Maybe you have heard that forex trading can bring in high profits (100% + p.a.) and so it is a profitable way to invest your money. Maybe you have tried to trade currencies yourself and maybe not. One way or another, I would like to present you XXX reasons why it is a wise idea to follow and copy other profitable forex social traders on investment networks like Zulutrade and/or eToro Openbook.
Reason #1: Time
Forex trading requires your time. You need to spend a lot of time watching and analyzing charts, various trading indicators, news and fundamentals. Not evereone has enough time to do this properly. Maybe you are all day long at your work, maybe you prefer spending your time on other things like family, fun, hobbies and interests. By copying other forex traders you can leave all hard work onto them and spend your precious time as you wish.
Reason #2: Experiences
To become a profitable forex trader you need a lot of experiences. Those can be gathered by trading, trading and trading. It takes many errors, losses and years to gain experiences. So this takes us back to reason #1, your time. If you are not willing to spend years to gain necessary experiences, you´d be better off to copy profitable traders.
Reason #3: Diversification
Social investing networks allow you to follow and copy more than one signal provider. This way you can diversify your risk among several forex social traders. This is not possible if you trade by yourself.
Reason #4: Education
This reason is similar to reason #2. Before you can see any forex profits you need to educate yourself. Reading forex books, articles, attending seminars or webinars, demo trading….it all requires huge amount of time and patience. If it is not your cup of coffee, simply outsource your forex trading by copying best of the best.
Reason #5: Emotions
I left this reason to the end of my article, but it should be your #1 reason to avoid manual forex trading. There are thousands of well educated traders with sound and profitable trading systems and strategies who end up broke because of their emotions. You can have the best forex system in the world but if you are unable to stay calm and master your emotions you will not become profitable.