4 CopyFX Success Tips
4 CopyFX Success Tips To Take Your Passive Profits To The Next Level
CopyFX is an excellent opportunity for investors to put their money to work and take advantage of the high profit potential Forex market on autopilot. Basically, investors can copy already profitable Forex traders 100% hands free.
CopyFX is a set-and-forget, passive profits generator. But you can boost your profit potential by following these 4 CopyFX success tips.
CopyFX Success Tips include making sure you are eligible to use CopyFX first, only following one trader per account, sticking it out for the long term and boosting the power of compound interest by adding to your accounts regularly.
By itself, CopyFX is a tremendous wealth building opportunity. But why not boost your profit potential even more by following these CopyFX Success Tips?
CopyFX Success Tip #1:
Make Sure You Can Open Account At RoboForex
Time is money, right? So, let’s make sure you are not wasting your time researching CopyFX.
CopyFX trade copy service is run by the RoboForex broker. Therefore, in order to be able to copy traders in the CopyFX service, you need to be able to open and fund an account with RoboForex.
As is the case with most Forex brokers, where you reside in the world determines where you can open a broker account. This means there are some restricted countries and not everyone is eligible to open an account at RoboForex.
This is taken from the RoboForex website:
RoboForex Ltd and it affiliates don’t work on the territory of the USA, Canada, Japan, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, Micronesia, Northern Mariana Islands, Svalbard and Jan Mayen, South Sudan, and other restricted countries.
So, if you are from one of these restricted countries, you won’t be able to use this broker, which means you won’t be able to participate in the CopyFX service.
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I personally tried to mitigate the impact of these restrictions by also offering my trade copying directly through the MT4 platform using MQL5.com. You can see what I am talking about here: How To Copy PMTW Trades Using MQL5 Signals Furthermore, you can always trade my signals manually in only a few minutes a day: Forex Signals Blast Off |
If you are not from one of these restricted countries, you can open an account at RoboForex and use the CopyFX service.
CopyFX Success Tip #2:
Take A Single Focus Approach
One of the great things about CopyFX is your investment never leaves YOUR account and you maintain control of the risk. You are not passing your money to a 3rd party and losing control of what happens from there.
Therefore, one of the possibilities of using CopyFX is to create a portfolio by following multiple successful traders in the same account. Basically, you can dedicate a portion of your account to following one trader, another portion to copying another trader, etc.
On its face, this might sound like a great opportunity. After all, you can have more trades from more traders… which must mean more profits, right?
Well, in my experience, more is not always better when you are talking about Forex trading.
In my own Forex trading, I take a single focus approach. I focus on one currency pair per account, and add income streams by adding accounts to my portfolio, not currency pairs to my accounts. (You can read more about this here: Ignore “Pro” Trading Advice And Exploit At Home Forex Trader Advantages To Boost Profitability, Beat Other Investment Returns & Reach Your Financial Goals In The Shortest Time Possible)
In a nutshell, I am not a fan of trading a lot of currency pairs to one account. And this same thought process holds true for CopyFX users.
Just think about it…
You chose a CopyFX Trader to follow because you are happy with their performance. So why don’t you set up a dedicated account to follow that trader to tap into those same results?
If you change things, don’t expect to get similar results.
My recommendation: When you find a trader on CopyFX you want to copy, set up an account that only follows that trader. Furthermore, when you set up your risk parameters, choose “Proportional” so you are using the same risk the trader uses, only proportional to your account balance.
If you are happy enough with the performance to want to copy their traders, copy the trades as closely as possible by setting up one account to copy the trades as closely as possible.
Bonus CopyFX Success Tip: If you know which CopyFX Trader you want to follow before you open your account, use the SAME account type and leverage as the CopyFX Trader. This is not 100% necessary, but it will provide for the best trade copy environment since it closely mirrors the account you are copying.
CopyFX Success Tip #3:
Don’t Remove Your Profits
A lot of people look at Forex trading as a way to “make money”. They want to make a certain amount of money from their investment over a short period of time (like a month), and take the money out on a regular basis.
I believe this is a very inefficient way to look at Forex trading. I prefer to look at my Forex trading activities as “wealth accumulation”. Basically, I use strategically designed Forex trading to accumulate wealth faster than other investment methods.
Here is an example of one of my accounts:
The goal of my trading is to make high profit potential trades and grow my account as fast as possible. And the account gets a boost in profits by taking advantage of the power of compound interest. (To learn more about compound interest, read this post: How To Get Compound Interest To Accelerate Gains & Maximize Wealth Creation So You Can Accumulate The Money You Need In The Time You Have)
Instead of taking my profits out at regular intervals, I want my profits to stay in my account so I can make higher and higher profits. Compound interest supercharges the profit potential over time… which is exactly what I want.
The only way to reap the rewards of compound interest is to keep your profits in the account.
My recommendation: Take a long term approach when using CopyFX. Set up your account to copy your chosen trader, then leave it alone. Over time your account grows, and the profit potential grows as well.
Basically, once you set things up, you should leave it alone, except if you want to boost the power of compound interest even more.
CopyFX Success Tip #4:
Add Funds To Your Account Regularly
In the previous tip, you see how important it is to leave your profits in your account to increase your profit potential in the future. The more money in your account, the higher your potential earnings.
One way to boost the power of compound interest even more is to ADD funds to your account when you can. Or, you can add small amounts to your account on a schedule, say monthly.
I know a lot of people want to look at this as a one time investment, and then nothing more. But relying solely on the trading to grow your account can dramatically reduce your earning power.
Let’s look at an example from a blog post of mine: 3 Forex Trading Hacks To Boost Profitability And Shorten The Path To Achieving Your Financial Goals
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Let’s say you want to start with a $2000 account. And let’s say for argument’s sake you trade for 5 years with an average of 30% gains per year without taking any money out. This is just a very simple example, and as you already know we can do a lot better than this. But I just want to make a point. Here is what would happen due to compounding…
You start with $2000 and end up with $7,425.86 after 5 years. Not bad. But let’s see what happens if you start with $2000 and add just $100 a month to your account with the same 30% gains per year for 5 years.
You start with the same $2000, but end up with $20,040.98 after 5 years. That is a tremendous improvement! Instead of $5,425 earned from your trading, you got $12,040… more than DOUBLE. By systematically adding just a small amount per month, and then making gains on these additions as well, you can greatly increase the speed of your account growth. |
The point is this… adding small amounts to your accounts regularly can supercharge your earning power over time.
My recommendation: Not only do I advocate for keeping your money in your account over the long term, but I also recommend ADDING to your accounts on a regular basis. The more money in your account, the bigger the profits and the higher the profit potential over time.
Bonus CopyFX Success Tip: Since you are not paying “out of pocket” to compensate the trader you are copying… why not “pretend” you are. Pretend you are paying a subscription fee… but instead of having to pay the trader, you ADD this to your trading account to increase the earning potential.
Adding to your account on a regular basis can offset the impact of paying commissions by increasing your account balance which increases your profit potential.
CopyFX Success Tips Conclusion
Using CopyFX can help you tap into the high profit potential of Forex trading, without having to learn anything new or spending hours in front of the charts. Simply copy already profitable traders for a true passive wealth building opportunity.
So, deciding to use CopyFX can be a smart choice.
But don’t limit your earning power by taking your profits out too early or failing to add to your investment accounts on a regular basis. Use the CopyFX success tips to maximize your earning power.
See everything I’m doing to accumulate wealth faster and secure my financial future here: Put Money To Work
To Your Wealth,
Edward Lomax
Disclaimer: Ever since you got your first coin and could decide what to do with it, you became your own money manager. I am not your financial advisor, but you can learn from my example and do your own research. Some posts may contain affiliate links, where at no cost to you, I may receive a small compensation.
