ICMarkets is the Forex trading platform chosen by many investors. Because ICMarkets always develops the platform and cares about customers’ needs. For many years, ICMarkets has been considered a trading platform with good order-matching speed, providing customers with many great services. Among them is Copy trade ICMarkets passive trading service. So how to copy trade on ICMarkets? Let‘s find out with Learn Forex Trading.
Instructions for Copy Trade ICMarkets are Simple and Easy to Understand
Copy trade What is ICMarkets? How to operate? Let’s find out below.
To be able to copy trade ICMarkets, you first need to have an account on ICMarkets. If you have not yet registered an account, you can register on the website https://icmarkets.com.
After you have an account, access the cTrader section of ICMarkets. Then select the section Copy as shown below:
After pressing the Copy button, the screen will switch to cTrader’s Social Copy Trade interface.
This copy interface of cTrader will be divided into 2 parts. On the left is your account and on the right are the signals provided by traders. Your job now is to choose an expert account to copy trades from them.
See more: Opening and verifying an ICMarkets account
How to manage capital in Copy Trade ICMarkets on the cTrader platform
In this section, Self-Teach Forex will guide you on how to manage capital and how to set stop loss levels in cTrader copy trade.
How to manage capital Copy Trade ICMarkets on cTrader
There are many traders who, because they have no experience, often pour all their money into one transaction. That was the wrong move. In copy trading on ICMarkets, when you copy someone else’s transactions, you are putting all your money and profits on that person. That means that only if the person you copy trades wins, then you make a profit. And if they lose money, you lose money too.
We advise you not to invest in just 1 signal. No matter how positive the signal is, it cannot be 100% certain that it will win. So divide your capital into small parts and invest.
Always set your stop loss based on the signal’s Drawdown level. Let’s say the drawdown level of the signal is about 12%. You should set your stop loss at 20%.
You divide your investment amount into many different signals and set a stop loss of 20%. Even in the bad case of a burned signal, there are still other signals that will bring you profit. It can be easier to understand that when you bet, you should bet on many betting boxes and not put all your money on one door.
How to set stop loss when Copy Trade on Ctrader
To set a stop loss on cTrader’s Copy Trade ICMarkets interface. Click on the 3-dot icon in the window on the left side of the screen. Where to display the signals you are copying. Then select “Set equity stop loss”.
Next, drag the slider to your desired stop loss level. The meaning of setting this stop loss level is that when your account becomes negative to the level you have set, the system will automatically exit the order and stop copying without further losses.
Things to note when copy trading that traders should know
When copying trade ICMarkets, to limit trading risks. Traders should keep a few things in mind:
Do not copy when the signal has an unclosed order
After choosing a signal that suits your requirements. You decide to copy the transaction of that signal. However, before copying, please carefully check to see if the signal is opening any orders. If you have an open order and copy trade, the cTrader system will automatically open an order for you exactly like the open signal orders. The similarity here is the similarity in currency pair and volume. However, your entry position will likely be more imbalanced than the signal you choose to copy.
My advice is to wait for the order to close before starting to copy. Many signals on the exchange do not allow the location card to be displayed. Only members who have copied it can view it. In this case, whether you copy or not is up to you to decide.
See more: How to register ICMarkets broker account
Cost of Copy Trade ICMarkets on cTrader
Participating in copy trade ICMarkets on CTrader will not cost you any fees on this platform. You only pay a fee for copying trading signals. There are 3 types of fees that the provider will have to pay to the signal owner as follows:
Management fee
Is a periodic payment fee that you need to pay to the signal owner regardless of the strategy’s performance, profit, or loss. This management fee is set by the signal owner, as a percentage/year of your equity. But this management fee cannot exceed 10%. It is accumulated every day and charged at the end of the month. It is also charged if you remove funds or stop copying signals.
Performance fees
Is the percentage of net profit in a successful trading strategy? Performance fees cannot exceed 50%. If you copy several different strategies, a performance fee will be applied to each dedicated copying trading account. It is also charged if you remove funds or stop copying that strategy.
Volume fee
Is the amount of funds a trader must pay for one million volumes when copied. The maximum is 100 USD. It is calculated for each side and will add to each position. That means if the strategy provider charges a fee, you will pay them 10 USD for opening the position and 10 USD for closing it.
According to practical experience, after many times copy trade ICMarkets, I recommend that you do not choose signals that charge Management Fees and Volume Fees. Because whether you gain or lose, you still have to lose money.
Do not copy signals that only yield 1-2 pips per order
One very important thing before copying a trade from a trader you think is quite good. You need to review their trading history to find the pip size. Reviewing closed trades and finding the pip size of profits and losses. It will help you know how that account owner trades and what the profit and loss ratio is.
Next, you need to look at the issue of price inflation. Your actual results will differ significantly from the results of a signal. That is, if your slippage is 1 pip another trader can make 2 pips profit per trade. Your profit will probably be 50% lower than their trading. However, if they make 10 pips on each trade then your result will be 90% of theirs.
Epilogue
Learn Forex Trading has shared with you how to copy trade ICMarkets on Ctrader. Along with notes when copying transactions. Hopefully after reading the article, you have gained basic knowledge to effectively copy trades. Nothing is right, trading yourself or copying trades from other traders always carries risks. That is understandable and difficult to avoid in the Forex market. It is still important to accumulate experience and trade calculatedly. If so, the chance of bringing in profits will be higher.
