Copying the trades of one trading accounts to other trading accounts is called Copy Trading. This is done by using APIs. Using copy trading, one can easily copy the trades in multiple account as well. copy my trades refers to the process of allowing other traders to replicate or mirror your trades automatically. It is a type of social trading copy traders can follow and automatically copy the trades of another trader.Copy trading will allow you to receive automated signal from a signal provider and copy them into your trading or demat account even when you are not available at system.
You can use copy trading feature in trading in almost every market such as stocks, forex etc. Copy Trading is also considered as advanced version of social trading stocks. Online platforms in social trading websites allow traders to connect, share information, and follow the trades of other traders in real-time.There are several advantages and disadvantages of copy trading which you can consider while opting for copy trading. Pros and Cons of Copy Trading is written below.
Advantages of Copy Trading
Copy trading benefits are given below:
• One can copy the exact trade form the account of expert trades. This is an important feature of copy trading for beginners.
• We can increase or decrease the lot size as well in copy trading.
• Beginners can understand the market condition very well.
• Your trades can get copied even when you are not available. This copy trading signal copier feature is helpful for part time traders.
• Copy trading works on various segments such as NSE stocks, future and options, commodities, currency, foreign exchange etc.
• Copy trading brings an easy way to exchange ideas and strategies.
• Users can copy trades to multiple Indian brokers at a time via API.
• Copier trading where trades are replicated from one account to another in real-time
• Copy trading and social tools trade copier, to allow traders to automatically copy trades from one account to another to follow the trades of successful traders
Disadvantages of Copy Trading
• Sometimes even expert can make mistakes while trading.
• 24*7 network availability is required for smooth copy trading.