Copy trading has completely altered the entry point into the trading profession. It allows the user to copy the trades of professional dealers and earnestly has the opportunity for profits without extreme market knowledge. But what about if you really want to go beyond that? Multiple accounts can be useful in diversifying your risk, testing different strategies, and even boosting earnings. In this article, we will demonstrate how to copy trade efficiently in numerous accounts using Combiz Services Pvt Ltd.'s very innovative tool, Trades Copier.
In copy trading, social trading, or mirror trading, the individual copies the trades of those who are more experienced. An action in the account follows every buy or sell decision made by the trader you are copying. As such, it will allow you to profit from the experience of others while not really investing too much effort to know how the market works.
While copy trading can work with single accounts, all well and good, having a multitude of accounts empowers your copy trading exponentially. This is why:
1. Risk Diversification
Diversification is the spreading of investment across several ranks, therefore diminishing the risk of committing all funds to a trading strategy. If one trader's performance decreases, you do not have to bear the full shock. Diversification ensures that the risk is evened out.
2. Testing Various strategies.
Every trader has his own thing. Managing multiple accounts allows you to thus bypass different traders with their various strategies in pursuit of ascertaining which offer the best results. Putting different strategies to the test would give you an opportunity to refine them according to your financial goals.
3. Management of Different Financial Goals
Not all your financial goals could be in sync. Some would be for long-term growth, while others would target short-term profits. Multiple accounts would allow different trading strategies to be assigned for different targets. You could set up one account for aggressive trading and one for conservative, steady growth.
Now, let us get into the nuts and bolts of how you set up and operate several copy-trading accounts. Here, in a nutshell, is the step-by-step guide for you to get on with:
1. Choosing the Right Platform
Before you get started, it is important to choose a suitable platform. Key things to consider while selecting a copy-trading platform are:
Combiz Services Pvt Ltd has offered Trades Copier to help you connect multiple accounts more easily and simply by copying trades from one master account to multiple slave accounts.
2. How to Set Up Your Accounts
After selecting a platform, you must set up your accounts. The following points need to be followed:
3. Allocating Funds Across Accounts
Your investment strategy should guide how you allocate funds across your multiple accounts:
4. Setting Up Copy Trading
Now that your accounts are set up and funded, it is time to configure the settings of your accounts.
5. Monitoring and Management of Accounts
To verify the success of your copy trading strategy, it is very important to monitor it constantly. Here is what you are about to do:
6. Optimizing Performance
To maximize your success:
Yes, copy trading is legal in India provided guidelines as specified by national regulatory bodies such as the Securities and Exchange Board of India (SEBI) are followed. Proper adherence to a regulated and secured site while copy trading is also encouraged. The platform of a company like Combiz Services Pvt Ltd therefore takes care of all necessary regulatory compliances and assures safe and secure trading for its users in India.
The uses of copy trading on multiple accounts are many, including risk management, testing various strategies, and reaching different financial targets. You will then be able to manage multiple accounts really easily and also diversify your investments effectively by following this guide and using the Trades Copier technology from Combiz Services Pvt Ltd.
Copy trading makes entering the market simple, and with the right tools, it turns into a much larger and more powerful beast. So why limit yourself to one account? Open an account with multiple accounts today and find out!