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What is Autocopy?
Autocopy is an innovative feature that lets you automatically copy leading traders on the platform and gain from their experience. Autocopy enables you to trade like an expert. Find the traders you want to copy from the leaderboard and simply hit Autocopy.
How does autocopy trading work?
It’s pretty simple. Choose the trader you’d like to Autocopy, input the amount of funds you’d like to allocate and click Autocopy. Congratulations - you just started mirroring the leading trader’s positions automatically and in real time! You can close any individual trades or pause autocopying any trader, any time you want.
How to Use Autocopy?
Choose the trader you’d like to Autocopy, input the amount of funds you’d like to allocate and click Autocopy. You just started mirroring the Lead Trader’s positions automatically and in real time! You can close any individual trades or pause autocopying any trader, any time you want.
1. Find a Lead Trader in the Leaderboard. Check out the Leaderboard, search by performance, assets, percentage of the win rate and more. Find the one for you and press Autocopy.
2. Check trader’s performance statistics. Click on the Autocopy button to access the Autocopy settings and essential trading indicators that show how the Lead Trader performs and how copiers benefit.
3. Choose the type of autocopy and investment amount. Choose how you want to copy a trader with a percentage or with a fixed amount per trade.
4. Confirm settings and start Autocopying. Enter the ratio or amount and click on Start Autocopying. Now you are automatically mirroring trader’s positions. You can monitor your progress or change your Autocopy settings any time without closing your positions in the Copy Trading section.
5. Add individual Stop Loss and Take Profit triggers. You copy Stop Loss and Take Profit settings after your leader, but you can set the limits individually for each trade in your trades menu.
After you confirmed your Autocopy settings, the algorithm will automatically mirror any eligible trade opened by the Lead Trader.
That means that any order that falls within the parameters you set will be copied instantly unless there are insufficient funds on your balance or another issue. In this case, the order will be skipped, and you will see your missed trades in the AutoCopy timeline menu.
You can copy an unlimited number of traders simultaneously. Autocopy will always be active unless you pause it or the Lead Trader stops his trading activity.
What should you consider before you start trading Forex?
Forex as a word derives from Foreign Exchange and, as the name signifies, is the marketplace where national currencies are traded against each other. Forex is, by far, the biggest market in the world, with a trading volume of $5 trillion on a daily basis. Trading Forex requires the opening of a short/sell or long/buy trade of a pair of currencies (i.e. EUR/USD - Euro against US Dollar).
Short/sell is the trade that predicts that the price of the currency pair is going to fall while the long/buy is the speculation that it is going to rise. The prices of the currency pairs are affected by news of the markets, politics, etc. You can trade Forex along with 500+ other instruments with your Live or Demo account.
Start Trading in 3 Steps
1. Register. Sign up for a free account and start experiencing to the fullest with either a $100,000 demo account or a live account.
2. Fund. Make a deposit via any funding method you prefer to start trading with real money.
3. Trade. Open and close trades across 950+ assets or simply Autocopy top traders and let them do the rest.
FAQ
What is the minimum amount needed to copy another trader?
It depends on the investment amount option you choose. If you choose “Relative to Leader” the minimum amount you can Autocopy is the minimum available position of an instrument. If you choose “Fixed Amount”, the minimum is equivalent to $100.
How does Autocopy work? How do I start Autocopying someone?
There are two ways you can Autocopy someone: Autocopy a Top Trader from the leaderboard - Go to Top traders where you’ll find a list of the top performing traders on the platform. You can compare key performance metrics straight from the leader board and also sort the list based on different factors such as Type of trader and Time Period. When you`re ready, just click the Autocopy button to start copying the trades of any trader you want.
Autocopy a user directly from their profile page - Go to any user`s profile page, by either placing their username in the search bar at the top of the page or by clicking on their profile directly from the Feed or Top Traders leaderboard. Their profile page will pop up where you can find in-depth information on their performance statistics and community activity. When you`re ready, simply click on the Autocopy button under the user`s profile information.
How long does it take for a copied trade to appear in My Trades?
If you are Autocopying a leader trader, all their future trades will appear in your trading activity. This happens in real time! Yes, in real time.
Can other traders Autocopy me?
Yes! Every trader can Autocopy and be Autocopied. To start increasing the number of your Autocopiers and, as a result, earning Copy bonuses, you will first need to show remarkable results through your performance. The better results you get, the higher in the Top Traders leaderboard you will rank and the more visible you will become. In addition, you can also start expanding your network by interacting with other traders in order to get more followers and friends. This will give you greater chances to show others your trading strategy and skills as well as performance.
How much does Autocopy cost?
Autocopy is an innovative feature that is beneficial for both the Autocopier and the leader trader. Autocopiers benefit from the leaders’ trading and leaders earn commissions.
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What is Forex?
Forex is a term you may have heard before and whether you are aware of it or not, you have probably taken part in it if you ever travelled abroad and bought a foreign currency, for example. But have you ever stopped to think about what it actually means?
In this article, we delve into the details of Forex trading, from basic Forex terms traders should familiarise themselves with, to types of Forex pairs and more.
So if you want to know more about the world’s largest financial market, keep reading.
In basic terms, foreign exchange or Forex refers to the purchase of one currency against another, but its value is much deeper than that. The Forex market is the world's largest financial market. It is also the most liquid market with an average daily trading volume of $6.6 trillion, making it one of the most actively traded markets in the world.
Spot Forex Market – The physical exchange of a currency pair, taking place on the spot date (generally, this refers to the day of the trade plus 2 days - “T+2”). The spot market involves an immediate exchange of currency between purchasers and brokers. Banks, both central and commercial, and dealers are the main participants in the Spot Forex Market.
Forward Forex Market – An Over Counter (OTC) contract to Buy or Sell a set amount of a currency at a certain price at a future date. This type of market can be very efficient for traders who are looking to hedge by selling their assets at a fixed price in order to avert possible future losses.
Forex Futures Market – The main difference between the spot market and futures market is that futures are legally binding. A forex futures contract is an exchange-traded contract to Buy or Sell a specified amount of a given currency at a predetermined price on a set date in the future. Moreover, this type of market is known for its high liquidity.
Swap Forex Market – It is essentially a transaction (a simultaneous purchase and sale) of Forex pairs in which the parties grant one another an equivalent amount of money using different currencies.
Option Forex Market – Options are contracts whereby the seller gives the right, but not the obligation, to the buyer to buy or sell a Forex pair at a predetermined price. Using a call or a put option allows you to either buy or sell the pair accordingly.
Types of Forex Currency Pairs
As mentioned above, forex is the trading of currency pairs, and can be defined as the simultaneous purchase of one currency against another. Forex takes place mainly on the OTC market; however, it is also traded on futures exchanges.
Majors - Major Currency Pairs are considered the most traded currencies worldwide, hence the naming ‘major.’ Furthermore, this type of currency pair has the highest liquidity and always involves the U.S. Dollar (USD) being traded against other major currencies, namely the Euro (EUR), the British Pound (GBP) the Swiss Franc (CHF), the Japanese Yen (JPY), the Canadian Dollar (CAD), the Australian Dollar (AUD), and the New Zealand Dollar (NZD). The most traded Majors include the EUR/USD, AUD/USD, and USD/CAD.
Minors - Minors are currency pairs that exclude the USD and usually have lower liquidity than the Majors. Examples of Minors are EUR/JPY, AUD/JPY, GBP/EUR.
Exotics - Exotics are usually considered the least traded as they are comprised of currencies that are harder to trade. An example of an Exotic pair is the GBP/SEK.
FX movements can reflect a number of different fundamentals including economic growth, international trade flows, and changes in interest rates.
As popular as the Forex market is, its popularity and its liquidity should not deter you away from learning how to read a currency pair and understanding how the Forex market works in order to make informed trading decisions.
Trading Forex pairs is fundamentally the buying of one currency and the selling of another. The first currency is known as the ‘Base’ and the second currency is known as the ‘Quote’. For instance, if you were to buy the EUR/USD currency pair, it means you are buying euros while selling dollars. Should the euro strengthen against the dollar, then you would make a profit. Conversely, should the euro fall against the dollar, then you would lose money.
The exchange rate is reflected in the quote currency. So, if the EUR/USD is trading at a rate of 1.1322, it means that 1,000 euros can be exchanged for 1,132.20 dollars.
In simpler terms, when trading the EUR/USD, for example, you are essentially asking yourself “how many US dollars does it take to purchase 1 euro?”. Likewise, when trading the EUR/JPY, you are purchasing the Euro, and in doing so, asking yourself the question “how many Japanese yen does it take to purchase 1 Euro?”.
What Moves the Forex Market?
There are many different factors that can affect the forex market. Below you can find a few:
Central banks – The world’s money supply is determined by central banks. If a central bank increases the money supply, the currency will likely drop. Generally, central banks also control interest rate levels, which is critical to the strength or weakness of a currency.
Economic data – Reports on the state of the economy serve as an important indicator of the currency’s strength. Major economic data includes unemployment rates, inflation rates, and trade balances.
Interest rates – Volatile currency moves tend to occur when a country’s central bank makes an unexpected move in interest rates. For example, if a central bank decides to unexpectedly cut interest rates in the currency, this will normally lead to a significant drop in value (as the market responds to the sudden change in monetary policy).
Key Forex Definitions
As previously mentioned, it is crucial for traders to know the basics of Forex trading. Since the Forex market is known for its magnitude, it is impossible to cover all the terms related to it in one article. Nevertheless, the following terms are some of the most important forex-related definitions that you should familiarise yourself with when trading online:
Pip – The lowest increment in which a currency pair is priced.
Spread – The difference between the Buy/Sell (Bid/Ask) price for a currency pair.
Leverage – Allows you to trade higher amounts with less capital, which means that any potential profits or losses will be multiplied. Thus, a leverage of 1:50 means you would need $200 to place a $10,000 trade.
Exchange Rate – The value of a base currency against a quoted currency.
Bid – The price at which the market maker/broker is willing to buy the currency pair.
Ask – The “offer” price used and offered by traders when they intend to buy an asset. Thus, usually this price should be higher than the market’s price.
Popular FX Trading Pairs
In addition to the aforementioned definitions, it may also be helpful to learn the nicknames of the popular foreign exchange pairs.
GBP/USD is commonly named ‘Cable’, a term that originated in the mid-19th century. This is because the USD and the GBP were exchanged through a submarine communications cable.
EUR/USD, the world’s most traded Forex pair, is called ‘Fibre’, a term that emerged with the Euro’s launch.
USD/JPY currency pair is known as trading the ‘Ninja’, due to the fact that the Ninja originated in Japan, the home of the JPY.
USD/CHF is called ‘Swissy’, and USD/CAD is referred to as ‘Loonie’. This is because the $1 Canadian dollar has a picture of the loon bird on its back.
The bulk of FX trading is priced against the USD, which has long been regarded as the world’s official base currency. As mentioned above, all Major Currency Pairs (or Majors) are traded against the USD, and are generally regarded as the most popular currency pairs to trade. Many Cross-Currency Pairs (or Crosses) also experience heavy trading flows including EUR/CHF, EUR/GBP, and AUD/JPY - to mention a few.
In general, the top traded currency pairs are:
EUR/USD – This is the most widely-traded pair with the highest volume and deepest liquidity.
GBP/USD – This is a popular currency pair that tends to be more volatile than EUR/USD. Volatility in GBP/USD has been higher in recent times due to the effects of “Brexit” (Britain's exit from the EU) and the economic uncertainty this has created.
USD/JPY – This is the second most traded currency pair by volume behind the EUR/USD. It experiences high volume due to the size of Japan’s economy and its role in global economic trade. Due to its geographical location, trade in JPY can also reflect economic and geopolitical conditions in the wider Asian region.
How to Choose the Best Currency Pair to Trade?
The world of Forex comes with a myriad of Forex pairs to trade. While the freedom of choice and endless possibilities can help diversify your profile, this can also lead to an overwhelming trading experience. Therefore, before choosing to trade Forex, you must be mindful of your trading strategies, market moves, and other factors that might affect your position.
Comments
Submitted by Anonymous on Thu, 09/07/2023 - 11:31
Submitted by Anonymous on Sun, 05/07/2023 - 10:29
Autocopy is awesome! Not just because you’re given the opportunity to harvest money as a secondary income, but more because of the whole social media idea behind it. I found what works best for me. I really like using all the different tools to analyze charts but also the Auto-Copy most out of all the features that are given by the platform. Just make sure to use it in the right way! Must have! But always be aware of what you’re doing.
Submitted by Anonymous on Sun, 03/05/2023 - 11:26
My Experience with Autocopy is Great! I like that the platform is simple to undertsand, similar to Facebook, for example. And also autocopying feature is very simple to use and works good here. I would say is a social network for anyone, as any financial trader can use it without the need to be a professional. Autocopy is a great tool for both beginners and PROs.
Submitted by admin on Mon, 02/13/2023 - 13:26
BONUS Simple Forex Trading Strategies for Beginners
Opening Range Breakout Trading Strategy
Breakouts are one of the most common trading strategies. They involve identifying a key price level you expect the price to break through, and then buying or selling at that price in order to take advantage. Generally breakouts are used when the market is already near the extreme high or low of the recent past. When the market is trending and moving strongly in one direction, breakout trading ensures that you never miss the move.
One breakout strategy is the European Opening Range. This strategy typically focuses on EURUSD (Euro/U.S. Dollar), although it could be applied to any of the European majors.
While the Forex Market is open for 24-hours a day (Sunday evening through Friday evening ET), market activity in a given pair is not necessarily consistent throughout.
FX market is typically divided into 4 major sessions (times adjusted for Eastern Time):
Trading the European Opening Range has three steps:
Other factors to include are major news announcements (usually in efforts of avoidance) as well as the time of day (when major markets open/close, option expirations, fixings, etc). If the Average True Range is achieved earlier in the week, the likelihood of it occurring twice in the same week is dramatically reduced. If this does occur, it’s typically in opposing directions.
As a currency trader, when volatility begins to pick up you usually want to be trading, not sitting on the sidelines. As a result, if this strategy has yet to achieve the Average True Range target on Monday, Tuesday or Wednesday of a particular week, then it may be sensible to pay close attention to this tactic on Thursday and Friday. Conversely, if the ATR is reached earlier in the week it may be prudent to be on the lookout for potential market failures in the latter half of the week as they could be the marking of a false break and/or possible outright reversal.
Noteworthy times to be aware of:
Ideally, if price is struggling near these events (typically spotted by a bullish/bearish divergence with an oscillator), then it might be prudent to reduce the position size ahead of time. This type of approach may help to minimize the emotional aspect to trading, since there’s an identifiable area to know where you’re wrong (the opposite side of the breakout’s high/low).
Here’s an example: EUR/USD (2 minute chart)
In the above example, EUR/USD made an important low during the 2:30-3:00am ET timeframe (which was preceded by an RSI bullish divergence with price) and shot higher shortly thereafter. EURUSD appeared comfortable above the 2-minute 144/169-EMA’s, while the 13-period SMA remained above the EMA’s, and RSI continued to find support into the key 40/45 zone. Consequently, there was no reason to divert from the intraday bullish bias.
As highlighted earlier, another factor to keep in mind is the time of day –in the FX market, most London traders tend to close their positions between 11:00 am and noon ET, while traders in New York close between 4-5pm ET. Accordingly, price will often see a final end-of-day push, followed by profit-taking (typically spotted by a bullish/bearish divergence with an oscillator) near these times of the day.
You’ll note that just after 11am ET EUR/USD pushed higher once again to finally reach the intraday Average True Range target of 1.2927, which was then followed by a bearish divergence with the RSI oscillator just ahead of 12pm ET.