All traders have heard the concept of social trading. However, not everyone knows what it is and what it is for. Social trading, or copy trading, is the copying of traders’ trades.
Tradefollow Review – Mirror trading and copy trading system. What is MIRROR TRADING and why binary options brokers offer traders to follow the trades of other traders.
What is Tradefollow social trading?
Tradefollow is a new system that allows a trader to copy trades of other traders. Functionality on the trading platforms of many binary options brokers. The process is automated, the trader chooses who to follow and whose trade to copy. Tradefollow is copying trades on autopilot.
The social trading platform shows the statistics and activity of traders at the broker. In such a way that we can copy trades manually or put the trade on the machine. We can also see trends in individual assets.
How Tradefollow Works
The program is provided by the trading platform provider SpotOption. This system selects the most successful binary options traders based on statistical data. The number of transactions, the percentage of successful ones and the total deposit of the trader are checked. This is reminiscent of a PAMM account. However, the trader himself decides the risks and chooses a trader to copy trades.
There are several options for working with the tradefall program (social trading)
- The first option is to choose a trader from the list and copy his trades yourself
- The second option is to put on the machine so that transactions are opened automatically
As you can see in the figure, we can choose a trader to follow according to statistics and its results
ON THE PLATFORM, YOU CAN CHOOSE A TRADER ACCORDING TO STATISTICS, SEE WHAT COUNTRY HE IS FROM AND HOW MANY SUCCESSFUL TRADES HE HAS IN HISTORY. BY FILTERING, YOU CAN ALSO SELECT BY ASSETS AND TRADING TIME. YOU CAN ALSO DETERMINE THE GENERAL TREND AND INTEREST OF TRADERS.
How to start using Tradefollow
The system is very easy to use. In order to start making money on binary options, it is enough to choose a trader and start copying his trades.
It is important to remember that it is imperative to check the statistics and remember that many traders do not earn over time, because of the risks. Be sure to check the trader’s long-term trading time period.
How to Choose Traders to Track Tradefollow
After switching to the broker’s platform, you can see a list of the best traders and their trading statistics.
You can choose either one or more traders. The list includes only active traders of the broker who have been trading and maintaining real accounts for at least several months.
A trader must be selected according to several parameters:
- Rating – A trader’s place compared to other traders in asset trading.
- The success rate is the ratio of positive trades to negative ones. The higher the value, the better the trader. Of course, in order to earn a percentage, it must be above 60%.
- Followers – The number of people who follow this trader shows the popularity of the trader. The more people copy his trades, most likely he has better results.
- Positions – the number of positions opened by the trader
- The amount of the trader’s profit is an increase in the trader’s deposit. The larger the amount, the better the result for the trader.
In the Tradefollow system, there is an option to select a trader by asset. To do this, you need to select an asset and a rating of traders, with the indicators of transactions and performance will change accordingly.
How to start copying trades.
After we have selected the trader whose trades we will copy, we need to configure three more parameters.
Tracking settings
- Period – determine for what period we want to copy trades. From 1 day to a year. It is best to do the test for a couple of days.
- Investment – the maximum investment in the transaction. The amount of investment depends on your deposit. We do not advise you to make transactions for $ 500 if there is only $ 500 on the account. One wrong trade can deprive you of your deposit.
- Limit – the maximum amount of all transactions. You can cancel this feature. Limits are needed. So the trader can control the risks. This distinguishes this system from the rest.
After selecting a broker and settings, you need to click on the “Track” button and you will automatically start copying the trader’s trade.
Reports on the auction will be sent to you by mail daily.
How to Stop Tracking Traders’ Trades
If you decide to stop copying, just click on the “Tracked” button and stop copying trades.
As you open trades, you will see them in your history.
Inference:
TRADE FOLLOW is a great tool for both professional traders and beginners. If you use a binary options strategy, you can check the result against the history of transactions and extract additional benefits.
Transaction statistics will immediately give you an idea of what deposit to use and what earnings to expect.
Using Tradefollow, you have a real chance to earn and learn how to trade.
Some brokers call this service differently: Tradefollow, Followme, Mirror trading , etc
Best Binary Options Brokers Offering Tradefollow
