FirewoodFX ForexCopy – A Simple Way to Copy Experienced Traders

There is a good chance you have come across the phrase “copy trading” if you have been in the trading industry for some time. For beginners, copy trading involves one individual replicating the trades of another. It allows inexperienced traders to make profits even without the necessary trading skills.

FirewoodFX is among the many brokerage firms offering copy trading services. In this article, we will focus on FirewoodFX’s ForexCopy. Keep reading to learn how you can replicate the trades of experts on this platform.

How FirewoodFX’s ForexCopy Works

ForexCopy is a feature on the ForewoodFX platform that lets users follow the trading strategies of skilled traders. Here is how it works:

1. A copy trader (follower) chooses a lead trader (copied trader) who aligns with their risk tolerance and trading goals.

2. A follower allocates a certain of money to the selected lead trader.

3. When the copied trader opens a trade, it’s automatically replicated on the follower’s trading account. The lead trader’s trading parameters, like take profit and stop loss levels, will also appear in the copy trader’s account.

4. A follower can adjust those parameters whenever they wish. Moreover, they can also close the opened trades manually.

How to Get Started With FirewoodFX’s ForexCopy

You need a FirewoodFX account to use the broker’s copy trading feature. Note that you will also require a MetaTrader4 (MT4) account number. That said, follow these steps to start using ForexCopy as a follower:

Step 1: Visit FirewoodFX.com and then hit the “Open Account” button on the homepage.

Step 2: Complete the form that appears to open a real account. Information such as your country of origin, phone number, email, and full name will be required.

Step 3: Once you have submitted that information, FirewoodFX will send details of your trading account, including an MT4 account number, trading password, server, and leverage.

Step 4: Since you have your account details, log in to FirewoodFX using your MT4 account number and password.

Step 5: Select the “Follower” role in the Client Area and then hit “Set.” It is worth mentioning that this role cannot be changed.

Step 6: Choose a lead trader based on your trading objectives and risk tolerance.

Step 7: After selecting an expert trader, enter their MT4 account number and allocate funds. Next, click “Follow.”

Step 8: Your request to copy trades will be sent to the lead trader for their approval. You will receive their response via email. If the request is accepted, your account will be ready to replicate trades.

If you wish to become a lead trader on FirewoodFX, here is how you go about it:

Step 1: Log in to your Firewood account using your MT4 account number and password.

Step 2: Select the “Leader” role and press “Set.” This role also cannot be changed.

Step 3: When a follower sends a request to copy your trades, simply go to the Trade Copy menu and hit “Approve” after verifying the follower’s investment fund and MT4 number.

Terms and Conditions

FirewoodFX has several terms and conditions that users of its ForexCopy platform need to know about. They include:

• Firewood bears no responsibility for losses incurred when using ForexCopy.
• Copy traders agree that their trading account balance information can be shared with the selected lead trader.
• Copy traders with account balances of less than $6 may be considered inactive and, thus, get denied access to ForexCopy.