the spot for copy trading, where you can peep on the moves of other players and straight-up mimic their strategies. Big-time brokers like Exness and FP Markets are all over it 'cause it's a slick social trading marketplace that offers advantages over other joints.
As for regulation, Myfxbook ain't no fly-by-night operation. It's legit and overseen just like regular brokers, so you can trade with confidence. One thing that sets Myfxbook apart from brokers' own social trading features is the community vibe. It's like a tight-knit crew of traders sharing tips and insights, instead of just copying some generic strategy from a broker's platform.
So if you're looking to level up your trading game, Myfxbook could be a smart move. But don't just take my word for it - check it out and see for yourself!
Dandelion
Sep 16 2023
Don't forget that Myfxbook's got some cool stuff to help you with your trading game. First up, you've got Account Analytics - this feature breaks down your trading history and shows you what's working (and what's not). Then there's AutoTrade, which lets you copy other traders' moves. You can also peep on the Community Outlook to see what's hot in the markets and what other traders are saying.
Myfxbook's Economic Calendar is also pretty sweet - it tells you when important economic events are happening, so you can plan your trades accordingly. If you're into trading signals, Myfxbook's got you covered there too - you can set up alerts based on market conditions and technical analysis. And if you're juggling multiple trading accounts, the Portfolio feature lets you track 'em all in one place. Finally, the Charts feature gives you all the tech analysis tools you need to make informed decisions.
So there you have it - Myfxbook's got a bunch of features to help you trade smarter and more efficiently. And it is not only for social trading but also almost whole feature that offered to the trading!
Kise Ryota
Sep 17 2023
In the article, it is highlighted that copy trading enables beginners or inexperienced traders to copy the trades of experienced traders, giving them a chance to learn and earn simultaneously. Both brokers mentioned offer comparable copy trading platforms with various features like automated trading, transparent performance statistics, and the ability to follow multiple traders.
While copying trades is a prominent aspect, I would like to understand the additional benefits of social trading beyond simply copying trades. Specifically, how can we leverage social trading to enhance our learning experience in trading? Could you elaborate on the specific ways in which social trading facilitates learning and how it can contribute to our trading knowledge and skills?
Vermillion
Sep 18 2023
Sure thing! So, besides just copying trades, social trading has some awesome perks for learning in trading. It's not just about making money, but also about gaining knowledge and skills.
With copy trading, you can follow experienced traders and see how they do their thing. It's like having a front-row seat to their strategies and techniques. Plus, you can connect with other traders in the community and share insights. It's like having a trading buddy to bounce ideas off of!
Copy trading platforms also offer tools to track performance and analyze trades. You can dig into the details, understand why certain trades were made, and spot patterns that match your style.
In my opinion, copy trading is a fantastic way to learn and grow as a trader. It's like having a mentor and a supportive community all in one place. So, embrace social trading to expand your knowledge and skills—it's a game-changer, my friend!