LiveTrades is a copy trading platform that allows traders to automatically replicate the trading activities of experienced traders. In this review, we’ll take a closer look at LiveTrades and explore whether it’s the easiest way to copy trading.
- Registration and Account Setup
To get started with LiveTrades, you need to register for an account. The process is straightforward and requires only your email address and a password. Once your account is set up, you can access the platform and browse the list of traders available for copying.
- Choosing a Trader to Follow
LiveTrades has a wide range of experienced traders to choose from, each with its own trading style and history. You can browse through the list of traders and view their performance metrics, including their win rate, average profit per trade, and maximum drawdown. This allows you to choose a trader that aligns with your trading goals and risk tolerance.
- Connecting Your Brokerage Account
To start copying a trader, you need to connect your brokerage account to LiveTrades. The platform supports a wide range of brokers, including popular options such as eToro, Oanda, and FXCM. You can connect your account by providing your broker login credentials, and LiveTrades will take care of the rest.
- Copying the Trader’s Actions
Once your account is connected, you can start copying the trader’s actions. LiveTrades will automatically replicate the trader’s trades in your account, ensuring that you don’t miss any opportunities. You can adjust the size of the trades to match your account balance and risk tolerance, and you can also set limits to control the amount of risk you’re willing to take.
- Monitoring Your Performance
LiveTrades provides real-time monitoring of your performance, allowing you to track your progress and make adjustments as needed. You can view your account balance, equity, and performance metrics, including your profit and loss and the number of trades you’ve made. This information can help you identify areas where you can improve your trading strategy and adjust your risk management approach.
- Fees
LiveTrades charges a subscription fee to use the platform, which varies depending on the trader you choose to follow. Additionally, some traders may charge a performance fee, which is a percentage of the profits you make from copying their trades. It’s important to consider these fees when choosing a trader to follow, as they can significantly impact your overall returns.
Conclusion
Overall, LiveTrades is a user-friendly platform that makes copy trading accessible to traders of all levels. The platform provides a wide range of experienced traders to choose from, and the automated copying process ensures that you don’t miss any opportunities. However, it’s important to keep in mind that copy trading carries its own risks, and it’s important to carefully choose the trader you want to follow and monitor your performance closely. Additionally, the fees associated with using LiveTrades can add up over time, so it’s important to factor these into your decision-making process.