Last update 2020.08.07
Once upon a time but not so long ago the words ‘financial markets’ painted a picture of suited men huddled over desks and phones intently watching black and white screens. Fast forward two decades and an exponential leap into the technological era later, the financial markets are not only accessible from your sitting room, but to almost anyone who wants to trade and learn the craft can get involved. Even novice traders and those with limited time can trade, thanks to innovations like copy and social trading in forex.
Currently, the foreign exchange market (forex) has an estimated turnover of $5 trillion worth of transactions daily. That ten-digit figure has people flocking to find ways to take a bite of potential profits by trying their hand at trading.
With the actual willingness to post everything online we can see what influence and successful people are doing in their own investments, so we can mirror their movements and try to make the same profits. It is called Copy and Social Trading.
Copy trading means that anyone with only a basic understanding of the financial markets and forex trading, can access trading opportunities- without spending years familiarizing themselves with the technical and fundamentals of the market. Copy trading also provides potential opportunities to trade to those who lack the time to follow every market twist and turn.
This sounds very enticing. Instead of constantly reading news and trying to draw conclusions, and spending much time with the technical analysis of price movements, you just copy successful traders.
To copy forex traders means to invest capital into the strategy of a suitable forex trader. Your positions mirror theirs, and you pay an agreed percentage on any profitable trades. However, while you share all of the potential rewards, you also share all of the risks. So, choose your trader to copy carefully.
Basically, the Copy Trading provider gathers people who are available to share its investment strategy using monetary or non-monetary incentives.
Portals like eToro.com are recognized worldwide for being the first to move from automated trading operations to Copy and Social Trending. There you can find the outcomes of other participants and can copy their operations with different degrees of automation.
There are lots of Portals trying to outstand in Forex
These portals do it by calling its strategy by different names, like mirror trades, copy trades and social trades. They have the same basic concept: if someone is making money trading, I can do the same if I have all the information.
But there is a catch, because if you stimulate the ego of traders to be more profitable than others (and probably paying something to the best players) them, they probably will take more risk to try to be in the top list of returns.
It can be riskier to traders which follow them blindly. Remember, past results do not guarantee future returns.
The growing use of Artificial Intelligence (AI) relies in its capability of being more “cold” than social traders trying to gather more followers to improve its reputation. That is where the bigger risk resided.
Probably nowadays the social traders are also using tools such bots and Artificial Intelligence in their trading decision-making process (but probably they will not show you that in full details for free).
Copy Trade strategy is well-known nowadays, that is what Wiseinvest provide to all our customers. But instead of following a flesh-and-blood person you will follow a powerful Artificial Intelligence to trade forex.
Wise trades are better than the standard Copy and Social Trading Systems because it is not dependent on human mood. You can trade automated with AI or manually with forex signals. Another advantage of Wiseinvest is that you can trade in the Broker of your choice. In doing so, you can pay lower spreads.
By using Wiseinvest AI Trading system, there are also other features like our Risk Management which helps to calculate the position size more appropriate for your investment capability.
- Copy and Social Trading is an easy to follow strategy: There you can see the previews, results of whom you will follow.
- A disadvantage about trading in platforms like eToro.com is the high costs.
- What Wiseinvest provides to you is even better with automated AI and you can trade in the broker of your choice with forex signals.
- You will follow an Artificial Intelligence Agent: which is not susceptible to mood swings.
The best way to trade forex
There are two ways to invest with our AI in forex:
1. Automated with AI-Trading. Check out the 3 steps to trade automated with our AI.
Don’t you have a broker account yet? Our AI is integrated to trade automated with the broker Oanda. Click here to open an account.
With Automated AI trading you do not need MT4 / MT5 and other trading platforms to invest in forex. All forex trades are automatically placed into your broker account and you can monitor the AI trading performance directly on our dashboard.
2. Manually with AI forex signals.
Wiseinvest also provides AI forex signals that perfectly fit into MT4, MT5 and any trading platform. To trade with our AI forex signals, you must simply copy the data you receive from each real-time signal into any forex brokerage account of your choice.
There are five unique variables for each AI signal, and each must be copied exactly, in order to match the performance of the signal as close as possible.
Each AI forex signal alert consists of the following five data points:
- Symbol (forex pair)
- Direction (long or short)
- Position size (number of units or lots)
- Take profit (price level to exit with maximum gain)
- Stop loss (price level to exit with maximum loss)
You can trade forex with our free forex signals clicking here, or with our Premium subscription that provides you unlimited AI signals and automated AI trading in partner brokers. Whether you are a beginner or a Professional forex trader, our AI trading system can help you save time and improve your trading performance. Get started with free AI.
- Subscribe to a Wise-Plan.
- Open a Brokerage account. Check this article about the best forex Brokers.
- Set an amount and a position size on your Wiseinvest dashboard.
- Copy the signals that we will send to you via email and paste you’re your Brokerage account.
The forex signals are sent every time that our trading system powered by Artificial Intelligence (AI forex system) identifies a new trading opportunity.
When investing through Wiseinvest automated AI trading or AI forex signals, you do not need to calculate or change the leverage in your forex broker account. Learn more about leverage in forex trading clicking here.
“If I have seen further than others, it is by standing upon the shoulders of giants” – Isaac Newton. Wise Signals can make you seen further too!
Disclaimer: Forex and Contracts for Difference (CFDs) are complex instruments and come with a high risk of losing money due to leverage. Forex trading is not suitable for everyone. You should consider whether you understand how forex and CFDs work and whether you can afford to take the high risk of losing your money.
The forex brokerages displayed shall disclaim the overall performance of traders in their platforms. Oanda warns that 76.8% of retail forex traders lose money trading CFDs. XTB warns that 80% of retail forex traders lose money trading CFDs. The forex broker Fxcm warns that 69.66% of retail forex traders lose money trading CFDs.
The performances aforementioned are not related to Wiseinvest AI forex trading and AI forex signals system. You can check the performance of our AI forex system on our dashboard.