5 Best Forex Copy Trading Platforms What is Copy Trading? The sector peaked a decade later, as most realized that it is not as profitable as advertised. Since between 70% to 85% of traders lose money, the majority copies losses. After three years of contractions, copy trading embarked on yet another push higher, especially with the emergence of cryptocurrency trading. Millennial traders pile into copy trading platforms, bypassing necessary Forex education.To get more news about best copy trading brokers, you can visit wikifx.com official website. Many traders who favor copy trading do so from their mobile devices. Since copy traders do not trade, they do not require the screen space to analyze assets. Copy trading platforms provide performance statistics, operating history, number of copiers, capital following a signal provider, and a risk score. After selecting a trader to copy, copy traders allocate funds to follow the chosen trader. The platform provider will duplicate all actions taken by the signal provider to the copied portfolio, usually proportional to the dedicated capital. Copy traders can stop following a trader or make manual adjustments to the stop loss and take profit levels if desired. Copy trading created a sub-sector of trading, and millennial traders favor the approach, which is not without risks and has failed to deliver consistent results. Copy trading is for individuals who want exposure to financial markets but who lack time to learn how to trade. It is a form of account management, and several regulators investigate the reclassification of copy trading platforms as investment advisors. Copy traders should always monitor their accounts and never trust a strategy blindly. Between 70% and 85% of all retail traders lose money, and most copiers copy that performance. Most copy trading platforms have no compensation model for traders or demanding conditions that pressure them for increased performance, leading to long-term losses. Traders may also quit at any time, leaving copiers to scramble for new providers. Many brokers increase the spreads or commissions on their copy trading platforms to compensate traders. Others generally have higher fees for their copy trading service. Traders should find a broker that maintains a highly competitive cost structure to increase their profitability. Customer Support While most traders never require customer support, copy traders should ensure 24/5 assistance is available, as copy trading platforms may experience issues or copiers need help navigating the options. Comprehensive Trader Resources Offering Copy trading platforms that offer comprehensive trader resources and trading tools allow traders to achieve better returns. Therefore, copy traders will benefit from a more competitive trading environment. Automated Forex Copy Trading After a copier selects the desired trader or traders and allocates capital to each, the copy trading platform will mirror all trades taken by the trader. The process is 100% automated without the intervention of the copier. It is the most used form of copy trading. Semi-Automated Copy Trading Copiers who wish more input will prefer this option. It allows copiers to review all positions of the trader in real-time and choose which ones to copy. Copiers then may either choose to automatically close copied trades or adjust stop loss and take profit levels.