By following successful traders through FirewoodFX Forexcopy, you can trade instantly without the need to formulate complex strategies by yourself.
Forexcopy by FirewoodFX is a copy trading service. You are probably already familiar with how copy trading works, right? Yes, copy trading is a trading strategy where individuals can replicate the trades of experienced and successful traders in the forex or other financial markets.
It allows less experienced traders, often referred to as "Followers," to automatically copy the trading activities of more skilled traders, known as "Leaders".
This approach enables followers to potentially benefit from the expertise and profitable strategies of these leaders without having to actively make trading decisions themselves. Such an easy way, isn't it?
How Does FirewoodFX Forexcopy Work?
- Followers choose a leader who aligns with their investment goals and risk tolerance.
- Followers allocate a certain amount of their capital to follow the selected leader. The amount copied is proportional, meaning if the leader opens a trade with a certain percentage of their account, the same percentage of the follower's account will be used for the same trade.
- Once the leader opens a trade, the FirewoodFX copy trading platform automatically replicates the trade in the follower's account. This includes the trade's size, entry point, stop loss, take profit levels, and any other relevant parameters.
- As the leader makes trading decisions and adjustments, these actions are mirrored in real-time within the follower's account. This ensures that the follower's account reflects the current state of the leader's trades.
- Followers have the flexibility to start or stop copying a leader's trades at any time. They can also adjust the amount they allocate to copying specific leaders or adjust other settings as needed.
In other words, Forexcopy allows you to follow successful traders who have achieved significant profits. Besides being a follower, you can also act as a leader in FirewoodFX Forexcopy.
Guide to Register for FirewoodFX Forexcopy
To enjoy the Forexcopy feature, you need to have an account with FirewoodFX first. By the way, the platform you need to use is MetaTrader 4. Opening an MT4 account with FirewoodFX is quite straightforward.
- Go to the main FirewoodFX website, then click on the Open Account menu located in the left corner, as shown in the image below.
- Next, input your personal data, including your name, email, phone number, country of origin, and account type. You're free to choose whichever account type you prefer. Once done, click on register.
- You're done! The screen will display the details of your account information, as illustrated below.
As a Follower
In FirewoodFX Forexcopy, you can register yourself to become either a follower or a leader. To become a follower, here are the steps:
- Log in to the FirewoodFX website using your registered MT4 account and PIN.
- Enter the Client Area. Choose the "Follower" role, then click "Set".
- Your account role has now been configured as a Follower. Please be aware that once you've designated your account's role, it's a permanent setting that cannot be changed.
- To begin following the Leader, navigate back to the Client Area.
- Enter the Leader's MT4 Account Number. You can choose a Leader that suits your trading style. You can also select from the Leaderboard list provided by FirewoodFX.
- Select the type of volume (Lot or %) and enter the volume value.
- Click the "Follow" button.
- Your Copy Trade Request will be sent to the Leader. Please wait for the Approval Notification Email.
- Upon the Leader's approval of your request, you will receive a notification email.
- Your Follower account will commence mirroring the trades of the Leader.
As a Leader
To register as a Leader in FirewoodFX ForexCopy, the steps are more or less the same. Follow the instructions provided below:
- Log in to the FirewoodFX website using your registered MetaTrader 4 account and PIN.
- Enter the Client Area. Choose the "Leader" role, then click "Set".
- Now, your account has been set as a Leader. Just like before, once you set your account as a leader, you won't be able to change it again.
- You will receive a notification email if a trader or traders request to follow your account.
- To authorize the request, log in to FirewoodFX using your MT4 account number and PIN.
- Navigate to Trade Copy Menu
- Verify the follower's MT4 number and volume, then click "Approve."
- After the Trade Copy Request has been successfully approved, your followers will now replicate trades from your leader account.
Terms and Conditions
The ForexCopy service by FirewoodFX is subject to several terms and conditions. Pay attention to the following points and consider them as guidelines while enjoying its copy trading feature.
- FirewoodFX and its affiliates bear no responsibility for any losses incurred directly or indirectly due to the trading copy feature.
- The Leader consents to the possibility of the account information, encompassing but not confined to trading performance, deposit details, and withdrawal history, being accessible as public information.
- Followers agree that account balance and equity information may be shared with the leader.
- Partial closure is not recommended due to technical considerations.
- The use of Close-By/Close-Hedge/Multiple-Close-By to close trades is highly discouraged.
- Followers with an equity of less than $5 may be deemed inactive, leading to discontinuation of the Forexcopy service.
- In the event that the Forexcopy/PAMM leader or IB receives commissions in mixed USD and IDR special fix rate, all commissions will be calculated and paid in IDR special fix rate ($10,000/USD) or in USD with a 40% discount.
- Trades opened by the Leader and closed within 15 seconds may not be copied to the Follower's account.
- For Followers, the withdrawable amount is 80% off (free margin minus pending fees scheduled for the next Sunday), while the maximum withdrawable amount is as stated in the cabinet.
- MT4 Followers using the exclusive-follow method cannot follow other Leaders.
- It's feasible to follow only one Leader. Follower MT4 accounts cannot follow other masters, even after unfollowing them.
The Pros and Cons of Copy Trading on FirewoodFX
As you know, FirewoodFX Forexcopy has its advantages and disadvantages, just like copy trading in general. Many novice traders feel assisted by the copy trading feature provided by FirewoodFX. On the other hand, there are also those who hold contrasting opinions.
FirewoodFX Forexcopy provides newcomers with access to the forex markets without requiring in-depth trading knowledge or experience. It's a way for beginners to learn from more experienced traders.
Just like any trading, there's always a risk of losses. Followers can incur losses if the copied trades do not perform well.
Followers don't need to spend extensive time analyzing the markets or making trading decisions. Copying trades is automated, saving time and effort.
Followers relinquish control over their trading decisions. They rely on the leader's choices and may not fully understand the reasons behind certain trades.
Followers can spread their investments across multiple leaders, each with different strategies and trading styles, reducing the impact of a single leader's poor performance.
Copy trading success depends on the leader's performance. If the leader makes poor decisions, followers will suffer the consequences.
Forexcopy allows followers to observe the strategies and decision-making processes of successful traders, offering valuable educational insights so they can be "learning by doing".
Because followers aren't making active decisions, they might not learn emotional discipline and market understanding as they would through manual trading.
Skilled traders (leaders) can earn additional income by allowing others to copy their trades.
Some leaders might engage in risky trading practices that lead to short-term gains but carry a high potential for loss. Followers may unknowingly inherit these risks.
Tips to Maximize FirewoodFX Forexcopy
Despite all the existing shortcomings, it's still worth trying copy trading due to its advantages. What you need to pay attention to is not the potential losses from leaders who may not perform well. Instead, you should consider how to maximize the benefits you gain from copy trading while mitigating any shortcomings.
Here are some tips to maximize your Forexcopy experience:
- Select leaders with consistent performance, trading styles that align with your goals, and a track record of successful trades.
- Look into leaders' trading histories, strategies, risk management practices, and market understanding before following them. The good news is that FirewoodFX provides an easily accessible leaderboard. Click on the ForexCopy menu and then select "Forexcopy Active." This leaderboard contains all the essential information you need for researching leaders, as shown in the following image.
- Keep a close watch on your copied trades and the performance of your chosen leaders. Be prepared to make adjustments if needed.
- Set limits on the amount of capital you allocate to copy trading and consider your overall risk tolerance.
- Keep up with market news and developments to better understand the context of your copied trades.
- FirewoodFX Forexcopy allows communication between Followers and Leaders. Engage with leaders to gain insights into their strategies.
- Copy trading might not yield immediate results. Patience is key, and long-term consistency matters.
FirewoodFX is a global online forex broker founded by a team of experienced forex traders. FirewoodFX offers a traditional 4-decimal pricing system with a fixed spread of 1 pip. This is combined with modern STP execution to their global liquidity pool.