How to Pick the Best Trader to Copy on OctaFX

It is now easy to access the forex market, thanks to the multiple brokerage firms available. However, generating profits from the financial markets is where the problem comes in. Data shows that 80% of traders lose money, especially those with little trading experience. But we have good news for you. Reliable brokers like OctaFX have introduced a feature called copy trading, which allows beginners to follow the trading strategies of seasoned traders. Read on to understand how to pick a top master trader on the OctaFX copy trading platform.

OctaFX Copy Trading

Launched in 2011, OctaFX is a well-known brokerage firm with a presence in over 150 countries. As of November 2023, this broker boasts 10.5 million trading accounts. Three aspects that make OctaFX stand out are its excellent customer support, low trading costs, and a wide range of educational material.

You can download the OctaFX mobile app on Google Play Store to start copying seasoned traders’ trades. The broker’s copy trading feature lets you copy multiple master traders at once and does not charge you any fee to use it. You only pay the copied trader a commission after making profits.

Choosing the Best Trader to Copy

Selecting the trader to copy is a process that must be taken seriously. That’s because you risk losing your entire investment if you pick an unprofitable lead trader. However, given the long list of master traders on the OctaFX copy trading platform, choosing the right one can be challenging. But don’t worry; we will help you pick your preffered master trader based on the following aspects:

Risk Level

Lead traders have varying risk appetite. Some are conservative, while others don’t mind risking it all. As a beginner, it’s only right that you pick a conservative trader. But how do you identify such a trader on OctaFX? Well, the broker displays the risk level of every master trader on their profile. This risk level is measured on a scale of 1 -5. If the master trader has a rating of 4 or 5, then they are considered high-risk takers.

Returns

Selecting a lead trader with consistent positive results is key. OctaFX gives you access to the traders’ trading performance to help you identify those with consistent winning trades. It is advisable to choose traders with small but consistent gains over a long time and avoid those who win massively in the first months and then lose significantly in the months that follow.

Trading Performance

When analyzing the trading performance of a lead trader, check their winning rate. Make sure it is above 70%.

Number of Copy Traders

The number of OctaFX users following trades of a master trader says a lot about that trader. The more the copiers, the higher the possibility that the master trader is reliable and consistent in recording positive results.

Copying Trades on OctaFX

Follow these steps to start using the OctaFX copy trading feature:

Step 1: Create an OctaFX trading account and make a deposit.

Step 2: Click “Copy Trading” and select your preffered lead trader using the criteria discussed above.

Step 3: Hit “Copy” on the selected lead trader and allocate funds.

Step 4: Monitor the copied trades on your account. Note that you can close them or make adjustments at any time.