How To Choose A CopyFX Trader To Copy
How To Choose A
CopyFX Trader To Copy
RoboForex CopyFX is a proprietary copy trade investment platform by the RoboForex group. Investors can copy already successful traders and have their trades automatically duplicated on their trading platform… 100% hands free.
The ability to copy profitable traders on autopilot makes CopyFX an incredible passive income opportunity with extraordinary profit potential. And it is extremely easy to get started using RoboForex CopyFX… if you know how to choose the right CopyFX Traders to copy.
IMPORTANT: I will reveal my Top Pick CopyFX Trader to copy as an investor below.
Choosing CopyF Traders to copy is more of an art form compared to having some mathematical formula to follow. Yes, there are a lot of statistics to take into account… but visualizing how everything fits together is just as important as the raw data.
In this blog post, I’ll go over what I look for in a CopyFX Trader using an example of a CopyFX Trader I personally like.
But before we get started, there is an important question I must ask you…
Are You Eligible To Use RoboForex 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.
On the other hand, if you are not in one of the restricted countries you can open an account with RoboForex and start copying CopyFX Traders on autopilot.
What I Look For In A CopyFX Trader To Copy
Some people might think it is really simple to choose a CopyFX Trader to copy. You just look for the most profitable, right?
Well, not so fast. There are some other characteristics to take into consideration as well. Or, at least that is how I do it.
Here is what I look for:
CopyFX Trader Profitability
Of course you want to copy a profitable trader. That goes without saying. But take a look at the profitability graph. Does anything look off to you?
For example, if you look at a graph and it has a huge gain or huge loss, it might mean they used higher risk for that particular trade. Don’t expect profits to go straight up… but make sure the graph reflects “real and systematic” trading activity.
This graph looks nice. A steady growth curve, with some flat areas (no trading) and some dips (losses). This reflects what I would expect to see from real trading.
CopyFX Trader Drawdown
Being profitable is one thing, but how much drawdown you must endure to get those profits is another. Imagine a drawdown of 50% or higher. Are you willing to see 50% of your account disappear, even if it eventually ends up being profitable?
Hey, trading is messy, so I expect drawdowns and losses along the way. But I would prefer not to copy CopyFX Traders with drawdown over 20%-30%.
You need to find the sweet spot between drawdown and profit potential.
CopyFX Trader Stats
From the previous snapshot we see this account was opened 84 days ago. In that time there were 90 trades. So, we can figure this to be an average of 1-2 trades a day.
I like this trading frequency because it means there is not high frequency trading going on. If in this same time period there were 3000 trades, then this means there are going to be a lot of trades placed at one time, or for very short duration. (That is not my style of trading).
Placing hundreds of trades a day is not only an inefficient way of trading (you are paying a lot of spread costs, but it can easily get your account in trouble, especially if you are trading a smaller account. So look for a reasonable trading frequency.
The win rate is over 86%, which is excellent. This type of win rate means you are going to have an easier time copying the CopyFX Trader because there shouldn’t be a lot of losses to suffer through.
You can also see the average trade time of almost 3 hours. So, we can surmise this to be a day trading strategy.
I can also see the best trade was about 3 TIMES that of the worst trade. This indicates the trader is trading with a high risk to reward rate… which I like to see. At least there is going to be the possibility of some high risk to reward trades, unlike a scalping strategy.
CopyFX Trader Copy Conditions
If I am going to copy a CopyFX Trader, I must also look at the trade copy conditions. If the commissions are too high, the profitability of following this trader is going to be greatly reduced… even if the profit potential is high.
In this case the CopyFX Trader is compensated by taking 20% of the profits they make you each week. I like this scenario because it means I don’t have to take any money “out of pocket” to pay for a subscription. I only pay the trader if they make me money, and the commission comes from the profits.
Basically, the trader does all the work… and I keep 80% of the profits. That’s a good deal.
I can also see there are 417 investors copying this account, so I guess I’m not the only one that likes this CopyFX Trader. (While this is nice to see, I do take into account that new accounts that are good might not have many investors yet).
CopyFX Trader Pairs
I like to get an idea what markets they are trading. Are they trading 15 different currency pairs and other markets, or sticking with a limited number of markets?
In this case, the CopyFX Trader is focused on only two markets… Gold and EURUSD. (I personally like this because I am not currently trading those markets… so this is a nice way to diversify my investments).
CopyFX Trader Synergy
In the beginning of this blog post, I stated that choosing a CopyFX Trader to follow was more art than a mathematical formula. Instead of focusing on one or two stats and crunching some numbers, I look at how a lot of things work together synergistically.
Ultimately, I’m looking for profitable trading without a large drawdown and a good win rate that makes more on winning trades than it loses on losing trades. I’m also preferential to a trading style that isn’t too high frequency.
The above CopyFX Trader checks all those boxes.
I’m also looking for Trade Copy conditions that allow me to get started with a limited investment and doesn’t charge too much in commissions. Being able to keep 80% of the profits from this trader is to my liking.
I’m also pleased to see this CopyFX Trader focuses on markets I am not currently trading. This gives me the ability to profit in these markets without having to add it to my daily trading.
So, when you put it all together, I believe this CopyFX Trader to be exactly what I’m looking for. After looking at literally hundreds of CopyFX Traders, this is my #1 choice for a CopyFX Trader to copy as an investor.
Final Thoughts On CopyFX Traders To Copy
There is a dilemma when people look for CopyFX Traders to copy.
Copying CopyFX Traders is an excellent opportunity for people who don’t know how to profit from trading the markets. They can leverage other people’s knowledge, experience and skill to extract profits from a market without learning to trade on their own, or spending long hours in front of the computer.
But if they don’t already have trading experience… How are they going to be able to identify the best CopyFX Traders to copy?
See the problem?
I am in the unique position to be able to identify CopyFX Traders to copy because I can trade profitably. I know what to look for. Or, better said, I know what I am looking for.
And after studying hundreds of CopyFX Traders, this is my top pick.
As a matter of fact, I’m always looking to add income streams to my wealth accumulation activities. And this one checks all the boxes of what I am looking for in a CopyFX Trader.
I hope you learned something, and can apply what you learned to your own research.
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.
