In the world of advanced technology, people often look for an alternative way to make money. Of course, we are talking here about legal jobs that can be found in the modern world. People are tired of the typical 9-5 job. They want to find something that will ensure them better profit and, more importantly, more free time. One of the common picks that people have is copy trading. But is becoming a trader an easy thing?
Unfortunately, the answer to that question is NO. First and foremost, you need to put into consideration the number of people that have the same goal as you. The competition is extremely tough, and you need to get out of the box to become better than others.
So, what does that mean? It means that you need to find the best strategies and platforms for traders. Fortunately, there are many platforms online that deserve your attention. On the other hand, there are also a variety of successful strategies you can apply during your journey. But we have noticed that people often pick the wrong ones.
Because of that, we would like to highlight some of them that are more valuable than others. Let’s go!
Best Strategies to Improve Your Copy Trading
Before finding the best platform, Spanish people need to find a strategy that will be suitable for some platforms. Of course, keep in mind that neither of these strategies guarantees success 100%. There are many uncertainties and unexpected changes in the market that could appear.
Because of that, as a good trader, you need to be ready for them. The best thing you can do is to collaborate with brokers that can guide you in difficult moments. For example, have you ever heard about XM Spain? XM Spain is one of the best alternatives you can find, and we suggest you check out Estafa.info to grab more details about this potential solution.
Anyway, when we talk about strategies you can implement on your own, there are three of them worth mentioning. They are:
- Scalping
- Position Trading
- Swing Trading
Let’s analyze each one!
Scalping
Well, this strategy is not going to be good for everyone. However, it will be perfect for all the traders that want to open and close their positions in a short period. Believe it or not, the timeline for the actions you need to complete will, in some cases, even be a couple of seconds.
In other words, you are actually following the small trends that appear in any market. You won’t manage to earn a lot of money this way, but you will certainly ensure that your losses aren’t big. That happens because you are not exposing yourself to any major risks.
Position Trading
The position trading strategy is actually completely opposite from the previous strategy. If you decide on this tactic, then you will keep your position open for months or even years. That means this strategy is good only for those individuals that are patient.
Anyway, is this risky? It can be, but there is an opportunity that you can use to make a profit. Every market in the world is volatile. Some of them have bigger and more frequent changes, others don’t. However, they all have some recovery periods and position traders are aware of that!
They wait for those recovery moments and use them to make a profit. But, if you miss them, then you can find yourself in a big problem. You need to improve your analytical and research skills to prevent this from happening.
Swing Trading
This strategy may be the easiest one to understand for beginners. Generally speaking, with this way of copy trading, you will have only one goal – to buy when the price is the lowest and to sell when the price is the highest. However, there is one problem – you won’t manage to succeed with this strategy if the market you pick is too volatile. On the other hand, if you want to be a medium-term trader, then this strategy is going to be perfect for you.
Just like in the previous case, you need to have analytical skills and do the appropriate technical analysis. However, this time, you are doing it for a bit shorter period. The results you get must show you what is the potential maximum and minimum of any oscillation that can appear.
Best Copy Trading Platforms for Spanish Traders
We do know that the information you get there may not be present in the Spanish educational system. Because of that, we strive to be as precise as possible. When we talk about trading platforms for Spanish people, there truly are a lot of them present online. Unfortunately, not all of them are equally good. If you ask us, some of them are nothing more than a waste of time. That is the reason why we would like to highlight three of them that deserve your attention. They are:
- Plus500
- eToro
- Trading 212
Let’s find out more information about them.
Plus500
This is the number one copy trading platform in terms of popularity. Believe it or not, so far, around 22 million users have been working on it. They are, according to our research, located in 50 different countries. The platform itself offers 2800 trading instruments in total which ensures around 300 billion open positions daily.
Is the platform safe and reputable? Well, the number of users probably confirms that. It uses advanced technology that provides the most accurate results. Apart from that, we have to highlight the loss and limit systems. If you ask us, they are the best ones in the world!
eToro
To be precise, eToro is one giant learning community. The software it uses is reliable for many reasons. It is based on two significant features – financial education and the number of other operators.
The first time eToro appeared on the market was in 2007. But, for three long years, it didn’t attract a lot of people. In 2010, the main achievement happened. They launched a copy trading platform known under the name Open Book. That ensured them the winning award in the next year.
Trading 212
The technology company under this name is located in London, UK. With this tool, you will get the chance to try copy trading on different markets at once. Best of all, the service they offer via their app is completely free. That is probably the main reason why it is that popular in the United Kingdom (and Germany as well).
So, what can you do with this platform? It lets you buy any stock as well as ETFs without any need to pay a commission. We have to admit the spreads are low and the platform itself provides a high level of support in case you get stuck with negative results.
Conclusion
We have finally come to the end of this long article. These are the recommendations that we have based on experience and research. However, that doesn’t mean these two lists are final. We support your desire to continue your research and find the most suitable solution.
Pay close attention to all the features, feedback of previous and current users, and reputation in the mainstream media. That is the only way to make the right decision.