Pocket Option has emerged as an innovative platform, offering various features to enhance the trading experience. One such feature that has gathered a lot of attention is its copy trading service, a mechanism that allows users to replicate the trades of experienced investors seamlessly. As the experts at TU delve into this Pocket Option copy trading review for 2023, they aim to dissect the functionalities, advantages, and potential drawbacks of this feature.
Yes, Pocket Option copy trading is legitimate, operating within the regulatory framework of the International Financial Markets Relations Regulation Centre (IFMRRC). However, the specific regulatory scenario around the service in your own country must also be considered alongside the regulation of IFMRRC.
Copy trading in Pocket Option involves selecting experienced traders, replicating their trades automatically, and mirroring their strategies to potentially achieve similar market success.
No, copy trading carries inherent risks. While it can be profitable, it’s not risk-free, and users should carefully consider the potential downsides.
The success rate in copy trading varies and depends on factors such as the chosen trader’s strategy, market conditions, and risk management. There’s no guaranteed success, and users should approach it with realistic expectations.
Copy trading represents an investment approach where individuals replicate the trading activities of more experienced investors across various financial markets like Forex, cryptocurrencies, and stocks. This method proves particularly beneficial for novice traders seeking to learn from seasoned investors and for those with limited time to actively participate in the market. The process involves several steps, starting with the selection of a reliable trading platform offering copy trading features. Next, users identify and follow a profitable trader with a proven track record on the chosen platform. Once this trader is selected, the platform automatically mirrors their trades on the user’s account, providing exposure to similar market positions and potential profits.
Pocket Option’s copy trading services are exclusively available to registered users. The social trading feature, however, is not accessible on a demo account. To activate this function, users need to make a real deposit of $10 or more. It is advisable for beginners to consider an initial deposit ranging from $50 to $100 to experience positive results without risking potential losses.
The social trading process on Pocket Option follows a straightforward scheme: an experienced trader places a bet on a financial asset, encompassing currency pairs, stocks, cryptocurrencies, or commodities. Subsequently, other traders have the option to replicate the parameters of this experienced trader’s transaction. This method allows users to experiment with different strategies, increasing the likelihood of profitable trades. Noteworthy information about the trader, such as activity, % of profitable bets, minimum and maximum bet amounts, number of subscribers, trade turnover, and actual profit, is provided, aiding users in informed decision-making.
With automatic copying of trades, novices receive tips from experienced traders. Those whose trades are frequently copied can earn additional income and establish a reputation in the binary options market.
Pocket Option offers various tabs within the Social Trading feature to enhance the copying experience
Displays traders with the most profits, providing detailed information on their activities, level, copies, and watchers. Users can easily copy trades or add traders to their watchlist.
Lists top-ranked traders within the last 24 hours, with options to copy trades based on recent performance.
Features the leading 100 traders based on specific metrics like the number of trades, profitable deals, and profit. Users can click on a profile to access detailed information.
Displays a list of previously copied traders for reference.
Allows users to identify traders copying their trades, offering the option to block them if desired.
Shows profiles of watched traders, including total daily profit and active times.
Lists individuals currently watching your trades, providing the option to block watchers for privacy and strategy protection.
One notable drawback of engaging in copy trading is the absence of control over the ongoing trades. While users can set parameters to influence the copied trade’s favorability, critical aspects like strategies, trading decisions, and money-management strategies remain under the control of the copied trader.
Further, copy trading often involves high-budget transactions. For those with limited financial resources, especially when dealing with substantial original orders, copying trades may not be an ideal decision. It’s essential to align your risk tolerance with the selected traders, given that the executed trades happen without your direct involvement.
Locating a trader to copy is the initial step, accomplished through tabs like Top Ranked Trades, Top Ranked Traders for the Last 24h, and Top 100 Traders. Factors like the number of trades, profitable deals percentage, and total profit can be assessed in the Top 100 Traders tab. Look into the trader’s profile details, including trading turnover, maximum and minimum trading amounts, max profit per deal, copies, watchers, etc., ensuring the selected trader employs a successful strategy.
Once a suitable trader is identified, customize the copy settings according to your preferences. Click the ‘Copy Trades’ tab on the trader’s profile to access these settings. Adjust the ‘copy in proportion’ to specify the amount you want to copy, set a ‘Stop Balance’ as a stop-loss measure, define the ‘Minimum Copy Trade Amount’ to halt trades below a specified amount, and establish a ‘Max Copy Trade Amount’ to prevent trades exceeding a designated amount.
After configuring the copy settings, proceed to copy the trader by clicking the ‘Confirm’ button on the trader’s profile. A confirmation window will display the copied trader and associated copy settings. These settings can be edited at any time by clicking the ‘edit’ button below. To stop copying the trader, click the ‘Stop Copying’ button in the left corner.
With the goal of making profits in mind, the next step is to consider withdrawing funds when your account balance reflects successful trades. Pocket Option facilitates withdrawals through a user-friendly process, accessible with a simple click on the withdrawal button.
Pocket Option employs a commission-based funding approach for its copy trading service, distinct from spreads. Users engaging in binary options trading accounts are subject to a standard commission of approximately $0.5 per trade. Beyond this, there are overnight or swap fees associated with positions held for more than a single trading day, and these fees triple from Wednesday to Thursday.
Here are key steps and factors to weigh in when choosing a trader to copy
Check the trader’s profile details, like equity growth, risk level, maximum drawdown, and performance charts. A proven track record over the last 12 months or more is crucial.
Prioritize traders displaying consistent returns rather than sporadic gains. Analyze the historical performance graph to gauge their reliability.
Opt for traders with lower risk scores, indicating more stability and a propensity for less risky trades.
Examine the trader’s current open trades to grasp their prevailing strategy and risk level.
A lower drawdown coupled with a high percentage of winning trades signifies a reliable trader.
In Pocket Option’s broker list, select a trader based on your preference for copying trading signals. Evaluate the potential mentor’s skills, current ratings, profile, and work parameters. Observe their actions on the platform for a period to make an informed decision.
When choosing a trader, consider that a 50/50 success rate implies randomness, resembling a casino rather than strategic trading. Focus on traders with a track record of profitable transactions exceeding 60%, with the ideal threshold being those closing in profit from 75%. Click the green «Copy» button after ensuring all details align with your preferences and proceed to make specific settings in a new window.
Pocket Option stands as a well-established trading platform, regulated by the International Financial Markets Relations Regulation Centre (IFMRRC). With over six years of operational experience, Pocket Option has witnessed significant user growth and boasts nearly 2,000 five-star reviews on Trustpilot, an independent review platform. This track record contributes to the platform’s perceived safety and reliability. Nevertheless, users should exercise diligence and consider their investment choices and associated risks, as is prudent in any trading activity.
