One reason people fear trying new things is that they aren’t equipped to do the job. Copy trading can be an attractive option for novice traders. You can start slow and learn how you trade. Forex trading in Nigeria is easy to learn. A great way to boost your confidence is to be able profit by following proven guidelines from the beginning of your trading journey. It is literally saying that you will be supported hand in hand by some of the most experienced Forex traders throughout every trade that you make.
Copy trading can be a good way to get started, especially if you don’t have much trading knowledge. Instead of investing your energy and time into learning the markets, copy trading allows you to simply follow the example of an experienced trader.
If the trader discovers a successful trader, copy-trading in Nigeria can yield high profits. Market risk is the greatest risk for traders when copy trading. Failure to follow a trader’s strategy could result in them losing money. When markets are volatile, traders also have liquidity risk. If the product they trade experiences sharp declines, rallies, traders may be at risk of being exposed to systemic risks.
• Select a trader. Find traders by assets, performance, risk score, etc.
• Amount Enter a total number for the copy. It will automatically calculate the proportions.
• Click Copy. Click on the “Copy” button to automatically copy the positions of the trader.
It is easy and quick to set up your copy trade. You simply need to choose the user you wish duplicate, enter the amount you would like to allot, and click on COPY. You will automatically duplicate their positions in real time and in direct proportion. You can at any point stop or start copying a user.
Yes, you can copy trade in Nigeria provided your broker’s regulation by the Commodity Futures Trading Commission(CFTC) for forex and Securities and Exchange Commission(SEC) (for stocks).
It doesn’t matter how much money you have, there is no minimum investment required to begin copy trading here in Nigeria. While you can start your copy trading business with only $100, there are limited opportunities for those with less capital.
If you start with a very small amount, it is worth narrowing down your choices of signal providers to just one. You will otherwise quickly exhaust your margin. A few signal providers have minimum investment requirements to ensure trades will go through for the copier.
• Firm Fountain.
• Trading 212.
• Alpari Limited.
• XTB Online Trading.
• The Exness
While you are able to replace any existing accounts at any point, it is important that each trader you follow will have their own Invest account. There are no extra fees to use the copy trade function. The only exception is the payment you make to the Strategy Manager for any profit.