Camila O. from Barcelona, Spain: I’d just like to know, how do Ichoose the best traders to copy and do you have a broker to recommend for newbies like me?
Hi Camila and CompariZone readers, here are some general and basic tips on how to choose the best traders to copy on social trading networks:
First, you need to look for traders with a proven track record and consistent results on the social trading network. If it is possible to view their historical performance graphs, the more ideal portfolio to follow is the one that has a gradual increasing graph rather than irregular spikes because this shows consistency.
Another important factor to consider is the number of users who have real money that are following a specific trader. This basically means that the trader has real followers who have real money to risk and not just virtual money for practice trading.
Also check if the trader converses with his followers regarding his market views and the strategies that he is using. In this way you will be able to verify if he is indeed monitoring the markets and determine the possible actions that he will do on specific market conditions.
With regards to your question about the broker to recommend, we highly suggest that you try eToro. They have a revolutionary and user-friendly social investment platform where you can find a lot of traders to follow and copy with just a few clicks. You may click here to access their website.