Is it possible to survive trading online without analytical skills?
You may have no budget, but you certainly have access to useful information that’s there in front of your eyes to take a look at effective methods of earning.
It’s for sure that traders can survive without any analytical skills by copying other traders.
It’s a good idea. You can find a successful professional trader, set aside a pot of money, set up your account to copy them, and then come back to a stack of profit. Simple right?
it isn’t that easy and copy trading does have as many risks as CFD trading. But, if it is done correctly, it's a very useful strategy to invest and use other strategies no matter where you’re at in your trading career.
With this in mind, there are many techniques that you can use to maximize profit. One of the most popular and best copy trading platforms is eToro. You can check thousands of traders profiles and set up your trades easily.
Social trading takes the strain
Wherever you are at in your trading career, using a social trading tool like eToro is a wonderful way to get an idea about how other traders trade.
Obviously, every trader is different from others and some traders will trade in a risky different way to you. And that’s what special about social trading and copy trading. I’ve learned a lot just by trying to watch what someone else does with my money. Sometimes it's useful, sometimes it isn’t useful.
I highly recommend using some kind of copy trading tools as part of your diversification strategy to survive trading without any skills. You should not completely rely on it though, or at least I wouldn’t. On a good day, it can make you a lot of money when you lose, but on another day you’ll be up but your copy trades might be down. It’s swings and roundabouts.
How to find a good profile
One of the most parts that take traders forever to decide choosing the best copy trading profile, choosing the right investor.
I like to choose a couple, normally two or three, depending on the budget I’m investing in.
But who to put your money on?
Always try to choose a trader with at least 6 months, or ideally 1 year’s experience. You are not going to be betting on the rookie…
Look carefully at the stats. Really should choose someone making more than 3% profit a month, ideally 5%. There’s going to be an up soon eh. Sometimes that works properly
Make sure the guy is MyFX book verified and has not fake profile it should be a real profile. Not some robot looking random account.
Check the guy you’re looking at copying isn’t just copying other people. You can take a look at their profile to see if they were able to make money by direct trading (ie: trades he has placed) or by other means such as copy trades. That’s fine, but you don’t wanna be copying a trader that copier!
Take a look at their last trades and find out if there is something strange, like un-closed trades that appear to be losing a lot of money.. Check under their portfolio and find out if there are old trades that are still open… If there are run away.