Copying–is a word that is known as a curse in the righteous regard. Be it in the exam or in a game, copying is often easy if you ignore the risk of being caught. Same way, copying is an easy process in binary options trading. Or is it so? Is it that easy to pick a million and establish a winner? If you think yes, then you better read on.
As one may assume copying binary options trading signals might sound easy. But, the reality has a different story to tell. It’s not that easy to pick a good trader and then ride them to million bucks. Unfortunately, copying binary trading signals is one of the riskiest matters in the industry. This is true especially if you approach your screen with a wrong mindset. Aside from perfect precision, copying signals demands sheer strategy that has to work in one way or the other.
Assuming, you have chosen a good platform, the binary trading can get a bit easier. There are plenty of easy to use platforms that make the road a bit easier. But, copy trading is a bit tricky to follow and get indulged in. Though it’s just like any other kind of trading, copy trading asks you to spread your risk around.
NO, we don’t mean here to go for blind copying without any intellect. As the axiom say, you need minds for even cheating. Just because you wish to follow a trader who has a great record, it does not mean that he will continue to flourish after you follow him. It also does not signify that he will be trading when you want him to. To counter this risk, a good way is to follow more than one trader. If one goes on the losing roll, you can switch to the other one.
However, there is still plenty of risk in following more than one trader. If you are following more than one trader who is trading on a same asset, you might soon find yourself losing money day by day. The good thing to do here is to pick 4-6 assets of your choice and then start copying traders who are dealing with those particular assets. This not only allows you to have more option, it also diversifies your trade in two ways.
The first: you don’t need to rely on any single trader for copying trading.
The second: you are not restricted to deal with just one single asset
In a scenario, if one trader starts loosing, you will still have others that are doing well. Same will be the case if one asset is costing you money.
If you are in the middle of the process of choosing a trader to follow, you will need to take some time out and prepare a list of possibilities for each asset specifically. This might sound a tedious job, but it helps increasing the chances of the success in the trading world.
A good choice
So, while choosing, think as if you are the captain of a cricket team. Who would you like to open the innings and create a great foundation for a big score. Without a doubt, you will chose one who does best. Here you need to choose a trader with highest win rates. Also, it is essential to have a back up trader for the worst case scenario.
Most of the times, it is possible that your best trader isn’t doing well in trading and is on a losing streak. If this happens, you need to play intelligently and rotate your traders with a fresh one who is supposed to do better.
Just like binary options trading, copying trading is an art of smart thinking which is supported by luck and other traders. Only here, you get the opportunity to use others to gain profit by copying signals from them.