The world of forex trading can be difficult to understand, especially when you are new to it. You can see Forex as something that has similarities to the stock market, but there are lots of difference. First of all is the terminology used in Forex, which is quite different from the stock market you know. So before moving into forex trading, you will have a lot of things to learn. Not everyone is perfect in trading forex (it’s not possible to have a perfect trade all the time), so one of the questions most asked by retail trader who are new to this is- “how to make money in forex without actually trading?” Is this possible? Yes it’s possible, you can make money in Forex without actually trading. This type of forex trading is what we call the Mirror Trading System.
How to Make Money in Forex Without Actually Trading?
What is Mirror Trading? This type of trading emerged in the early 2000’s. It’s a system of forex trading where you are allowed to follow the trading style and trade of another trader. So if you are still looking for a perfect strategy to use, you may need to stop looking and try out the mirror trading system which is now extremely popular in forex trading. This type of trading is simple and useful, but before you get into it you will need to know more about it, and how to choose a good trader.
Mirror Trading is a method that allows a trader to make his choice from a host of trading strategies which will then be implemented on their account. Yes, as mentioned above mirror trading is simple and useful, but that doesn’t mean mirror trading is a set-and-forget. Trading of any sort carries risk, and there is no difference in mirror trading. What makes mirror trading much better than any other is because it can reduce the risk of making bad trades, and will increase the chances of making profits in forex trading. Mirror Trading is much better than the traditional trading bots, but you will have to make use of it the right way. Making use of it incorrectly will open your account to losses.
How to Find A Good Trader to Follow
Finding a good trader and implementing their strategy on your account is what mirror trading is all about. If you make a bad choice, you will end up with losses. But how do you find the pro’s? This can be quite simple, you will need to follow the steps below.
- Start by finding the Most followed professionals- Most of the people who involves in mirror trading will always like to start with searching for professional traders who are the “most copied”. This can be effective in increasing your chances of making profits, so you can start with this.
- Find pro’s with consistent monthly performance figures- that they are the “most copied” doesn’t mean they can’t make a loss, there are forex trading gurus who might be at the top 10 but will lose sometimes. Do not rush, try to put in time into this and analyze the additional statistics. This will lead to long-term results. Try to find a trader with a consistent monthly performance figures if you are looking for a lower risk trader.
- Take a look at the trader’s followers/copiers– when analyzing the trader’s, try to take a look at his copiers graph. If there is a steady increase, without them having large sudden fall, then you have got yourself a “professional trader”.
- Try to check the trader’s Max. historic drawdown %– check this by daily, monthly, and yearly. But don’t forget that the level might become higher in the future.
- Check how long they’ve spent on the platform, and the number of trades done– if the trader have stayed long on the platform, then that is much better as much people may have tried to copy them. Not only checking how long they’ve been on the platform, but also check how many trades they’ve done, the more the better.
There are lots of useful strategies you can use in finding professional trader’s, but as you keep working on this the more you will keep learning useful skills. Don’t forget to choose the best platform for forex trading. It’s recommended that you check out at least four different platforms before deciding on which platform to use.
For reliable Forex Brokers, we highly recommend the Forex Brokers that we use – XM Broker and Tickmill. You will absolutely love them as they have tight spreads, fast execution, and excellent customer support.
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