What is Mirror Trading and how it works?Jul 11, 2019
Mirror Trading is a tool meant to simplify trading for novice traders. To become a successful trader, you need to spend lots of time and money on analysis and market observation. On the other hand, you can use the expertise of successful traders and trade like a pro from the very beginning. Mirror Trading grants novice investors access to the knowledge of expert traders, which makes a start smoother. What is more convenient, you don’t need to use any specific Mirror Trading software as you can find this feature on FUMGO.
How does it work?
Experts trade on FUMGO for a certain time to prove their strategy and provide statistics, before any follower can subscribe to their channel. To make a careful decision, you should check the traders’ performance. After you choose the trader you will follow, any trading step made by the expert trader will be executed in your account.
On FUMGO, you should set the total amount you want to trade with. The orders will be opened within this amount. Moreover, you can set the lower and upper limit of one transaction (each transaction must be an amount of at least X and at most Y).
Why do I need a Mirror Trading feature?
- You can start trading without having vast experience and skills. Starting to trade is not straightforward since traders need to be familiar with a lot of information about a rapidly changing market. And even after learning fundamental and technical analyses, it is essential to practice trading in order to become a pro trader. Mastering trading strategies involves great risks for a trader who does not have enough experience and knowledge.
- Expert traders carefully revise the strategies before they take any action. Unlike cryptocurrency analysts, who provide the signals without placing an order on the market, expert traders on FUMGO implement their signals. They trade with their own money and, therefore, care about the profit.
- Expert traders don’t have access to your funds. Unlike trading trust or broker, Mirror Trading on FUMGO doesn’t require any trustee. All your funds remain on your account, you have full access and full control over them. Moreover, if it seems that the trader’s strategy is not as successful as you expected, you can stop using Mirror Trading any time. You don’t need to discuss your action with the expert trader.
Why is Mirror Trading better than bots?
Trading bots are software which automatically executes transactions according to a predefined algorithm. Bots are very useful, for example, for scalping, when the stakes are not too high. However, they have a hard time aligning their strategy with the volatile crypto market, as some market movements are completely unexpected.
Unlike trading bots, Mirror Trading is carried out by a real person who can adapt his decisions to the rapidly changing trends. Expert traders shape their strategies in line with current market changes.
How to use this feature?
To start Mirror Trading, please register on FUMGO.
1) Check the traders’ statistics.
2) Find a pro you would like to follow.
3) Subscribe and enable Mirror Trading.
Transactions made by the trader you subscribed to will be automatically executed in your account. You can monitor and manage these transactions after you enable the feature.
On FUMGO you will find only selected professional traders who make real transactions with their own balance.
Please mind that you must not use services that ask permission to withdraw money from your account. FUMGO never does this.
When it comes to safety, Mirror Trading is one of the safest ways to trade for a newcomer. Try it on FUMGO.